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🔥 60% of the largest US hedge funds have invested in spot Bitcoin ETFs.
#BTC #Bitcoin #ETF 

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🟡 LUNC Token Gains Strength After Breakout, Ready for a 567% Rally The Terra Classic (#LUNC ) cryptocurrency is gaining traction among analysts and influencers as it shows symptoms of a potential breakout. According to a tweet by famous crypto analyst Javon Marks, LUNC’s latest price movements have shown substantial strength following a breakout retest. Analyst and Influencer Fuel Speculation of a LUNC Bull Run Marks observed that both the price action and the Relative Strength Index (RSI) are remaining steady, indicating the likelihood of a huge rebound. In his analysis, Marks estimates a target price of $0.000593 for LUNC, reflecting a potential 567% increase from current levels. This prediction has prompted debate in the crypto world over whether this is the beginning of a huge bullish run for the token. Adding this hopeful perspective, crypto influencer Mr. Diamondhandz1 added gasoline to the fire by tweeting that 39 million USTC tokens have been destroyed. According to the tweet, the burns came from TFL (Terraform Labs) wallets, which has increased interest in the LUNC ecosystem. BOOM! 39 MILLION $USTC has been burned and data shows they are from TFL wallets! 🤯 Things are heating up for $LUNC ! Keep your eyes on #LunaClassic ! 🔥 #Crypto #Binance — Mr. Diamondhandz1💎 (@MrDiamondhandz1) September 11, 2024 The burn mechanism is crucial to the LUNC tokenomics since it tries to reduce circulating supply while potentially increasing the value of the remaining tokens. Mr. Diamondhandz1 underlined that these developments are heating up the LUNC market, generating excitement among both dealers and holders. At the time of writing, LUNC is trading at around $0.00008361, up 1.65% over the last 24 hours. Trading volumes have also increased, with a daily volume of $16.07 million, indicating rising interest and activity in the coin. The upgrade would address essential network components such as wasmvm and wasmd while also strengthening the Terra blockchain’s security structure.

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⭐️ Memecoin Bull Run: Dogecoin, Shiba Inu, Pepe Lead the Charge Memecoins have become a go-to for crypto enthusiasts seeking to profit from high volatility and rapid price movements. Among the top contenders in this space are Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE). Each of these coins boasts a unique community, distinct market behavior, and potential for substantial returns. 🔸 Dogecoin (#DOGE ) on the Rise Dogecoin, originally created as a joke, has grown into one of the most recognized and traded cryptocurrencies. Over the last 24 hours, Dogecoin’s price increased by 2.80%, reaching $0.1027. The market cap also increased by 2.81%, bringing it to $14.98 billion. Trading volume saw a notable jump, up 6.29% to $509.82 million. A significant dip saw Dogecoin’s price touch a low of $0.0998. However, a strong recovery followed, driving the price towards the $0.103 level. The $0.0998 mark now stands as a key support level. 🔸 Shiba Inu (#SHIB ) Shows Strength Shiba Inu, another popular memecoin, has seen a 1.34% increase in its price over the last 24 hours, bringing it to $0.00001338. Its market cap has also expanded by 1.33%, reaching $7.89 billion. Trading volume rose by 2.16% to $140.45 million, suggesting steady interest from investors. Shiba Inu’s price has briefly dipped to a low of $0.0000130, only to bounce back quickly. This level now serves as a critical short-term support. If the price declines, this area might attract buyers. 🔸 Pepe (#PEPE ) Shows Promise Pepe, a relatively new entrant in the memecoin arena, has shown a 3.30% price increase, bringing it to $0.057363. The market cap now stands at $3.1 billion, reflecting the same percentage increase. However, the trading volume has significantly decreased by 50.42% to $459.8 million, indicating a reduction in trading activity compared to the previous day. Pepe’s price briefly touched $0.057132 before recovering, signaling a recovery trend. This level serves as a vital support, where buyers might step in if the price declines again.

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Ripple Mints Another Batch of RLUSD Stablecoins: Report Data shared by “Ripple Stablecoin Tracker” account on the X platform, referring to Etherscan, shows that Ripple Labs blockchain heavyweight continues to issue new RLUSD stablecoins after the recent launch of the new asset. The data source showed that, today, the RLUSD Treasury minted 90 dollar-based stablecoins on the Ethereum chain. The post was published roughly 13 hours ago, but it was not the only batch minted today. Prior to that, according to the tracker, the Treasury also made several RLUSD emissions, and 402 RLUSD were created in total today. 💵💵💵 90 #RLUSD minted at RLUSD Treasury. — Ripple Stablecoin Tracker The minting resumed after a week’s break, while the last time before today RLUSD were created was on Sept. 6. On that day, 85 stablecoins were minted, and almost all of them were burned immediately after the emission. All these emissions and burns were part of stablecoin testing by Ripple. According to the tracker, the Treasury began issuing RLUSD at the end of August. RLUSD has a U.S. dollar peg and is fully backed with dollar deposits, as well as short-term U.S. treasuries and other liquid assets. A third-party company will be hired to audit Ripple’s reserves, and the blockchain juggernaut will publish monthly attestations. #XRP

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💸 The Wall Street Journal published article about USDT and Tether's business. Key points from the article: 🔘 Tether handles $190 billion a day, roughly the same amount as Visa cards. Its profits were higher than BlackRock's* ($6.2 billion versus $5.5 billion, with 100 and 20,000 employees, respectively). *️⃣ Blackrock is one of the largest international investment companies providing investment management services, based in the United States. 🔘 USDT has become the main tool for moving assets abroad , with Russia, Venezuela and Iran using USDT to circumvent sanctions and deal with China. 🔘 Tether creates a parallel economy that operates beyond the reach of US law enforcement. 🔘 The company is blocking a small amount of "dirty USDT " - this is just a show. #USDT

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🔥 Sellers Exhausted? Open Interest on Altcoin Plummets 55% From All-Time High Amid Market Shift The price of #Bitcoin and its open interest (OI), which represents the number of total derivatives contracts yet to be settled, has been relatively correlated over the last few months and remains high, while the total altcoin open interest has plunged 55% since an all-time high in March. According to a recent Bitfinex Alpha report, Bitcoin’s dominance of the cryptocurrency space – meaning its market share of the total market capitalization – has reached its highest value since March 2021 at 57.7% after the market drop in early August. September’s downturn, however, saw altcoins rise while BTC’s dominance dropped. These figures suggest that sellers are nearing exhaustion, with the current aggregated value of these crypto assets standing at a mere $8.75 billion. According to analysts at Bitfinex, this decline is part of a significant shift in the relative strength of altcoins compared to Bitcoin. The report suggests that investors are moving away from the safety of Bitcoin and betting on other digital assets. It reads that during market downturns traders “often liquidate their altcoin holdings either for Bitcoin or fiat” which increases BTC’s dominance as they move to safety during volatile periods. The recent downtrend, however, saw Bitcoin’s dominance drop 1.3% while altcoins’ market capitalization increased, suggesting investors “might be seeing potential value or receiving positive signals from the altcoins markets.” Bitfinex’s analysts, however, point out that this could also be a result of current market dynamics, as the sell-off has been driven by exchange-traded fund (#ETF ) outflows and spot market selling. The analysts added that as some altcoins have already seen declines above the 80% mark from their all-time highs “it is very likely altcoins have reached a point of seller exhaustion.”

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