In the early hours of this morning, the cryptocurrency market experienced a small correction, with Bitcoin falling from $60,000 to $58,400 and Ethereum falling from $2,400 to $2,280.
Most of the altcoins are also following the market's correction, among which CKB is the strongest, rising against the trend by more than 15%.
Why is CKB so strong?
This is mainly because Korean investors’ enthusiasm for CKB has driven its price up.
CKB has been actively building the Korean community. After it was launched on Korea’s Upbit exchange, trading volume increased significantly, with the maximum price increase reaching 308%.
The news worth noting is:
1. Trump faces another assassination attempt
On September 15, Trump was playing golf when gunshots were heard at his golf club; according to his campaign team, he is currently safe.
The FBI said the shooting may be an assassination attempt against Trump and is currently under investigation.
The suspect is 58-year-old Ryan Routh, who lives in Hawaii and has a history of minor crimes.
He frequently makes political comments online and donates to Democratic candidates. On April 22, he criticized Trump in a post in which he declared, "Democracy is at the ballot box, and we cannot lose."
After the incident, Trump posted “Fight Fight Fight” on the social platform, which caused the price of FIGHT tokens on Ethereum and Solana to rise sharply in a short period of time.
According to data from prediction market Polymarket, Harris's chances of winning fell by 1% after the shooting and are now 50%, surpassing Trump's 49%.
Musk responded to the question of why someone wanted to assassinate Trump on the X platform. He also expressed why no one tried to assassinate Biden or Harris. He also added a "thinking" emoticon.
2. The ETH/BTC exchange rate fell below 0.04, hitting a new low since April 2021
On-chain analyst Embers discovered that James Fickel, a long investor in the ETH/BTC exchange rate, sold 7,600 Ethereum for 299.8 WBTC (worth $18 million) six hours ago to reduce his position and repay his borrowings.
Since August 11, he has sold a total of 23,600 Ethereum in exchange for 970.5 WBTC to repay his loans on Aave.
Currently, he remains the largest ETH/BTC exchange rate long on the chain, with 1,896 WBTC loans (worth about $110.9 million) outstanding.
In addition, an "ancient whale" who bought 16,636 ETH at $5.23 per ETH in 2016 began selling these Ethereums 8 and a half years later.
The total value of the Ethereum he bought at the time was only US$87,135, but now the value of these Ethereums has increased 446 times to US$38.92 million.
The decline in the ETH/BTC exchange rate reflects the market's weakening confidence in Ethereum relative to Bitcoin. As the market's FUD sentiment towards Ethereum becomes stronger, the short-term selling pressure on Ethereum may be relatively large.
3. The probability of the Federal Reserve cutting interest rates by 50 basis points in September has risen to 52%.
According to CME Federal Reserve Watch: The probability of the Federal Reserve cutting interest rates by 25 basis points in September is 48%, and the probability of cutting interest rates by 50 basis points is 52%.
At present, the price of gold has hit a record high and the price of silver has also reached a temporary high.
This is because everyone is uncertain about the economic outlook and risk aversion is high, so they are more willing to invest in safe assets such as gold and silver.
As the Federal Reserve's interest rate meeting approaches, Bitcoin may fluctuate greatly in the short term. At this time, you must not touch contract trading, and focus on holding spot.
4. 10.6 million Bitcoins have not been transferred for more than two years
According to data from HODL15Capital, 4.33 million bitcoins have not been moved in the past 7 years, while 10.6 million bitcoins have not been moved in the past 2 years.
This means that many people choose to hold Bitcoin for the long term rather than trading it frequently.
Last week, the U.S. spot Bitcoin ETF purchased 6,892 Bitcoins, while miners produced only 2,250. This shows that the market demand for Bitcoin exceeds the output of miners.
Currently, MicroStrategy and BlackRock's Bitcoin ETF holds a total of 602,027 bitcoins, worth approximately US$35.1 billion.
In general, as the Federal Reserve’s interest rate meeting approaches, the U.S. stock market and the crypto market will experience relatively large fluctuations in the short term.
At this time, it is recommended to watch more and do less, mainly hold spot goods, and do not touch contract trading.
This week, we can focus on the Federal Reserve interest rate decision at 2:00 a.m. on September 19 and Powell's speech at 2:30 a.m. It will affect short-term market sentiment and price trends.
