Jupiter, the decentralized exchange (DEX) aggregator on Solana, is approaching the final hours of a significant community vote regarding the future of over 200 million JUP tokens. With over 299 million votes cast, the turnout has surpassed the minimum requirement of 60,000 votes. The outcome of this vote will decide whether the tokens will be burned or reintegrated into the ecosystem.

Tokens from jupuary campaign up for vote

The tokens are from unclaimed airdrop rewards distributed during the Jupuary campaign in 2024. Of the 215 million tokens at stake, the community is voting on whether to burn or recycle them for active staking rewards. Another option is to return the tokens to the community multisig, potentially increasing the reward share from Jupiter’s platform fees.

The platform has not revealed the current voting trend to prevent manipulation. However, the Jupiter team has recommended using the tokens for another year of active staking rewards (ASR). They argue this would align incentives, encouraging participation in future votes and staking.

Staking vs. burning: community weighs the options

If the tokens are allocated for ASR, they will likely contribute to higher staking activity but could also introduce some selling pressure. In contrast, burning the tokens would reduce supply and stabilize the price. Jupiter DEX has successfully distributed multiple ASR installments over the past year without significant price dips, maintaining a value close to $1 despite market fluctuations.

The upcoming ASR event in October will also redistribute tokens, and if the vote favors the ASR option, it will extend similar events into 2025. This long-term use of tokens may provide continued rewards and active engagement within the ecosystem.

Jupiter’s role in Solana’s trading ecosystem

Jupiter remains a key player in Solana’s decentralized finance (DeFi) landscape, especially for small-scale traders. The platform aggregates liquidity from sources like Raydium, Meteora, and Orca, facilitating millions of low-value trades. In late September, Jupiter saw a surge in trades under $100, driven by Raydium activity and the introduction of dollar-cost averaging and limit orders.

Despite a dip in revenue generated from fees last month, Jupiter continues to attract traffic. The aggregator completes up to $1.5 million in weekly fees, a critical part of its community-driven model. This model, which distributes 50% of the platform’s earnings to JUP holders, is part of why community engagement in votes and staking remains high.

Liquidity locked and long-term outlook

Jupiter has reached a new milestone with over $1.26 billion in total value locked (TVL), surpassing its market capitalization of $1.21 billion. Over 377 million tokens are actively locked in staking, earning 50 million JUP rewards in the last quarter. If the vote supports ASR, the platform will have enough tokens to sustain these rewards for another year.

Though 66% of JUP tokens are unlocked, most belong to the community, with significant unlocks expected by February 2025. The total supply of JUP tokens is set to reach 10 billion, with only 1.3 billion currently in circulation. This means the 200 million tokens being voted on will have a limited impact on overall supply, regardless of the vote’s outcome.

As the voting concludes, JUP’s price remains stable at around $0.90, with open interest rising to $63 million. While some traders are cautious about upcoming token unlocks, many remain optimistic, as evidenced by the predominance of long positions in the market.

The post Jupiter DEX Voting on JUP Token Reserves Nears Final Hours first appeared on Coinfea.

A global PlayStation Network (PSN) outage has left millions of players unable to access essential gaming services. 

The outage began on October 1st and has affected PlayStation consoles across various regions, with users reporting issues worldwide. PlayStation confirmed they are working to resolve the problem but provided no specific timeline for restoring services.

PSN outage affects multiple services

The outage, which started at 4:21 AM UTC, impacted nearly all PlayStation services except PlayStation Direct. Key features, including account management, gaming, social media, and the PlayStation Store, were all affected. The official PlayStation Network status page noted that users cannot sign in, create accounts, or manage their existing profiles. The disruption extended to PlayStation video services, making it difficult for users to access or purchase video content.

i literally JUST bought a PS5 and Playstation servers are down pic.twitter.com/BUczkGsdA1

— Colarte (@Colarte123) October 1, 2024

PlayStation consoles, including the PS Vita, PS3, PS4, and PS5, and the PlayStation Network on web platforms, are all impacted. The company urged players to remain patient as they worked toward a fix. However, no information has been provided on the cause of the outage, which has led to further frustration for players eager to get back online.

Players express frustration over disrupted services

The outage has led to a surge of online complaints from players worldwide. Gamers from the US, UK, China, Japan, Germany, and Spain reported encountering error messages when accessing services. PlayStation players have taken to social media to express frustration with the continued lack of access to their purchased content.

Many players criticized PlayStation and its parent company, Sony, for preventing them from playing games requiring PSN access. Users such as GenericcJose pointed out that even purchased games were inaccessible during the outage, fueling frustration about the dependence on online networks for gaming. The inability to use their purchases has made many players question the push for digital content.

Outage sparks debate on digital vs. physical game ownership

The ongoing disruption has reignited a debate over digital versus physical game ownership. Some players argue that digital purchases may not offer the same level of ownership security as physical copies. Alphacraph3, a vocal critic, noted that the outage underscores a vital issue with digital games: players have no access to their purchases if the network goes down. This has sparked discussions online about the potential downsides of digital-only purchases, with some players advocating for a return to physical game collections to avoid such problems.

While PlayStation has promised to address the outage, no clear timeline has been offered. Millions of players remain in limbo, awaiting the restoration of the PlayStation Network and full access to their games and services.

The post Global PlayStation Network (PSN) Outage Frustrates Millions of Gamers first appeared on Coinfea.

Japanese investment firm Metaplanet Inc. has made a significant move in the cryptocurrency market by purchasing 107.913 Bitcoin, amounting to ¥1 billion (approximately $6.9 million). This latest investment comes as Bitcoin saw nearly a 10% price surge in September, reflecting the firm’s confidence in the world’s largest digital asset.

With this acquisition, Metaplanet joined prominent companies like MicroStrategy and Marathon Digital, known for their substantial Bitcoin holdings. The firm’s growing commitment to Bitcoin signals its strategic focus on the digital asset market.

¥1 Billion bets on Bitcoin

According to the company’s filings, Metaplanet purchased Bitcoin at an average price of ¥9.26 million ($64,168) per BTC, adding 107.913 BTC to its portfolio. With this new acquisition, the company’s total Bitcoin holdings have increased to 506.745 BTC, valued at approximately $32.2 million at current market prices. Over time, Metaplanet has invested ¥4.75 billion in Bitcoin, with an average acquisition price of ¥9.37 million ($64,931) per Bitcoin.

This growing investment further highlights Metaplanet’s increasing stake in Bitcoin, showing its confidence in its long-term potential. The move aligns with a broader trend among institutional investors who see Bitcoin as a valuable asset amid economic uncertainties.

Metaplanet’s stock reaction

Following the announcement of the Bitcoin purchase, Metaplanet’s stock surged by over 4%, reaching ¥1,049 per share. However, the stock has since leveled off, trading at an average price of ¥1,008. Despite the stock’s slight pullback, the firm’s Bitcoin-focused strategy appears to have positively impacted its market perception.

As the cryptocurrency market continues to show volatility, Bitcoin has experienced a marginal decline over the last 24 hours. At the time of writing, Bitcoin is trading at $63,974, just below the $64,000 mark. However, the asset’s 24-hour trading volume increased by 69%, reaching $35.4 billion. On a year-to-date basis, Bitcoin remains up by 51%, further bolstering investor interest.

Bitcoin as a strategic asset

Earlier this year, Metaplanet decided to adopt Bitcoin as a reserve asset. This move was intended to hedge against the volatility of the Japanese yen and strengthen the firm’s financial positioning. The strategy bears similarities to MicroStrategy’s approach, which has been accumulating Bitcoin for over four years and now holds more than 1% of the total Bitcoin supply.

In addition to its Bitcoin acquisitions, Metaplanet secured a ¥1 billion loan in August from its shareholder, MMXX Ventures, to further enhance its purchases. The loan carries an interest rate of 0.1% annually and is entirely allocated for buying additional Bitcoin.

Metaplanet’s increasing Bitcoin holdings reflect the growing trend among institutional investors who view cryptocurrency as a hedge against traditional market risks. As the company continues to increase its exposure to Bitcoin, its evolving strategy mirrors the broader institutional shift towards digital assets.

The post Metaplanet Invests ¥1 Billion in Bitcoin Amid Bullish Market first appeared on Coinfea.

Boston, MA, August 26, 2024 – The Chief Data & Analytics Officer (CDAO), Fall, returns this year, promising three days of immersive learning, networking, and celebration of excellence in the data and analytics field. Set to take place from October 15-17, 2024, at the prestigious Boston Marriott Copley Place in Boston, MA, this event is set to redefine industry standards and inspire innovation.

CDAO Fall 2024 offers attendees an unparalleled opportunity to delve into the latest trends, technologies, and strategies shaping the future of data and analytics. With a lineup of distinguished speakers and thought leaders, participants will gain valuable insights into overcoming challenges and driving success in today’s data-driven landscape.

In addition to the enriching conference program, attendees will have the opportunity to attend the highly anticipated Corinium Awards Gala on the evening of October 16th. The Corinium Awards Gala, now in its second year, is the data and analytics community’s premier black-tie affair, honoring outstanding achievements and contributions to the industry.

Guests at the Corinium Awards Gala will experience:

A glamorous red carpet entrance

Engaging conversations with industry influencers and thought leaders

A celebratory meal and drinks in an elegant setting

Don’t miss your chance to be part of this exclusive event and celebrate with your peers in style! Secure your spot along the red carpet and purchase your ticket to the Corinium Awards Gala at https://cdao-fall.coriniumintelligence.com/corinium-awards-ticket.

Registration for CDAO Fall is now open. To reserve your spot and take advantage of early bird pricing, visit https://cdao-fall.coriniumintelligence.com/registration-pricing.

The post Experience the Future of Data & Analytics at CDAO Fall 2024 first appeared on Coinfea.

The 13th edition of Blockchain Life 2024 in Dubai takes place on October 22-23.

Learn more and buy a ticket: https://blockchain-life.com/Over 10,000 attendees from 120 countries gather in Dubai in anticipation of the bull run. And here’s why you shouldn’t miss the upcoming event:

In just 2 days at the Blockchain Life Forum, you can gain invaluable insights and connections that would typically take six months of diligent research and networking to achieve. This year’s event will feature leading figures from the industry, positioning it as the premier platform for forging relationships in the high-end market segment.

At Blockchain Life, cryptocurrency trends are often explored six months before they reach the mainstream. Don’t miss your chance to be among the first to capitalize on these insights, which can lead to remarkable financial opportunities.

The forum will focus exclusively on strategies for profiting from current trends in cryptocurrencies and Web3. Esteemed speakers from renowned companies such as Tether, Tron, Trust Wallet, Ledger, and more will be sharing their expertise and perspectives.

Each year, Blockchain Life attracts founders and representatives from all major industry players. Their openness to networking means you will have the opportunity to expand your professional circle with influential leaders in the field.

Attendees can expect to refine their crypto portfolios based on actionable insights gathered from the speakers and the invaluable behind-the-scenes networking that the event facilitates.

The forum is a unique opportunity to communicate with the owners of the coins that you have in your portfolio.

As a spectacular finale to the event, don’t miss the legendary Afterparty featuring a star guest, to be announced shortly.

In addition, as part of Blockchain Life Week, taking place from October 18 to 28, participants can enjoy over a hundred side events designed to enrich their experience.

The ticket prices to the Crypto Event of the Year are constantly rising, but you can get your ticket at a special discount. Buy your ticket today with a 10% discount using promo code **********:

https://blockchain-life.com

We’re heading to Dubai for Blockchain Life 2024. Let’s connect there!

The post Blockchain Life 2024: Why It’s a Must-Do To Buy Your Ticket Right Now first appeared on Coinfea.

Q4 is a pivotal period for the cryptocurrency market, with developments set to fuel significant price movements. Investors closely watch key events that could drive market dynamics, including potential economic shifts and increased liquidity from major players.

November rate cut and global liquidity surge

The anticipated 50 basis point rate cut in November is a key driver for crypto’s bullish momentum. This will flood the financial markets with liquidity, sparking heightened interest in digital assets. Coupled with China’s massive injection of funds into its economy and Japan’s ongoing economic measures, a substantial wave of fiat currency will likely flow into cryptocurrencies. These factors could create an ideal environment for further gains, especially as retail investors react to the new influx of capital.

FTX, ETFs, and retail interest

Another major development is the return of FTX to the market. Once facing challenges, the crypto exchange is now back in play, and its renewed activity is expected to inject more liquidity into the market. With FTX paying creditors and reopening capital flows, retail investors are increasingly looking to buy in, driven by a fear of missing out (FOMO).

At the same time, cryptocurrency exchange-traded funds (ETFs) are gaining traction among advisors and institutional investors. This growing adoption is expected to bolster Bitcoin’s price, with analysts predicting it could reach $120,000 by early 2025. The market is further buoyed by ongoing Bitcoin purchases from MicroStrategy and its CEO, Michael Saylor, who continues to make large-scale cryptocurrency acquisitions.

Bitcoin and Ethereum’s uptober momentum

October, often dubbed “Uptober” by the crypto community, has historically been a strong month for Bitcoin. Analysts are optimistic that this trend will continue, with some forecasting Bitcoin to surpass $70,000 and even reach new all-time highs. Ethereum is also positioned for gains, with expectations that it could climb past $3,000.

Market metrics indicate that Bitcoin holders are moving their coins after long dormancy periods, increasing market activity. However, Bitcoin’s overall velocity remains low, signaling that long-term holders are not rushing to sell despite the bullish outlook. This slow movement and rising prices present a favorable scenario for further price surges.

Although spot buying has slowed recently, Bitcoin accumulation throughout September has been robust. The futures market is also experiencing a surge, with open interest reaching $35.3 billion. While this might indicate a potential short-term market peak, any pullback will likely be temporary, with more rallies expected as Q4 progresses.

A confluence of factors creating an optimal environment could make the final quarter of 2024 a landmark period for cryptocurrency markets, potentially setting the stage for new record highs.

The post Crypto’s Q4 is poised for significant gains as uptober begins first appeared on Coinfea.

BARCELONA, SPAIN – June 17, 2024 – The European Blockchain Convention (EBC) announces its landmark 10th edition, scheduled to take place on September 25th and 26th, 2024, in the vibrant city of Barcelona, Spain. This two-day event promises to be one of the most influential gatherings in Europe, bringing together visionaries, industry leaders, policymakers, developers, and CEOs of fast growing startups to collectively shape the future of the industry. 

From digital assets to the burgeoning Web3 ecosystem, EBC10 will cover a wide range of topics. Attendees can expect deep dives into areas such as tokenization, DeFi, institutional crypto, gaming, NFTs, AI, privacy, security, regulations, and much more. 

This year, attendees can expect more than just an event but rather a whole experience. Highlights include a sunset beach party, beach running, and a wine tasting experience that showcases the vibrant atmosphere of Barcelona. Additionally, the convention coincides with the highly anticipated Louis Vuitton America’s Cup, offering attendees a unique opportunity to experience both events. 

EBC10 will feature a distinguished lineup of speakers for its 10th edition, including: 

Nicolas Cary, Co-Founder and Vice Chairman at Blockchain.com 

Gilles BianRosa, COO & CPO at Kraken 

Sebastien Borget, Co-Founder & COO at The Sandbox 

Jordi Baylina, Co-Founder at Polygon 

Duncan Moir, Senior Investment Manager at abrdn 

Coty de Monteverde, Head of Crypto & Blockchain Center of Excellence at Banco Santander Sergej Kunz, Co-Founder at 1inch Network 

Robby Yung, CEO at Animoca Brands 

Michael Ashby, CEO at Algoquant 

Barnali Biswal, Chief Investment Officer at Hilbert Capital 

Matthew Hougan, Chief Investment Officer at Bitwise Asset Management 

Stijn Vander Straeten, CEO at Crypto Finance | Deutsche Börse 

Richard Muirhead, Managing Partner at Fabric Ventures 

Jean-Marc Stenger, CEO at Societe Generale-FORGE 

Nadia Filali, Head of Innovation & Development at Groupe Caisse des Dépôts 

Andrés Fondevila Marón, Head of Digital Assets at BBVA AM&GW 

Max Boonen, Founder of B2C2

“The 10th edition is more than just a conference; it’s a crypto celebration,” says Daniel, co-founder of the event. “We’re here to celebrate the achievements of the industry so far and to pave the way for what’s next.” 

With three stages hosting over 100 sessions, an expansive exhibition area, thousands of tech-enabled 1:1 meetings, a startup battle, a hackathon, and various networking opportunities, EBC10 promises an immersive and enriching experience for all attendees. 

“We are thrilled to see such a diverse mix of voices represented at this year’s convention,” says Victoria, co-founder of EBC. “From Web3 innovators to representatives of traditional banks, our mission has always been to create a platform that bridges gaps and fosters meaningful dialogue. The industry moves forward when we engage in hard conversations and challenge our own beliefs”. 

For more information and to register for EBC10, visit the official website at 

www.eblockchainconvention.com 

About European Blockchain Convention 

Launched in 2018, European Blockchain Convention has quickly become the premier blockchain event in Europe. It connects industry professionals, innovative startups, and leading technology experts. The event provides a platform for sharing insights, fostering collaborations, and exploring the immense potential of blockchain, crypto, and digital assets. 

Media Contact: 

Email: media@eblockchainconvention.com 

Website: www.eblockchainconvention.com

The post 10th Edition of the European Blockchain Convention: Celebrating Industry Achievements  first appeared on Coinfea.

Bellscoin (BEL) is now part of the Binance Pool’s portfolio, offering miners a new merged mining opportunity alongside Litecoin (LTC) and Dogecoin (DOGE). As of September 30, miners can earn BEL as part of their rewards for participating in Binance Pool’s Scrypt mining. Although BEL is not yet traded on Binance, rewards are sent to external wallets, requiring miners to configure their self-custodial wallets with Binance’s system to receive payouts.

Bellscoin joins merged mining rewards

BEL mining rewards are now available to all Binance Pool clients with Scrypt mining operations and joining LTC and DOGE in the merged mining process. BEL’s supply, currently reported at 42 million tokens, is expected to increase to 58 million by the end of 2024, after which the production rate will slow significantly. The final supply target is 60 million by 2026. Miners can benefit from rapid mining until Epoch 5, as BEL’s block reward will stabilize at 2 BEL per minute post-2024.

The coin’s unique value proposition comes from its scarcity and appeal to miners looking to maximize rewards through scrap mining. Its relatively low supply and connection to the Litecoin network make it an attractive option for miners with significant hashing power.

Bellscoin’s history and mining appeal

Bellscoin, first launched in 2013, was revived in 2023, focusing on merged mining. Its co-creator, Billy Markus, one of the founders of Dogecoin, is associated with the project but has chosen not to promote it heavily. Despite its playful branding, Bellscoin positions itself as a community-driven asset with no official connection to Nintendo or Animal Crossing.

The merged mining model allows miners to mine LTC and DOGE while earning BEL. Binance Pool’s participation in BEL mining is expected to boost the overall activity on the Litecoin network, mainly as it adds security and stability to the network’s operations. Binance users must be fully verified to participate, and the mining rewards will be distributed based on the pool’s performance rather than the specific amount of LTC or DOGE mined.

Mining impact and market activity

Bellscoin’s integration with Binance Pool is expected to increase the overall hashrate of Litecoin’s network, which has risen by 20% since April 2024, reaching 1.2 PH/s. This growth in activity strengthens the Litecoin network and provides additional security for merged mining activities.

The trading price of BEL has seen fluctuations, reaching an all-time high of $1.03 before retreating to $0.94. While BEL is primarily traded on smaller exchanges like CoinEx, Binance Pool’s support has generated interest in the token. As the coin’s popularity grows, speculation is that it may eventually be listed on Binance.

The growing demand for BEL has created challenges for new miners, as larger pools dominate the Scrypt hashrate. However, Binance Pool’s relatively small network share allows new miners to join the BEL mining process while benefiting from the pool’s existing LTC and DOGE rewards.

The post Binance pool introduces bells-coin (BEL) merged mining with LTC and DOGE first appeared on Coinfea.

Taiwan’s Financial Supervisory Commission (FSC) has opened the doors for professional investors to participate in foreign cryptocurrency exchange-traded funds (ETFs). This development marks a significant step for Taiwan’s investment landscape, but access is limited primarily to institutional investors and high-net-worth individuals.

Eligibility for investment

The FSC’s recent decision comes after a thorough examination by the Securities Business Association of the Republic of China. This review centered on the risks associated with investing in virtual assets. The regulatory body has emphasized that the general public will need access to these investments, citing cryptocurrencies’ inherent volatility and complexity. To ensure that only qualified investors participate, securities firms must implement robust systems to assess eligibility.

Investors seeking to invest in foreign crypto ETFs must go through a qualifying process. Firms must evaluate investors’ experience, financial knowledge, and risk management ability. This assessment aims to prevent inexperienced investors from entering a volatile market that could lead to significant economic losses. Furthermore, securities firms must provide ongoing training for their employees. This measure ensures that staff members are well-versed in the specifics of their crypto products, enabling them to guide clients effectively.

Global Context of Crypto ETFs

Taiwan is entering the cryptocurrency ETF space at a time when other countries are leading the charge. The United States holds a significant advantage with eleven approved spot Bitcoin ETFs. Canada has also established itself as a forerunner by agreeing on a Bitcoin fund early on. Hong Kong authorized three crypto ETFs after the U.S. offerings’ success in April. Germany has launched similar exchange-traded products (ETPs), which operate similarly to ETFs.

Taiwan’s entry into the market reflects a broader trend of regulatory adaptation as nations respond to the growing interest in digital assets. This movement highlights the importance of establishing a framework that balances innovation with investor protection.

Regulatory framework and compliance

Taiwan has taken a cautious approach to cryptocurrency regulation in light of past incidents, including the collapse of FTX and local fraud cases. The FSC has mandated that virtual asset service providers (VASPs) comply with Anti-Money Laundering (AML) regulations under the Money Laundering Control Act. This requirement applies to domestic firms and offshore entities in Taiwan.

Under the new rules, VASPs must register and adhere to strict operational transparency and consumer protection guidelines. They must also submit a compliance declaration demonstrating adherence to money laundering prevention measures. Additionally, transactions involving cryptocurrencies in Taiwan are subject to a 5% Value Added Tax (VAT). Businesses and residents must register for tax purposes unless their monthly sales do not exceed NT$40,000, roughly equivalent to $1,300.

Taiwan’s decision to allow professional investors access to foreign crypto ETFs reflects its careful approach to regulating the burgeoning cryptocurrency market. While opening opportunities for confident investors, the FSC prioritizes consumer protection and market stability amid an evolving global landscape.

The post Taiwan Allows Citizens to Invest in Foreign Crypto ETFs first appeared on Coinfea.

On a low note, the crypto market begins the final week of September with a cumulative market value decline of 2%. Bitcoin trades around $64,500, reflecting a subdued performance as traders anticipate critical economic data releases and a speech from U.S. Federal Reserve Chair Jerome Powell.

Market performance on a downward trend

On Monday, the global crypto market cap dropped by 2%, bringing the total to approximately $2.3 trillion. Bitcoin’s performance has been relatively stable, maintaining its position near the $64,500 mark. This downward trend coincides with the anticipation of significant U.S. economic data and Powell’s impending remarks, which are expected to address the central bank’s policy outlook following a 0.50% rate reduction. 

Analysts focus on Powell’s speech, as the Federal Reserve’s missteps could severely affect the economy. A recent survey by Reuters highlighted that 39% of economists consider inappropriate use of interest rate adjustments against inflation the top economic risk.

Anticipation of economic reports

The crypto market’s lackluster performance comes as traders await critical reports, including the S&P Global U.S. Manufacturing Purchasing Managers’ Index (PMI) and the September ISM Manufacturing Index. The S&P Global PMI serves as a monthly indicator of manufacturing performance, while the ISM Manufacturing Index reflects expansion or contraction in the sector. Additionally, job data this week will be a critical economic indicator that will influence the Federal Reserve’s monetary policy decisions in November. 

Key Events This Week:1. Fed Chair Powell Speaks – Monday2. September ISM Manufacturing data – Tuesday3. JOLTs Jobs data – Tuesday4. ADP Nonfarm Employment data – Wednesday5. October OPEC Meeting – Wednesday6. Initial Jobless Claims – Thursday7. September Jobs Report…

— The Kobeissi Letter (@KobeissiLetter) September 29, 2024

Recent data indicated that consumer spending in the U.S. rose moderately in August. However, analysts predict further interest rate cuts could occur in the fourth quarter of this year. S&P Global Ratings has forecasted the real GDP growth for the U.S. to be 2.7% in 2024 while projecting a lower growth rate of 1.8% for 2025. The company also sees a 25% chance of a U.S. recession within the following year.

Potential for a positive year-end for Bitcoin

Despite the challenges in the economic landscape and the current state of the crypto market, Bitcoin may finish the year positively. September is closing with monthly gains of approximately 8%. Analysis from Ali Martinez reveals that only four September since 2013 ended with gains. A positive September has often indicated a bullish fourth quarter, leading to increased monthly returns. This suggests that despite ongoing uncertainties related to economic indicators and election outcomes, a solid finish to 2024 remains possible for Bitcoin and the broader crypto market.

The current market dynamics highlight the interplay between economic data releases and cryptocurrency performance. As traders monitor the developments closely, the outlook for Bitcoin and the crypto market may be favorable as the year progresses.

The post Crypto Market Hits Monday Blues Ahead of September Economic Data first appeared on Coinfea.

Nvidia CEO Jensen Huang has stated that developing more advanced artificial intelligence is the best way to combat AI abuse. Speaking at an event hosted by the Bipartisan Policy Center in Washington, Huang emphasized that AI technology is a significant threat and a crucial solution in the ongoing battle against misinformation and data manipulation.

AI threats to U.S. elections

As the U.S. approaches the federal elections in November, concerns surrounding the misuse of AI are escalating. Huang pointed out that AI can generate fake information at a rapid pace, which can distort public perception and influence democratic processes. A survey conducted by the Pew Research Center revealed that nearly 60 percent of Americans are deeply concerned about AI’s potential role in spreading false information about candidates. 

This anxiety spans both major political parties, with around two in five respondents believing that AI will predominantly be used for harmful purposes during the elections. Huang urged the U.S. government to adopt AI technologies to avoid these threats. He advocated for every government department, especially those related to energy and defense, to leverage AI capabilities, highlighting the necessity for a government-led AI initiative.

The energy demands of AI

A substantial increase in energy consumption accompanies the rapid evolution of AI. According to Huang, AI data centers currently account for approximately 1.5 percent of global electricity use, which is expected to rise significantly. He predicts that future data centers may require 10 to 20 times more energy than what is utilized today. 

Huang explained that energy consumption will further escalate as AI models learn from one another. He proposed constructing data centers near abundant but hard-to-transport energy resources to address these demands. This strategy would allow AI systems to operate efficiently in remote locations while ensuring adequate energy supply.

Regulatory challenges facing AI development

As AI technology progresses, the conversation surrounding its regulation becomes increasingly important. California Governor Gavin Newsom recently vetoed SB 1047, a bill designed to impose mandatory safety measures on AI systems. The proposed legislation faced strong opposition from major tech companies, including OpenAI, Meta, and Google. Newsom expressed concern that the bill would hinder innovation and fail to protect the public from genuine threats posed by AI adequately. 

The bill, authored by Democratic Senator Scott Wiener, sought to require AI developers to incorporate a “kill switch” into their models and to create plans for mitigating extreme risks. Additionally, it would have held developers liable for any ongoing threats posed by their systems, such as a potential AI grid takeover. The veto reflects the continuing struggle to ensure safety and foster innovation within the AI landscape.

Jensen Huang’s remarks underscore AI’s dual nature as both a risk and a potential solution. As the technology evolves, stakeholders in the public and private sectors must address the associated challenges and opportunities presented by AI advancements.

The post AI is Both a Problem and a Solution, Says Nvidia CEO Jensen Huang first appeared on Coinfea.

Economists are now anticipating a 0.25% rate cut by the European Central Bank (ECB) in October, shifting their previous expectations of a December adjustment. Recent economic data, including weak inflation numbers from France and Spain and a decline in the Purchasing Managers’ Index (PMI), has heightened concerns about the Eurozone’s economic health.

The PMI, which fell to 48.9 in September from 51 in August, signals the first contraction in business activity since February. This is seen as a red flag for the ECB, with markets responding by showing an 80% chance of a rate cut at the October 18 meeting.

Weak economic data shifts forecasts

The outlook for ECB monetary policy has been revised in light of weaker-than-expected economic indicators. The central bank implemented rate cuts in June and September, reducing the critical deposit rate to 3.5%. With the Eurozone PMI falling below 50, economists from institutions such as Goldman Sachs, JPMorgan, and BNP Paribas have updated their forecasts.

Piet Haines Christiansen of Danske Bank remarked that the data is too weak to ignore. He suggests that the ECB will shift its focus from inflation concerns to the risks associated with slowing growth. Paul Hollingsworth, chief European economist at BNP Paribas, echoed this sentiment, warning that further delays in cutting rates could put the Eurozone’s economic recovery at risk.

ECB’s data-dependent approach faces pressure

The European Central Bank has maintained a cautious stance, with President Christine Lagarde emphasizing a data-driven approach to decision-making. However, pressure is building for the ECB to act sooner rather than later. Recent comments from ECB executive board member Isabel Schnabel highlighted that inflation expectations among businesses and households have significantly declined.

Schnabel’s latest remarks contrast her earlier stance, where she pointed out that inflation perceptions remained high. As sentiment shifts, other ECB officials have acknowledged that the risk of disinflation is becoming more prominent. One official, speaking anonymously, confirmed that the data points to downside risks, signaling that a rate cut could be necessary.

Potential for further cuts

Economists are also speculating on the ECB’s potential course of action beyond October. Tomasz Wieladek from T Rowe Price has suggested that the outcome of the upcoming U.S. presidential election in November could significantly impact the ECB’s future decisions. He predicts that if Donald Trump wins, the geopolitical uncertainty could lead to further rate cuts, potentially increasing the deposit rate to 2%.

Bond markets have already responded to the shifting expectations, with the probability of an October rate cut climbing from 40% to 80% within the week. Although the ECB has not yet confirmed its course of action, all signs indicate that the central bank will have to take further steps to address the growing economic concerns in the Eurozone.

The post Economists Predict ECB Rate Cut in October Amid Economic Struggles first appeared on Coinfea.

California Governor Gavin Newsom has vetoed SB 1047, a bill that sought to regulate large-scale artificial intelligence (AI) systems, stating that it would hinder innovation without adequately addressing real risks associated with the technology. 

The bill, introduced by Democratic state senator Scott Weiner, aimed to impose safety testing and oversight measures on AI models, specifically targeting systems that require over $100 million to develop.

Newsom’s decision on September 30 has sparked debate over the future of AI regulation in the state. His administration has faced growing pressure to implement safeguards as AI technology advances. However, Newsom argued that the bill focused too much on existing AI corporations, such as OpenAI and Google, while failing to address the actual threats posed by emerging AI models.

Bill aimed at regulating AI models

The proposed legislation, SB 1047, was one of the first bills in the country to target large-scale AI models. It called for mandatory safety testing, implementing a “kill switch,” and risk mitigation plans for developers of high-cost AI systems. The bill also proposed granting the state attorney general the power to take legal action against companies if their AI systems posed ongoing dangers, such as the potential for AI-driven grid takeovers.

Although current AI models still need to meet the financial threshold outlined in the bill, experts have suggested that such models could emerge within the following year. Proponents of SB 1047 argued that the legislation would pave the way for stronger national AI safety laws, positioning California at the forefront of AI regulation.

Newsom: bill misses the mark on AI dangers

Governor Newsom emphasized that while regulating AI is crucial, there were better approaches than SB 1047. He stated that the bill applied unnecessarily stringent standards to AI models, even in cases where only essential functions were involved. He expressed concerns that these regulations would stifle innovation in Silicon Valley, a hub for AI development.

Newsom’s decision to veto the bill came after significant opposition from tech giants and political figures. House Speaker Nancy Pelosi and major AI developers, including OpenAI, voiced concerns that the legislation would impede progress in the field. Despite vetoing the bill, Newsom reaffirmed his commitment to science-based AI regulations, pledging that his administration would continue working toward safety protocols that address the real risks of AI without hindering innovation.

Mixed reactions to the veto

Senator Scott Weiner criticized Newsom’s decision, calling it a setback for public safety and the regulation of large AI corporations. He argued that SB 1047 would have provided crucial oversight over companies developing AI models that could significantly impact society and the environment.

On the other hand, some industry leaders, including Elon Musk, expressed support for the bill’s general goals. Musk, who is developing his own AI model called Grok, admitted in a post on social media that passing SB 1047 was a “tough decision” but necessary for advancing AI safety. Governor Newsom’s veto highlights the tension between encouraging innovation and ensuring public safety as the state grapples with the rapid development of artificial intelligence.

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MicroStrategy (MSTR) has delivered remarkable returns for investors, surpassing Bitcoin’s performance after adopting a Bitcoin strategy. 

The company, led by founder Michael Saylor, is now the most significant corporate holder of Bitcoin, with a return on its investment exceeding 36 times the acquisition cost. Despite the volatility of both assets, MicroStrategy stock has shown more vigorous growth in recent months.

Higher returns with MSTR

While Bitcoin has surged by 150% in value over the past year, MicroStrategy’s stock has climbed nearly 300%. The company’s significant Bitcoin holdings are a major factor in this growth. MicroStrategy owns approximately 252,220 Bitcoin, representing almost 1% of the total Bitcoin supply. The value of these holdings now forms around 46% of the company’s market cap. With a cost basis of $458 million for its Bitcoin, MicroStrategy’s returns have been over 1,000% since adopting its Bitcoin-centric strategy.

Any individual, family, company, or country can copy MicroStrategy and enjoy the same outperformance. #Bitcoin pic.twitter.com/hE37gCUCRQ

— Michael Saylor (@saylor) September 22, 2024

According to data from Bitcoin Treasuries and other sources, MSTR has outperformed other companies, including Nvidia, which has posted impressive returns in the S&P 500. In comparison, Bitcoin mining firms like Marathon and Riot have benefited from the rise in Bitcoin, but their performance remains secondary to MicroStrategy.

Volatility and Sharpe ratio

Despite its higher returns, MicroStrategy stock remains more volatile than Bitcoin. Portfolio Slab shows MSTR’s volatility at 25%, while Bitcoin’s at 14%. However, the Sharpe Ratio, a metric that evaluates investment returns relative to risk, shows that MicroStrategy offers a better risk-adjusted return than Bitcoin. 

MSTR boasts a Sharpe Ratio of 4.70, compared to Bitcoin’s 1.73. This suggests that while MicroStrategy stock is riskier, it compensates investors with higher returns, making it a potentially more attractive investment for those with a higher risk tolerance. Investors may prefer MSTR over Bitcoin, particularly if they seek higher returns despite the stock’s increased volatility.

MSTR Vs BTC | Source: Portfolio Slab

The future outlook for MicroStrategy and Bitcoin

MicroStrategy’s success is primarily attributed to its Bitcoin strategy, which has driven much of its performance. As of September, public companies collectively held 361,735 Bitcoin, with MicroStrategy’s stake contributing significantly. Bitcoin’s price has fluctuated recently, but MicroStrategy stock has continued to rise, up 20-30% since March 2024. MSTR shares also spiked after the company announced additional Bitcoin purchases in September.

The company’s Q2 earnings, reported in August, showed another strong quarter due to its Bitcoin holdings. CEO Phong Le remains optimistic about the company’s future, focusing on both Bitcoin adoption and the growth of its cloud and AI software businesses.

Institutions increasingly engage with Bitcoin, with a large percentage involved through ETFs and ETPs. With Bitcoin gaining wider adoption, the future looks promising for cryptocurrency and MicroStrategy’s ongoing performance.

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Cryptocurrency has unexpectedly become a significant player in American politics, transforming the upcoming November 5 election into what some call the first “crypto election.” With hundreds of millions of dollars flowing into political campaigns, critical figures like Kamala Harris and Donald Trump have suddenly taken positions on crypto, adding to the absurdity of its influence in the political sphere.

Crypto voters and their alleged influence

There is now talk of a new group of “crypto voters.” Stand With Crypto, a lobby group supported by Coinbase, claims this group is bipartisan and growing in political importance. The group assigns grades to politicians based on their stance on cryptocurrency, with Trump receiving an “A” for his pro-crypto policies. At the same time, Kamala Harris holds a “N/A” for her vague comments on “innovative technologies.”

Despite these claims, it remains uncertain if this group of crypto voters has the significant influence that lobbyists suggest. While some individuals may be concerned about cryptocurrency regulation, most Americans are still more focused on critical issues such as housing costs, healthcare, and general economic survival. Polls show that concerns over crypto regulation are not a priority for most voters.

Crypto’s growing presence in U.S. politics

Lobbyists and advocates claim that crypto is now a national priority, with some claiming that 52 million Americans own cryptocurrency. However, this figure needs more concrete evidence. Despite the push to make cryptocurrency a vital issue in this election, most Americans appear more focused on broader financial and economic concerns.

The pro-crypto super PAC, Fairshake, has already raised over $200 million, showing the industry’s substantial financial power. However, critics argue that this movement serves the interests of the crypto industry’s elites rather than the average voter. Bitcoin’s value has soared in recent years, and the broader crypto market has continued to thrive despite regulatory hurdles and recent scandals like the FTX collapse. The suggestion that the Biden-Harris administration is hostile to crypto appears exaggerated, as the U.S. remains a central hub for the global crypto workforce.

Candidates and their crypto stances

Kamala Harris has recently spoken about supporting “innovative technologies,” but her position on crypto remains ambiguous. Stand With Crypto initially gave her a “B” rating but later downgraded her to “N/A” due to a lack of clear policy statements. Harris seems to be treading carefully, balancing the tech industry’s interests with those of regulators.

Donald Trump, in contrast, has fully embraced the crypto community. He has promised to turn the U.S. into the “crypto capital of the planet,” leveraging his pro-crypto stance to attract support and funding from the industry. This marks a significant shift for Trump, who once referred to Bitcoin as a scam.

While cryptocurrency’s role in U.S. politics is undeniably growing, whether this will translate into meaningful influence at the ballot box remains to be seen. For now, the industry’s political power benefits primarily those at the top.

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Chinese stocks experienced their most robust weekly performance over a decade, spurred by a $114 billion government stimulus. The CSI 300 index, which monitors the performance of major companies in Shanghai and Shenzhen, surged by 15.7% over the past week. 

This marks the most significant one-week gain since November 2008, when China implemented similar measures during the global financial crisis. This significant boost in stock market activity has also had ripple effects, lifting European stocks and influencing global commodity prices. The stimulus is part of broader efforts by Chinese leaders to stabilize the domestic economy, address ongoing issues in the property sector, and drive consumer spending to meet the country’s 5% economic growth target for the year.

$114 billion liquidity boost

The People’s Bank of China announced an Rmb800bn ($114bn) lending facility to inject liquidity into the market. The goal is to help companies repurchase their shares and enable non-bank financial institutions, including insurers, to invest in local stocks.

The government aims to maintain momentum in the financial markets by providing ample liquidity. The CSI 300 index jumped 4.5% on Friday after the announcement. This has led to a surge in mainland markets and lifted the Hang Seng index in Hong Kong, which saw a 13% rise over the past week—its most significant since the 1998 Asian financial crisis.

Global impact on markets

The effects of China’s stimulus have extended beyond its borders. European luxury brands, which rely heavily on Chinese consumers, welcomed the move, anticipating an uptick in domestic spending. Wall Street has also shown positive reactions, with the S&P 500 closing at record highs multiple times this week. Investors are increasingly optimistic about a potential boost in global demand, particularly as the Federal Reserve’s interest rate cuts weaken the dollar, making emerging markets like China more attractive.

However, foreign investors’ access to Chinese stocks remains restricted. In August, Chinese regulators limited the daily data flow from the Hong Kong Stock Connect program, which tracks foreign investment activity in mainland markets.

Commodity prices surge, except for oil

The injection of liquidity into China’s economy is also driving up global commodity prices, particularly in the metals sector. Copper, aluminum, and zinc have all recorded gains, with copper rising more than 5% since Tuesday to break the $10,000 per tonne mark for the first time in three months. Iron ore, which had recently hit a two-year low, has also rebounded as steel demand strengthens.

Oil, however, has yet to follow this upward trend. News that Saudi Arabia might increase oil output has dampened any potential price gains in the energy sector, keeping prices steady despite the broader rally in commodities. As global markets remain focused on China’s next steps, all eyes are on the country’s ongoing efforts to balance market stability with long-term economic growth.

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Vitalik Buterin, the creator of Ethereum, has emphasized the need for greater transparency in the alignment and governance of the Ethereum ecosystem. He argues that the community must balance decentralization and cooperation to unify various stakeholders while preserving Ethereum’s fundamental principles.

The Ethereum ecosystem comprises diverse participants, including client teams, researchers, layer 2 projects, developers, and local communities. Each group pursues its vision of Ethereum, raising concerns about potential fragmentation within the ecosystem. To mitigate this risk, the Ethereum community is increasingly discussing the concept of “alignment.”

Defining alignment in Ethereum

Buterin defines alignment as encompassing three critical areas: values alignment, technological alignment, and economic alignment. Values alignment emphasizes the importance of open-source principles, reducing centralization, and supporting public goods. Technological alignment involves adherence to ecosystem-wide standards, while economic alignment encourages using ETH as the primary token across projects.

Buterin highlights that the notion of alignment has remained ambiguous, leading to concerns that some projects may align based on personal connections rather than foundational principles. He proposes that Ethereum alignment be articulated through specific properties measured by concrete metrics to create clarity.

Critical components of Buterin’s alignment policy

Open-source software is a cornerstone of Ethereum’s alignment framework. It fosters security through inspection and diminishes the risk of proprietary lock-in. While not every line of code needs to be open-source, Buterin asserts that core components must adhere to this standard to maintain transparency and accessibility within the infrastructure. He cites the Free Software Foundation’s definition of free software and the Open Source Initiative’s standards as exemplary benchmarks for open-source practices.

Additionally, open standards play a pivotal role in ensuring interoperability across the Ethereum ecosystem. Buterin asserts that projects should maintain compatibility with existing standards, such as ERC-20 and ERC-1271. If new requirements emerge, projects should develop new ERCs to accommodate them. The primary metric for assessing alignment in this area is straightforward: does the project align with the relevant ERCs? If not, it fails to meet the alignment criteria.

Decentralization and security are equally important facets of Buterin’s alignment vision. He recommends that projects avoid single points of failure and reduce reliance on centralized infrastructure. To evaluate this, he proposes two tests. The walkaway test first assesses whether an application can continue functioning if the development team and its servers are no longer available. The second, the insider attack test, evaluates the potential damage a team could inflict if they chose to undermine their system. Layer 2 solutions should strive to pass these assessments, according to Buterin.

Fostering a positive-sum environment

Buterin contends that alignment should benefit individual projects and the broader Ethereum community. This can be achieved by utilizing ETH, contributing to open-source initiatives, and committing to donate a percentage of tokens or revenues to support public goods within the ecosystem. Such an approach creates a positive-sum outcome, where the success of one project fosters advantages for the entire community.

Projects should aspire to contribute beyond the Ethereum platform. This could involve developing technologies that deliver utility beyond cryptocurrency, such as funding mechanisms or general computer security solutions. Buterin envisions Ethereum as a vehicle for promoting freedom and openness worldwide, ultimately enhancing financial inclusion and providing real-world benefits.

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In a recent social media post, Tesla CEO Elon Musk voiced support for former President Donald Trump and the cryptocurrency Dogecoin (DOGE). Musk’s message also highlighted his potential role in Trump’s proposed government efficiency commission if Trump wins the 2024 election.

The post, shared on Musk’s platform X, depicted the billionaire alongside Trump in front of the White House. In a surprising move, Musk linked his support for Trump to Dogecoin, creating a buzz in political and crypto circles. This marks the first time Musk has publicly connected the two subjects.

Trump and Musk collaboration

During a rally in Michigan, Donald Trump revealed plans to appoint Musk as head of a “cost-cutting” commission if re-elected. Trump praised Musk’s ability to save money but acknowledged the Tesla CEO’s busy schedule, joking about his involvement in space exploration. Despite this, Trump emphasized that Musk would take on this role without financial compensation.

pic.twitter.com/PHPAbiYagy

— Elon Musk (@elonmusk) September 28, 2024

Musk’s recent post on X confirms his willingness to lead this initiative. While Musk’s exact role remains speculative, his inclusion in the campaign is seen as a strategic partnership between two high-profile figures.

Dogecoin gains attention

The inclusion of Dogecoin in Musk’s political post was met with surprise and anticipation. Musk has long advocated for the meme-based cryptocurrency, promoting it across various platforms. While Dogecoin experienced a surge in popularity in 2021, recent efforts to revive its rally have fallen short.

Despite its decline from an all-time high of $0.73 in May 2021, Dogecoin has seen some gains in the past month, rising by 22%. Musk’s mention of DOGE in his post led to a marginal increase in its price, which is currently trading at $0.123. However, the coin has decreased by 5% over the past two months.

Digital assets in the 2024 campaign

Digital assets, including cryptocurrencies like Dogecoin, are becoming critical issues in the 2024 U.S. presidential race. Musk’s endorsement of Trump and his connection to Dogecoin have set the stage for the meme coin to play a more significant role in political discussions.

Musk has previously incorporated Dogecoin into his business ventures, including accepting DOGE as payment for select Tesla merchandise and rides on the Las Vegas Loop transit system.

As both Trump and Musk continue to promote their visions for the future, it remains to be seen how Dogecoin will factor into their plans. With growing interest in digital assets, cryptocurrency could be central to political and financial conversations in the months leading up to the election.

The post Elon Musk Backs Donald Trump and Dogecoin in Latest Political Move first appeared on Coinfea.

Ethereum (ETH) is struggling to maintain momentum as it faces significant selling pressure from institutional investors. Despite a recent recovery, where ETH surged over 5% in the past week, the cryptocurrency remains approximately 20% down over the last 90 days. This mixed performance presents challenges and opportunities for investors navigating the current market dynamics.

Cumberland and para fi capital make significant moves

Recent data from Lookonchain reveals that prominent institutions, Cumberland and ParaFi Capital, are actively offloading substantial amounts of Ether. Cumberland transferred 11,800 ETH, valued at around $31.88 million, into Coinbase. 

This transaction marks one of Cumberland’s most significant sell-offs. On August 26, Cumberland deposited 6,439 ETH worth about $17.66 million into Binance. Meanwhile, ParaFi Capital withdrew 5,134 ETH, valued at $13.83 million, from Lido and deposited it into Coinbase Prime. These actions reflect a strategic move to capitalize on ETH’s recent price surge while maximizing profit.

An ancient whale emerges from dormancy

In addition to institutional activity, an ancient Ethereum whale has re-entered the market after prolonged inactivity. According to data from Spot On Chain, this whale liquidated another 12,979 ETH for about $34.3 million this week, coinciding with ETH’s recent rebound.

After 4 months of silence, an ancient #Ethereum whale with a $58.8M profit cashed in another 12,979 $ETH for $34.3M this week, as $ETH rebounded ~6%!Originally withdrawing 21,632 $ETH from #ShapeShift and #Poloniex in 2016 at $7.074/ETH, the whale has sold 15,879 $ETH since… pic.twitter.com/JrtBinVnj6

— Spot On Chain (@spotonchain) September 28, 2024

 The whale, previously silent for four months, had withdrawn 21,623 ETH from ShapeShift and Poloniex in 2016 when ETH was priced at $7.074. Since May, this whale has sold over 15,500 ETH, generating approximately $43.5 million at an average selling price of $2,739. Currently, the whale retains a balance of 5,760 ETH.

Ether ETFs experience positive inflows

Ether is trading near the crucial $2,600 price level, reflecting a modest 4.8% increase over the past month. However, the cryptocurrency’s 24-hour trading volume has decreased by 7%, at $15.99 billion. In a noteworthy turnaround, Ether exchange-traded funds (ETFs) have seen inflows surpassing $84 million this week, reversing several weeks of outflows. 

On a single day, inflows reached approximately $58 million, with Fidelity’s FETH leading the charge by bringing in $42.5 million. Following closely, BlackRock’s ETHA saw inflows of $11.5 million, while Grayscale’s ETHE experienced outflows of $10.7 million. Earlier this week, Ether ETFs had recorded outflows of $80 million, primarily from Grayscale’s ETHE, but BlackRock’s renewed interest has shifted the trend back toward positive territory.

As Ethereum navigates these complex market conditions, the actions of institutional players and individual investors will play a pivotal role in determining its future trajectory. The juxtaposition of significant sell-offs and renewed institutional interest underscores the cryptocurrency market’s volatility, leaving investors to assess their strategies in light of ongoing developments.

The post Institutions Offloading Ether: $45 Million Transferred to Coinbase in a Matter of Hours first appeared on Coinfea.

Markus Thielen, Head of Research at 10x Research, predicts a significant bull run in Bitcoin and altcoins following recent economic shifts. 

Thielen attributes this renewed surge to the Federal Reserve’s rate cuts in September and China’s stimulus efforts, which have sparked a wave of FOMO (Fear of Missing Out) in cryptocurrency.

According to Thielen’s research, Bitcoin saw a 5% rise, Ethereum jumped by 11%, and altcoins like SHIB, ENA, and SEI witnessed substantial gains of 36%, 51%, and 54%, respectively. These increases followed the Fed’s rate cuts, driving optimism in the market. Additionally, an altcoin explosion and a significant rise in stablecoin minting were observed, contributing to the rising liquidity across the sector.

FOMO is Back: Are You Holding Enough Bitcoin and Altcoins to Ride the Next Wave?1-11) Since the Fed’s September rate cut, Bitcoin has gained 5%, while Ethereum has surged 11%, and certain altcoins have seen impressive gains—+54% for ENA, +51% for SEI, and +36% for Shiba Inu.… pic.twitter.com/QK6hExh4lk

— 10x Research (@10x_Research) September 27, 2024

Altcoin surge and stablecoin minting

Thielen highlighted the increasing activity in the altcoin market, with Bitcoin’s dominance declining and Ethereum gas fees spiking due to heightened demand. One major factor behind this activity is the drop in the 10-year bond yield, which fell below the 4% mark, triggering a resurgence in decentralized finance (DeFi) projects.

The issuance of stablecoins has accelerated, with $10 billion being minted in recent weeks alone. Circle has been responsible for 40% of the latest stablecoin inflows. Year-to-date inflows for stablecoins have reached $35 billion, pushing their total value to over $160 billion. South Korea has also played a role in this trend, as its retail crypto activity has surged, with daily trading volumes averaging $2 billion, primarily driven by altcoins.

Institutional traders and Chinese stimulus impact

The ongoing Chinese stimulus plan, valued at $278 billion, has significantly boosted global liquidity, further strengthening the cryptocurrency market. Thielen noted that this influx of capital and a drop in Bitcoin’s 30-day realized volatility to 41% have attracted institutional traders. Due to the reduced volatility, these traders are now likely to take larger positions in the market.

Thielen also pointed to significant capital outflows from China, with over 55% of Bitcoin mined by Chinese mining pools. The capital flight is expected to flow into the crypto market, contributing to the continued rally in digital assets.

Shiba Inu surge and FOMO indicators

Santiment, an analytics firm, reported a 43% surge in the price of Shiba Inu, one of the standout performers in the altcoin market. On-chain metrics such as volume, circulation, and whale transaction counts reached 10-week highs. Social media discussions around Shiba Inu also spiked, signaling growing interest and potential FOMO within the market.

Thielen’s analysis suggests that the combination of liquidity boosts, stablecoin inflows, and growing interest in altcoins will likely fuel a continued bull run in Q4. With strong institutional and retail involvement, this trend could push Bitcoin toward the $70,000 mark and lead to further all-time highs across the crypto sector.

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