Bitcoin’s September stumble is right on schedule.
The crypto king kicked off the month with a 2% dip, now hovering around $58,000.
August wasn’t kind either, closing 8.6% down. So much for the usual 1.75% monthly gain.
But hold on, not all hope is lost. Some analysts are eyeing the mid-$60,000 range as a short-term target. A classic case of delulu or do they have something to base this optimism on?
Meanwhile, the derivatives market is giving us the cold shoulder. Funding rates are predicted to stay “negative or low.” Seems like even the risk-takers are taking a step back.
And with that in mind, we’ve got a whole collection of news to dig into today.
Here’s your TLDR:
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Bitcoin stumbles into September with a 2% drop. So more dumps incoming? What do experts think? 📉
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Vitalik shifts millions in ETH. Is he selling all his ETH? 🤔
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And we finally know how much revenue Telegram is generating through crypto! 💼
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Coinbase CEO reveals AI crypto traders. But why do we need them? 🧠
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Solana’s meme coin morphs into a real church. Wait, what?? 🤨
Let’s dive in!
Bitcoin’s September Blues
The OG crypto can’t catch a break!
It kicked off September with a stumble, dropping over 2% to $57,273.
August wasn’t kind to Bitcoin either, ending down 8.6%. That’s far from its usual 1.75% monthly gain.
And now we’re in September, historically Bitcoin’s least favorite month, with an average 4.5% loss.
The CoinGlass liquidation heatmap looks like a bearish fireworks display, with potential short liquidations stretching up to $64,000. Traders are betting on more downside, but a price jump could trigger a short squeeze.
So more dumps incoming? What do experts think? Read the full story!
Vitalik’s $10M ETH Move
Vitalik Buterin just made waves with a $10 million ETH transfer to exchange-linked wallets.
Arkham Intelligence’s data paints an even bigger picture: Since 2015, Buterin’s address has seen 422,000 ETH ($1.04 billion) flow out. In the last two years alone, that number’s jumped to 840,000 ETH.
With ETH trading 180% above its 2022 low, speculations are running wild. Is Vitalik cashing out?
Not so fast, says the man himself.
Buterin took to social media to set the record straight: He hasn’t sold ETH for profit since 2018.
So what about these transfers? Where’s all this money going? Read the full story!
We Know About Telegram’s Crypto Stash!
Telegram’s got more than just messages in its vault.
Turns out the messaging giant was sitting at $400 million in crypto at the end of 2023.
This detail comes from Telegram’s 2023 financial statement, surfacing right as CEO Pavel Durov’s arrest.
Telegram raked in $342.5 million in revenue last year, but still ended up $108 million in the red. The interesting part? About 40% of that revenue came from crypto-related activities.
But how did they generate revenue through crypto? Read the full story!
Digital Money Bots Are Here!
Coinbase CEO Brian Armstrong has managed to get AI agents to trade crypto with each other.
One AI bot used crypto tokens to buy more AI tokens from another bot. It’s not just moving money; it’s AI evolving through transactions.
But why is this a big deal? Well, AI’s been hitting a wall when it comes to real-world tasks. Booking flights? Nope. Hotel reservations? No dice. Paid social media promotions? Not a chance. The problem? They can’t handle transactions.
Armstrong’s solution? Crypto wallets for AI. “AI agents cannot get bank accounts, but they can get crypto wallets,” he points out.
Anyway, these digital money bots can now use USDC on Coinbase’s Base network to deal with humans, businesses, and even other AIs.
But what’s the significance of it? How can it help crypto as a whole? Read the full story!
Solana’s Chicken Fish Church Goes Legit
The Church of the Smoking Chicken Fish (SCF) is taking its meme game to the next level.
This Solana-based meme coin is now a bona fide nonprofit, with plans to build an actual church in Marfa, Texas.
Pastor Kelby, the mastermind behind SCF, has lined up $130,000 from “whales” to buy real estate. Talk about faith moving mountains – or at least, buying land.
But why is it going mainstream all of a sudden? And do they have the kind of community support to make them legit? Read the full story!
And a Quick Analysis…
As you know, Bitcoin’s price took a dip below $58,000 this week – but don’t hit the panic button just yet. Let’s zoom out and look at the bigger picture.
Bitcoin whales (those holding 100+ BTC) are on a feeding spree, buying up over 133,000 coins worth $7.6 billion in the last month alone (you can track this data here). And when the big fish start circling, it’s often a sign of nice stuff to come (NFA).
Now, let’s talk about the overall mood in the market.
The Fear and Greed Index is sitting at 26, firmly in “Fear” territory. The last time we saw numbers this low was in January 2023, right before Bitcoin decided to take a rocket ship to $45,000.
When fear is high, it often means we’re near the bottom.
Warren Buffett didn’t say “be greedy when others are fearful” for nothing.
Of course, crypto isn’t stocks, but market psychology often works the same way.
But it’s not all about Bitcoin. Let’s shift gears and talk about the hottest topic rn: AI.
Nvidia’s recent earnings report showed a 122% increase in revenue, largely driven by AI demand. This isn’t just Silicon Valley hype – it’s real money flowing into AI development.
So what does this mean for crypto?
Well, blockchain and AI are starting to become best buddies. You can follow how this report pumped AI coins this week here!
So What Should You Do?
Given these trends, here are some steps to consider:
1. Keep a close eye on whale movements. Tools like CMC Bitcoin Analytics can help you track large wallet activities.
If you see continued accumulation, it might be a sign that the big players are expecting a price increase.
2. Don’t let fear drive your decisions. The current market sentiment could present buying opportunities but always invest within your risk tolerance.
3. Research blockchain projects that are integrating AI technology. Look for those with solid use cases and partnerships in the AI space. But remember, hype can outpace development, so focus on projects showing real progress.
Remember, the crypto market is known for its volatility. Always do your own research and never invest more than you can afford to lose.
