The crypto market has been in a correction recently, affected by the war in the Middle East and capital outflows.
The price of Bitcoin fell to as low as $60,000, and Ethereum fell to $2,350.
Altcoins as a whole are also following the market in a correction.
However, in this wave of decline, the MEME coins of the SUI ecosystem performed particularly strongly, among which HIPP rose by more than 70% against the trend.
The recent decline in the crypto market is mainly due to the inflow of some funds into A-shares and Hong Kong stocks.
Although the war between Israel and Iran continues, the market's attention to this aspect will gradually decrease.
We can judge the market's reaction to the war by the price of oil.
Today, Federal Reserve officials also mentioned that geopolitical conflicts could lead to repeated inflation, mainly due to fluctuations in oil prices.
Simply put, if oil prices in the United States continue to rise, the impact on the United States may be greater.
But if oil prices fall, market pessimism will ease.
In the U.S. stock market, all three major stock indexes have begun to rebound. Risk markets have begun to digest expectations of war.
After all, this is not a particularly big deal for the current US economy.
What everyone is more concerned about is Friday's non-farm data, which is what the US market and investors are most concerned about.
Next, let’s take a look at the important news that deserve attention:
1. Hong Kong stocks continued to fall, with technology stocks and real estate stocks falling collectively
Hong Kong stocks continued to fall today, with technology stocks and real estate stocks falling collectively. The Hang Seng Index fell more than 4%, and the Hang Seng Technology Index fell 7%.
Oriental Selection fell more than 18%, Alibaba Health fell more than 15%, and JD Health fell more than 12%.
Jeffrey from HashKey said that since the US interest rate cut, the global securities market has begun to recover. Following the A-share market, Hong Kong stocks have also set off a wave of trading frenzy.
Since September 11, the Hang Seng Index has risen almost straight, reaching its highest point in nearly 31 months.
The trading volume of the Hong Kong stock market has exceeded the trillion mark for several consecutive days, with huge buy orders pouring in. The large trading volume even caused delays in the exchange server.
The last time this happened was in 2015. The sharp rise in prices was supported by volume, a clear bullish sign that investors are joining the trend reversal.
So, what does this mean for the crypto market? Will the crypto market continue to be “bleeding” or will it usher in a general rise?
At present, Hong Kong stocks have recovered first, and A-shares have continued to rise due to policy reasons, but US stocks, Japanese stocks and cryptocurrency markets have fallen due to capital diversion.
Judging from historical data, the liquidity brought about by US interest rate cuts generally flows to markets with higher returns.
In the early stages when the effects of interest rate cuts have not yet fully emerged, countries may take measures to compete for liquidity, and the current "blood-sucking" phenomenon may just be a manifestation of the competition for liquidity among markets.
Although the Hong Kong stock market has experienced a correction today, at present, the decline is not expected to be very deep, and the policy bull market is expected to continue for some time.
The Federal Reserve's interest rate cut on September 19 marked a shift from monetary tightening to loosening policy. Global liquidity began to increase and investors' risk appetite rose.
On September 24, China launched 500 billion yuan and 300 billion yuan instruments to add liquidity to the stock market.
After the Politburo meeting on September 26, the upward trend of A shares became more obvious.
Now, both the government and residents hope that the stock market will rise. Residents hope to relieve economic pressure through the stock market, while the government hopes to stimulate the economy through the stock market.
To reduce the selling pressure in the market, the government has taken some measures, such as restricting major shareholders from selling shares.
How much more it can rise depends on subsequent policies. If policies continue to support the stock market, A shares will most likely break through previous highs. But if policies change, the stock market may cool down.
2. Sui Ecological Meme Coins generally rose, HIPPO rose by more than 77% in 24 hours
Recently, the Meme coin of Sui ecosystem has seen a general rise. As SUI briefly broke through $2, HIPPO surged 77.15% in 24 hours and is now priced at $0.01323.
In addition, BLUB also rose by 14.17%, while FUD rose by 47.32%.
It can be seen that the market makers of SUI are very aggressive every time they pull up the market. They do not follow the market at all and want to create their own ecological bull market.
Interestingly, according to monitoring by The Data Nerd, a trader bought 1.8 billion HIPPO with 258 SUI (about $433) 5 days ago.
Just one day later, he sold all his HIPPOs for 6,299 SUIs (about $11,000).
If he had held on to them until now, the value of these HIPPOs would be $25.84 million.
3. The founder of CryptoQuant said: New whales are hoarding BTC, and whales are unlikely to sell when there is insufficient exit liquidity
Ki Young Ju, founder of CryptoQuant, recently took to Twitter to share some of his thoughts on the Bitcoin market.
He believes that the current market volatility is mainly caused by operations in the futures market, and the real force driving the rise in Bitcoin prices comes from big players in the spot and over-the-counter (OTC) markets.
Ki Young Ju emphasized that on-chain data is very important because large holders who firmly hold Bitcoin have not yet received particularly high returns.
Those big investors who entered the market during the recent bull run have made almost no profit.
Therefore, these big players are unlikely to sell their Bitcoin on trading platforms until retail investor funds start flowing in.
In addition, Ki Young Ju also mentioned that there are new large addresses that are hoarding a large amount of Bitcoin, which is unprecedented in the Bitcoin market.
Some have suggested that the emergence of these new large holders is primarily due to inflows into ETFs, but recent accumulation patterns show that these new large holders have little to no correlation with ETFs.
This also proves that it is mainly short-term holders who are selling now, and large investors are continuing to buy at the bottom.
4. FTX bankruptcy management team prepares to sell locked WLD tokens worth $38 million at a discount
FTX’s bankruptcy management team is auctioning off 22.3 million locked WLD tokens at a significant discount, which are currently worth a total of approximately $37.7 million.
The auction is part of FTX’s efforts to recover funds to repay creditors.
Interested buyers need to submit their bids by 8 p.m. ET Wednesday.
Discounts can range from 40% to 75%.
This news may have a certain impact on WLD's short-term price and market sentiment.
5. Justin Sun sold all EIGEN airdrops for 21.66 million USDT
On-chain analyst Ember discovered that Justin Sun had just withdrawn 21.66 million USDT from Binance.
This means that he has sold all of the 5.374 million EIGEN airdrops he received previously, with an average selling price of $4.03.
The night before yesterday, Justin Sun received 5.374 million EIGEN airdrops through 6 addresses under his name.
By yesterday noon, he transferred these EIGEN to HTX, and then immediately transferred them from HTX to Binance.
In the end, he successfully exchanged all these EIGEN for USDT.
6. BTC and ETH options with a nominal value of approximately $1.332 billion will expire on Friday
According to data from Deribit, about $1.332 billion worth of Bitcoin and Ethereum options contracts will expire on Friday.
Among them, the notional value of Bitcoin options is approximately US$1.05 billion, while the notional value of Ethereum options is US$282 million.
Among these options, Bitcoin’s “maximum pain point” price is $63,000, while Ethereum’s “maximum pain point” price is $2,550.
The so-called "maximum pain point" price refers to the price point at which the loss is greatest for both the buyer and the seller when the option expires.
In the short term, the market will still fluctuate greatly, so those who play contracts should pay attention to the risks.
In general, the crypto market as a whole has performed somewhat weakly due to the Middle East war and capital outflow.
However, as time goes by, the impact of the Middle East war on the market has become smaller and smaller, and the market has begun to digest the uncertainty brought about by the war.
Based on historical trends, a sell-off in this situation is usually a good opportunity to buy.
Next, we can pay attention to the performance of the U.S. stock market after it opens in the evening.
