Dogecoin (DOGE) led losses among major tokens with an 8% haircut over the past 24 hours, CoinGecko data shows, with XRP (XRP), Solana’s SOL, BNB Chain’s BNB and ether (ETH) losing as much as 6%.
Smaller tokens with a market cap under $2 billion fared worst, with Sei Network’s SEI, memecoin floki (FLOKI) and Starknet’s STARK falling as much as 16%.The CoinDesk 20, a measure of the most liquid digital assets, had its worst drop in weeks. Bitcoin (BTC) rose above $61,500 in Asian morning hours Wednesday after sliding to as low as $60,300 late Tuesday as a Middle East conflict grows, denting hopes for a rally in the asset’s historically most bullish month.
Bitcoin Regains $61K in Worst Start to Most Bullish Month as Israel-Iran Tensions Rage On
Global equities and risk assets such as bitcoin took a hit Tuesday as Iran launched missiles on key Israeli locations, with the latter threatening retaliation in the coming days.Tensions in the Middle East pushed down BTC during the first half of Asia trading hours Wednesday.
BTC fell the most in over a month, while gold rose, with the drop reaching 6% at one point and 24-hour losses at 3.5%. That was the worst start for the asset’s historically most bullish month, Presto Research traders wrote in a note Wednesday.
Polymarket bettors are giving a 49% chance that Israel will retaliate against Iran by the end of the week.
“Historically, October has been a strong month for BTC with only two losing years out of the last 11,” Presto said. It pointed out gold’s outperformance in the past 24 hours as a measure of the different maturity levels of both assets.
“Last night’s BTC price action (BTC -4% vs. gold +0.8%) in the aftermath of Iran’s attack in May puzzling, esp. considering BlackRock’s recent pitch for BTC as a risk-off asset similar to gold,” researchers led by Peter Chung wrote. “The reality is that the difference in these two assets’ short-term price actions reflects their different maturity phases.”
The broad-based CoinDesk 20 (CD20) fell 4.7%, its worst drop in recent weeks. “Gold is a much more mature asset, with a 5,000 year history as a store of value, so there’s not much room left for incremental network effects. BTC, on the other hand, shares the same attributes that make gold a good store of value (better in many cases), but with only 15 15-year history. This means it’s in the early stages of mainstream adoption, and its narrative is still poorly understood,” they added.
🔥 The listing of EIGEN from the largest restaking protocol EigenLayer has taken place on major exchanges. On Binance, the asset is trading around $4.09.
✔️ Justin Sun claimed 5.24 million EIGEN tokens from EigenLayer across 5 addresses, with a total value of $21.5 million, and transferred all the coins to his HTX exchange within the first 20 minutes after the listing!
📊 MicroStrategy's Next Bitcoin💰 Purchase is Likely to Take its Holdings Above #Grayscale 's GBTC. The MicroStrategy has used capital markets to continually raise money for additional bitcoin buys, while Grayscale has seen a large exit of tokens through ETF.
🔥 BREAKING : #Sui 💰 has achieved $1 Billion Dollars in Total Value Locked in less than two years since Mainnet launch!!
US Crypto Exchange Bithumb Weighs U.S. Nasdaq Listing: COINDESK.
⚡️JUST IN : Japan Considers Lowering Crypto Taxes. Japan is currently assessing its cryptocurrency regulations, with a possible decrease in taxes in the future.
🔥 JUST IN: US Niraj Antani, Ohio State Senator introduces bill to require Ohio to accept #Bitcoin 💰 for taxes.
🔥 JUST IN: US FED's Bostic says he is open to another 50bps interest rate cut in November.
US SAYLOR: 💰 “99% of Bitcoin will be mined by January 2, 2035.” We’re currently at 94% with about 1.2 million supply left to be mined.
⚡️ JUST IN : #Ripple 💰 just minted 99% of its $RLUSD stablecoin in a single day, hinting at a major market launch! With 800,000 tokens created, the race to challenge #Tether heats up.
⚡️ JUST IN: Taiwan’s Financial Supervisory Commission now permits professional investors to invest in foreign #Bitcoin 🥇 and Crypto #ETF s.
When building a portfolio, it's important to first develop a strategy for selecting cryptocurrencies. A good option is to follow current trends.
Here’s what’s popular right now:
📌 AI is becoming a key element in blockchain, accelerating automation. In the future, AI could even trade on your behalf and generate profit. Keep in mind that this trend is filled with many empty projects that have simply added "AI" to their descriptions.
📌 RWA (tokenized assets) open up investment opportunities for the Web2 community and add liquidity to the market. BlackRock and JPMorgan are already involved in tokenization. Which blockchains they will choose to implement their plans is the question.
📌 DePin – networks that use blockchain to power real-world infrastructure, primarily challenging cloud giants like Amazon, Google, and Microsoft. Blockchain offers certain advantages over centralized services, but issues of accessibility, reliability, and competitiveness still need to be addressed.
📌 TON – Telegram’s cryptocurrency ecosystem is gaining momentum, as more apps and protocols with people and liquidity are being created. Let’s just hope it doesn’t turn into a user-skinning network, losing trust and, along with it, activity. Greetings to the hamster and other scams.😡
📌 Meme tokens are showing the best results in the current market and have sparked meme token mania. This trend remains relevant, but don’t confuse it with gambling addiction. The latter has better chances of winning in a casino.
1. Chinese stocks up 6% today and 18% in 5 days. 2. Beijing 50 index posts RECORD 15% intraday jump. 3. RECORD 1 trillion Chinese Yuan traded in 30 minutes. 4. Brokerages open 24/7 to accommodate retail traders. 5. Commerce Ministry says it will "improve policy effectiveness". 6. Chinese brokerages crashing due to high traffic.
1. Fed Chair Powell Speaks - Monday. 2. September ISM Manufacturing data - Tuesday. 3. JOLTs Jobs data - Tuesday. 4. ADP Nonfarm Employment data - Wednesday. 5. October OPEC Meeting - Wednesday. 6. Initial Jobless Claims - Thursday. 7. September Jobs Report - Friday.
🔝 Top 20 Promising Cryptocurrencies for Q4 2024 According to Grayscale
✔️Once every quarter, the Grayscale Research team analyzes hundreds of digital assets to assess the rebalancing of the company’s funds, and based on the results, they compile a list of the top 20 assets across various sectors of the crypto market. This top 20 represents a selection of assets that, according to the company, have high potential in the upcoming quarter. The analysts' approach takes into account a range of factors, including network growth and adoption, upcoming catalysts, resilience of fundamental metrics, token valuation, supply inflation, and potential risks.
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