Newsletter Volume 47
Article 1 — The Market This Week
In today’s cryptocurrency market update, Bitcoin demonstrated resilience as it maintained a price level above $26,000 and experienced a surge, briefly reaching $27,312 before consolidating around $26,700. The current focus is on breaking the $27,200 barrier, with potential gains extending to $28,200 and even $28,500.
Ethereum followed a similar trajectory, with its price staying above $1,580 and reaching $1,667. It is presently trading around $1,640 and is well-supported by the 100-hourly Simple Moving Average and a bullish trend line near $1,645. The pivotal resistance at $1,720 could propel Ethereum to levels of $1,800 and possibly $1,880 upon breakthrough.
In recent developments, Polygon (MATIC) experienced a brief price dip due to a substantial token transfer to Binance by a major investor. This transfer involved 10.78 million MATIC tokens valued at over $5 million and led to a 3% price decline. However, MATIC has since exhibited a slight recovery, currently trading at $0.5079. The increased 24-hour trading volume, up by over 20% to around $255 million, suggests potential interest from buyers seeking discounted prices.
Terra Classic (LUNC) is on an upward trajectory, reaching a 4-week high of $0.00006716 within the last 24 hours, up from a low of $0.00006284. Its current trading price is $0.00006483, reflecting a 0.37% increase from the previous day. The heightened trading volume indicates strong market interest, and breaching the $0.00006716 resistance level could set sights on $0.00007000.
Despite a slight 0.45% decrease in market cap to $376.85 million, LUNC experienced a remarkable 84.21% surge in 24-hour trading volume, reaching $53.65 million, highlighting increased activity in the LUNC market. The positive trend appears likely to continue, supported by expanding Keltner Channel bands, although a minor bearish signal with a Balance of Power (BOP) rating of 0.03 suggests possible consolidation or a modest correction.
In the past 24 hours, Shiba Inu experienced a remarkable 1334% surge in its burn rate, as tracked by Shibburn, leading to the permanent removal of 171 million SHIB tokens from circulation. Despite ongoing efforts to reduce token supply and enhance value, Shiba Inu saw only a marginal 0.31% price increase, currently trading at $0.000007244 per token. It retains the 19th position in the cryptocurrency market with a market cap of $4.27 billion.
KEY METRICS
Total Crypto Market Cap $1.11 T
Bitcoin Market Cap: $527.25 B
Ethereum Market Cap: $199.61 B
ETH/BTC Ratio: 0.06
Ethereum Gas Price: 8 gwei
DeFi TVL: $69.36 B
Fear and Greed Index: 48 (Neutral)
Federal Reserve Balance Sheet: $8.09 T
Article 2 — Weekly Spotlight on IC15
The global cryptocurrency market saw a decline following cautious comments from US Federal Reserve chair Jerome Powell. The IC15 Index dropped by 177 points to 34,251 at 4 p.m on 22nd September. The slide was primarily attributed to cryptocurrencies like Polygon, Cardano, Polkadot, and Ethereum, which experienced losses in the range of 0–2%, while Litecoin, Avalanche, Chainlink, and XRP gained in the same range.
The European Parliamentary Research Service (EPRS) has recommended stricter regulation of cryptocurrencies by non-European Union regulators in order to maintain stability and foster development in the global crypto market. In India, the Ministry of Home Affairs is working on a tool called the Cryptocurrency Intelligence and Analysis Tool (CIAT) to detect irregular activities and combat crypto-related crimes.
The chief of the Indian crypto exchange WazirX anticipates that India’s stringent crypto tax regulations will persist for another two years but remains hopeful that India will eventually adopt a more crypto-friendly policy. Additionally, eToro has obtained a CASP license from the CySEC, enabling it to provide crypto services in the European Union region through a single entity.
The global cryptocurrency market had a weak start to the week due to economic uncertainty, with the IC15 Index dropping 530 points to 33,706. Most coins in the index were in the red, including XRP, Bitcoin, Polygon, and Dogecoin, while Chainlink, Polkadot, and Tron saw modest gains. Hong Kong’s SFC will soon disclose the list of crypto exchange and trading firm license applicants in response to public demand after the JPEX scandal. Coinbase obtained registration as a crypto exchange and custodian wallet provider in Spain. Google Cloud is expanding its blockchain efforts by adding 11 networks, including Polygon and Polkadot, to its BigQuery program for public datasets. South Korean mobile game developer NHN partnered with Mysten Labs to enter the Web3 space and develop Web3 games.
The global cryptocurrency market saw gains with the IC15 Index rising by 232 points to 33,938 on Tuesday. Chainlink, BNB, Avalanche, and Polygon contributed to the increase by 1–3%, while Solana, Shiba Inu, Litecoin, and Dogecoin saw losses of 0–1%.
Nine Taiwanese crypto exchanges formed an association to establish self-supervisory rules in anticipation of Taiwan’s upcoming crypto guidelines release. Binance Japan and Mitsubishi UFJ Trust Bank partnered to create a fiat-pegged stablecoin on the Progmat Coin platform. Indian crypto investment platform Mudrex is expanding to Italy after registering with Italy’s Organismo Agenti e Mediatori and has plans for further expansion to the UK. NASA intends to use blockchain technology to verify data and confirm human moon landings in its upcoming Artemis 3 mission.
The global cryptocurrency market had mixed performance on Wednesday, with most coins in the IC15 Index rising except for Polygon and Solana. Notable gainers included Chainlink, Uniswap, Ethereum, and Avalanche. US House lawmakers are urging SEC Chair Gary Gensler to approve a spot Bitcoin ETF promptly, emphasizing the need to follow court rulings instead of hindering its approval. Taiwan has introduced crypto guidelines focused on customer protection and industry oversight, requiring crypto platforms to establish listing and delisting standards. Gemini, a crypto exchange, is entering the Indian market with an office in Gurgaon and a $24 million investment in its development center over the next two years. Shanghai has announced its goal to become a blockchain city by 2025.
The global cryptocurrency market had mixed trading due to rising interest rates and macroeconomic concerns and the IC15 Index rose by 52 points to 34,286 at 4 p.m. on Thursday. Chainlink was the top gainer, up 4.34%, followed by Ethereum, Avalanche, Bitcoin, and Polygon in the 0–2% range. Litecoin, Uniswap, Tron, and BNB were the major losers, down 0–1%. The US SEC is considering cryptocurrency ETF applications while delaying others. Hong Kong’s Securities and Futures Commission plans to issue guidance for tokenizing authorized investment products. The ICC is entering the Web3 space with a blockchain-based app for the Cricket World Cup. Crypto startup Rated Labs raised $12.89 million in a Series A round to expand into other blockchains.
Article 3 — The Battle of Bulls and Bears
In today’s cryptocurrency market update, we’re seeing a positive surge in Bitcoin’s value, driven by the strength of US equities markets and a key BTC indicator signaling investors’ enduring optimism.
The S&P 500 index experienced a significant downturn, breaking below moving averages and reaching a crucial support level at 4,325 on September 15. With the 20-day exponential moving average (EMA) turning down and the relative strength index (RSI) nearing oversold territory, bears currently have the upper hand. If the price remains below 4,325, it could complete a bearish head-and-shoulders (H&S) pattern with a target of 4,043.
To prevent this decline, bulls need to push the price above the 20-day EMA, which might attract more buying interest. If successful, the bulls could aim to break above the downtrend line, potentially leading to a retest of the local high at 4,607.
Bitcoin’s price has experienced a notable uptick, soaring by more than 3% in a sudden upward move, pushing it to $27,300. This surge marks the highest point reached in the past week and signifies a 4% gain for Bitcoin in the month of September.
A potential impending U.S. government shutdown appears to be expediting the introduction of Ether futures ETFs, according to analysts. These exchange-traded funds, focused on Ethereum futures, may hit the U.S. market as soon as next week, as suggested by Bloomberg experts. On September 28, James Seyffart, an analyst from Bloomberg Intelligence, indicated that there’s a possibility that the SEC will greenlight several Ethereum futures ETFs in the coming week. This observation was prompted by ETF analyst Eric Balchunas, who mentioned that the U.S. Securities and Exchange Commission is looking to hasten the launch of Ether futures ETFs. Balchunas remarked that the SEC wants to resolve this matter before a potential government shutdown, and he has heard that ETF applicants are rushing to update their documentation by Friday to potentially commence trading as early as next Tuesday.
Article 4 — Weekly Spotlight
Bitcoin and Ethereum Surge: In the latest cryptocurrency market update, Bitcoin showcased resilience by maintaining a price level above $26,000 and briefly reaching $27,312 before consolidating around $26,700. Ethereum followed a similar trajectory, with its price staying above $1,580 and reaching $1,667, currently trading at around $1,640.
Polygon (MATIC) Transfer Impact: Polygon (MATIC) experienced a brief price dip due to a substantial token transfer to Binance by a major investor, leading to a 3% price decline. However, it has since shown signs of recovery.
Terra Classic (LUNC) Gains: Terra Classic (LUNC) reached a 4-week high within the last 24 hours and is currently trading at $0.00006483. Increased trading volume suggests strong market interest, with potential gains on the horizon.
Shiba Inu Burn Rate: Shiba Inu saw a remarkable 1334% surge in its token burn rate, but its price increased only marginally, currently trading at $0.000007244 per token.
Global Market Trends: The global cryptocurrency market experienced fluctuations, with gains and losses among various cryptocurrencies. Cautious comments from US Federal Reserve chair Jerome Powell contributed to a decline in the market.
Regulation and Developments: The European Parliamentary Research Service recommended stricter cryptocurrency regulation by non-European Union regulators. India is working on a tool to combat crypto-related crimes, while eToro obtained a license to provide crypto services in the European Union.
Market Performance: market saw mixed performance, with some coins experiencing gains and others facing losses. Notable gainers included Chainlink, Ethereum, and Avalanche, while Polygon and Solana saw declines.
Cryptocurrency ETFs: Analysts suggest that the possibility of a US government shutdown may expedite the introduction of Ethereum futures ETFs, potentially hitting the market soon.
