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Welcome to today’s edition of Crypto Daily Alpha. I’m Doc, here to bring you the latest in crypto updates, project developments, and market insights to keep you ahead in the crypto space.

 

 

Project Updates

Binance Launches CATI on Launchpool
Binance has launched Catizen (CATI) on its Launchpool platform, allowing users to farm CATI by locking BNB and FDUSD. This new farming opportunity is expected to draw significant attention, especially among users looking to diversify their portfolios with newer tokens. As interest in CATI rises, this project highlights Binance’s commitment to offering exclusive token launches through its platform.

 

ether.fi Visa Cash Card Shipments Begin
ether.fi has started shipping its Visa Cash Cards, designed to allow users to spend their crypto directly via the Visa network. This product bridges traditional finance and decentralised assets, enabling seamless spending for crypto holders. The integration of the card into the ether.fi ecosystem marks a significant step forward in making crypto more accessible for day-to-day transactions.

 

Trump’s World Liberty Financial DeFi Protocol Launches
Donald Trump’s World Liberty Financial DeFi protocol has launched, offering decentralised financial services with the backing of the former U.S. president. The project aims to empower users through decentralised banking solutions and has attracted widespread interest due to its high-profile associations. However, questions remain regarding its long-term viability and market impact.

 

Stratis Releases Free-to-Play MMO, Solplex
Stratis is releasing Solplex, a free-to-play real-time strategy MMO game. This launch represents a significant milestone in Stratis's efforts to combine gaming with blockchain. Solplex will use Stratis’s STRAX token, creating new use cases and driving player engagement within the ecosystem.

 

MIRX Token Listed on Exchanges
The MIRX token, developed by Mirada AI, has been listed on major exchanges, marking a key step for the project. MIRX is intended to support AI-driven applications within the Mirada ecosystem, and early interest in the token suggests that it could experience strong trading volumes upon launch.

 

Sonic SVM Launches Hyperfuse Node Sale
Sonic SVM has launched the sale of its Hyperfuse nodes, allowing users to participate in network validation by purchasing node slots. These nodes play a crucial role in securing the Sonic SVM blockchain, and the sale is expected to attract significant interest from users looking to support decentralised infrastructure.

 

 

Crypto Market Dynamics

Bitcoin and Ether Plunge 5% Ahead of Fed Rate Cuts
Both Bitcoin and Ether have dropped 5% as investors position themselves cautiously ahead of the expected Federal Reserve rate cuts. According to CoinDesk, the potential rate cuts have introduced uncertainty into the crypto markets, resulting in increased volatility. While some analysts speculate that lower interest rates could fuel risk-taking in the long term, the immediate impact has been a bearish sentiment, with investors awaiting clearer direction from the Fed.

 

 

News

Regulation Updates

Kraken Denies SEC Allegations Over Unregistered Securities
Kraken has denied the SEC's allegations that it offered unregistered securities via its staking services. The SEC claims Kraken's staking products violate U.S. securities regulations, but Kraken maintains that it operates within the law. This ongoing legal battle is being closely monitored as it could set a precedent for how staking services are regulated in the future.

 

Bybit Secures Provisional Crypto License in Dubai
Bybit has obtained a provisional crypto license to operate in Dubai, a key step in expanding its presence in the Middle East. This license will allow Bybit to offer its services while working towards full regulatory approval. Dubai’s increasingly favourable regulatory framework for crypto companies positions Bybit for further growth in the region.

 

body of water near houses

Photo by Zosia Szopka / Unsplash
 

 

Political and Crypto Convergence

CFTC Warns of Election Gambling Surge as Court Reviews Case
The U.S. Commodity Futures Trading Commission (CFTC) has warned of an impending surge in election-related gambling. The case, currently under review by the appeals court, questions whether platforms like Kalshi, which offer political event markets, are within the CFTC’s regulatory scope. The court's decision will likely shape the future of election betting markets in the U.S., particularly within the crypto space.

 

Trump Assassination Attempt Rumours Cause Bitcoin Price Fluctuations
Rumours of an assassination attempt on Donald Trump caused brief fluctuations in Bitcoin and Ether prices before being debunked. This highlights how geopolitical and political news can influence crypto market volatility. Investors reacted quickly, causing disruptions in trading patterns, demonstrating the market's sensitivity to misinformation.

 

 

Security and Scams

DeltaPrime Loses Over $6 Million in Apparent Private Key Leak
DeltaPrime, a crypto broker, lost over $6 million due to a private key leak. The incident allowed an attacker to drain the firm’s accounts, raising questions about the security of private key management. DeltaPrime is investigating the breach and is working to strengthen its security protocols to prevent future incidents.

 

BaseBros Fi Rug Pull on Base Chain Shakes DeFi Community
BaseBros Fi, a DeFi project on the Base blockchain, performed a rug pull, leaving investors with significant losses. The project’s developers exploited a malicious smart contract, draining funds and causing uproar in the DeFi community. This incident has reignited calls for stricter oversight and audits of DeFi projects to ensure transparency and security.

 

DuckDuckGo Phishing Scam Targets Etherscan Users
A phishing scam targeting Etherscan users has emerged, using DuckDuckGo to redirect users to malicious websites. Victims are tricked into providing sensitive information, allowing attackers to steal their crypto assets. Users are urged to verify URLs and be cautious when interacting with any crypto-related links.

 

two brown and black duck on water

Photo by Joshua J. Cotten / Unsplash
 

 

Airdrop Opportunities and Community Engagement

Projects like DeBox are promoting a Universal Airdrop Protocol, simplifying token distribution for both projects and users. This growing trend shows a move towards more structured and accessible airdrop strategies, aiming to increase community engagement and reward early participants.

 

 

Token Unlocks

 

Here are some of today's token unlocks, along with upcoming unlocks over the weekend, which may lead to price fluctuations due to increased supply and potential selling pressure:

 

Today, September 16, 2024:

  • Arbitrum ($ARB): $47.14M worth of tokens unlocking today, representing 2.65% of the market cap. This may result in moderate price volatility.
  • Bella Protocol ($BEL): $408.62K worth of tokens unlocking today, representing 1.30% of the market cap. Expect slight price movement.
  • ZTX ($ZTX): $1.34M worth of tokens unlocking today, representing 5.98% of the market cap. Significant price volatility likely.
  • LimeWire ($LMWR): $6.27M worth of tokens unlocking today, or 11.1% of the market cap. Monitor for potential price swings.
  • Zebec Network ($ZBCN): $2.96M worth of tokens unlocking today, representing 3.74% of the market cap. Price fluctuations are expected.
  • Worldcoin ($WLD): $7.20M worth of tokens unlocking today, or 1.17% of the market cap. Moderate volatility possible.
  • SpaceN ($SN): $354.43K worth of tokens unlocking today, representing 2.56% of the market cap. Keep an eye on potential price changes.
  • XBorg ($XBG): $203.33K worth of tokens unlocking today, or 1.32% of the market cap. Minimal price impact expected.

Tomorrow, September 17, 2024:

  • SuperRare ($RARE): $1.74M worth of tokens unlocking tomorrow, representing 1.85% of the market cap. Be prepared for moderate price volatility.
  • ApeCoin ($APE): $11.00M worth of tokens unlocking tomorrow, representing 2.29% of the market cap. Watch for potential price swings.
  • Velo ($VELO): $34.31M worth of tokens unlocking tomorrow, representing 29.7% of the market cap. Expect significant price fluctuations.
  • Ancient8 ($A8): $801.96K worth of tokens unlocking tomorrow, or 4.67% of the market cap. Monitor for potential price impact.

These unlocks may lead to varying levels of price movement, so keep an eye on them closely today.

 

 

Bitcoin and Crypto Market Update

On-Chain Analysis

Bitcoin Hits Key Resistance and Support

According to Oz, Bitcoin ($BTC) has run up to the $60K level, hitting the bearish Fair Value Gap (FVG) at the daily resistance zone. Currently, it is resting on weekly support at around $58K, with a liquidity target below at $56.4K, highlighted by the long daily wick. Oz notes that regaining the monthly level at $59.4K will be crucial for Bitcoin, with the next upper target set at $61K if it successfully breaks through. The chart outlines these important levels in Bitcoin's price action.

 

 

 

Bitcoin’s All-Time High: Recovery in Progress

Bitcoin’s all-time high (ATH) reached $73,825.43 on March 14, 2024. Currently, the price has pulled back 25.73% from its ATH, marking 186 days since this peak. Despite the drawdown, the relatively shallow decline suggests strong market resilience and room for potential recovery. Long-term holders will see this as an opportunity to continue accumulating, while short-term traders might view this as a consolidation phase before the next leg up.

 

 

U.S. Bitcoin ETF Holdings Overview: Institutional Investments on the Rise

U.S. Bitcoin ETFs currently hold a combined 902,015 BTC (~$52.96 billion), highlighting the growing interest and exposure to Bitcoin from institutional investors. Blackrock’s IBIT leads with 357,277 BTC, followed by Grayscale’s GBTC with 222,305 BTC. Fidelity comes in third, holding 172,717 BTC. Other key players include Ark Invest (ARKB) with 43,974 BTC and Bitwise (BITB) holding 36,466 BTC. These figures demonstrate the significant role of ETFs in driving Bitcoin adoption, particularly among institutional investors looking for exposure to digital assets in a regulated framework.

 

Pi Cycle Top Indicator: Signals of a Potential Market Peak?

The Pi Cycle Top Indicator, which has accurately predicted previous Bitcoin market peaks, is being closely watched as the gap between the 111-day moving average (currently at $62,805.72 USD) and the 350-day moving average multiplied by two (currently at $106,498.22 USD) tightens. The current price of Bitcoin sits at $57,083.13 USD, keeping this indicator in the "watch zone." Although we haven't hit a top signal yet, traders are monitoring this closely, as the indicator has historically signaled potential turning points in Bitcoin’s market cycles.

 

Long-Term Holder Supply: Accumulation Remains Strong

Long-term holders continue to increase their Bitcoin holdings, with the total supply now reaching 16.1 million BTC. This growing accumulation reflects the confidence of these holders in Bitcoin’s future, even as the current price sits at $58,130.43 USD. The steady growth of long-term holder supply suggests that these market participants are preparing for potential future price appreciation, reinforcing a strong foundation for the market.

 

Bitcoin Realised Price Update: Long-Term Holders in Profit, Short-Term Holders Struggling

Bitcoin’s realised market cap sits at $623.71 billion, reflecting the total value of all Bitcoins based on their last on-chain transaction. The average realised price of $31.5k shows the typical acquisition cost for holders. With a ratio of 1.86, Bitcoin’s market price is trading at a premium to this cost basis. However, short-term holders, who bought their BTC at an average price of $61.8k, are largely at a loss with the short-term holder ratio standing at 0.95. This reveals a clear contrast between long-term holders in profit and newer market participants who are under pressure in the current market conditions.

 

 

Market Sentiment

Today’s Crypto Fear & Greed Index is at 39 (Neutral), down from yesterday’s 51 (Neutral). Bitcoin is trading at $58,684, reflecting cautious investor sentiment. The slight decline in the index suggests uncertainty in the market, likely driven by the Federal Reserve’s anticipated rate cuts and ongoing volatility. However, with Bitcoin holding at key support levels, traders are watching closely for any bullish signals as the market stabilises.

 

 

 

 

That’s all for today’s edition of Crypto Daily Alpha. Stay informed and do your own research. Catch you next time!

Florpity wizzle-snack, the blorfing zogblats were primed for a gleemish fandango under the zoggler moons. Each wiffle, though fizgacked by the snoorble-funks, had a zippy tang of flibbity-jiblets in the air. With a resounding clop, the nerkle-throbs began to quiddle-warp around the floogles, causing an eruption of swizzle sparks in the murf-jangling dusk.

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Click here for Full Access.

Florpity wizzle-snack, the blorfing zogblats were primed for a gleemish fandango under the zoggler moons. Each wiffle, though fizgacked by the snoorble-funks, had a zippy tang of flibbity-jiblets in the air. With a resounding clop, the nerkle-throbs began to quiddle-warp around the floogles, causing an eruption of swizzle sparks in the murf-jangling dusk.

Grimblor, the frozzle-headed gurnak, bumbled through the gipple-glumps, searching for the elusive splorfle-gnar. His wibbly-wobbly greezelbag sloshed with blibberberry goo, each slink a reminder of the snerk-flaps lost in the great wuzzle war of ‘23. If only the bleeble-gurp had still been intact, perhaps the zindle-flop wouldn’t have been so frumpled.

With a gentle snoof, the glozzle-cat purred in the moon's zinkly rays, its flibberous fur glistening like snargle sauce on a shiggly’s festoon. The gorfers danced, gleefully unaware of the forthcoming blorple-storm, their wibber-wobber feet tapping to the beat of a long-forgotten fandabble tune.

Click here for Full Access.