Bitcoin’s September fall is going according to plan.
The crypto king started the month with a 2% drop and is now hovering around $58,000.
August wasn’t kind either, with a decline of 8.6%. That’s a lot for the usual monthly gain of 1.75%.
But wait, not all hope is lost. Some analysts have set their sights on the mid-$60,000 range as a short-term target. A classic case of delulu or do they have something to base their optimism on?
Meanwhile, the derivatives market is giving us the cold shoulder. Financing rates are expected to remain “negative or low.” It seems that even the risk takers are taking a step back.
And with that in mind, we have a lot of news to discuss today.
Here’s your TLDR:
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Bitcoin starts September with a 2% drop. So more dumps coming in? What do experts think? 📉
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Vitalik moves millions in ETHIs he selling all his ETH? 🤔
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And we finally know how much income Telegram generates via crypto! 💼
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Coinbase CEO Unveils AI Crypto Traders But why do we need them? 🧠
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Solana’s meme coin turns into a real church. Wait, what?? 🤨
Let’s get started!
Bitcoins September Blues
The original crypto doesn’t stand a chance!
September started with a drop of over 2% to $57,273.
August was also not kind to Bitcoin, with a decline of 8.6%. That is a far cry from its usual monthly gain of 1.75%.
And now we’re in September, historically the least favorite month for Bitcoin, with an average loss of 4.5%.
CoinGlass’ liquidation heatmap looks like a bearish fireworks show, with potential short liquidations reaching $64,000. Traders are betting on more downside, but a price rally could trigger a short squeeze.
So more landfills coming in? What do experts think? Read the whole story!
Vitalik’s $10M ETH Move
Vitalik Buterin recently made waves with a transfer of $10 million worth of ETH to exchange-linked wallets.
Arkham Intelligence’s data paints an even bigger picture: Since 2015, 422,000 ETH ($1.04 billion) has flowed out of Buterin’s address. In the last two years alone, that number has risen to 840,000 ETH.
With ETH trading 180% above its 2022 low, speculation is rife. Will Vitalik cash out?
Not so fast, says the man himself.
Buterin laid out the facts on social media: he has not sold ETH for profit since 2018.
And what about these transfers? Where does all that money go? Read the whole story!
We know everything about Telegram’s crypto stash!
Telegram has more than just messages in its vault.
It turns out that the messaging giant had $400 million in crypto at the end of 2023.
This detail comes from Telegram’s 2023 financial statement, which surfaced shortly after CEO Pavel Durov was arrested.
Telegram brought in $342.5 million in revenue last year, but still ended up losing $108 million. 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 cryptocurrencies with each other.
One AI bot used crypto tokens to buy more AI tokens from another bot. It’s not just money moving; it’s AI evolving through transactions.
But why is this a big deal? Well, AI hits a brick wall when it comes to real-world tasks. Flight bookings? Nope. Hotel reservations? No dice. Paid social media promotions? No way. The problem? They can’t process transactions.
Armstrong’s solution? Crypto wallets for AI. “AI agents can’t get bank accounts, but they can get crypto wallets,” he points out.
Either way, these digital money bots can now use USDC on Coinbase’s Base network to interact with people, businesses, and even other AIs.
But what does it mean? 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 meme coin is now a full-fledged nonprofit with plans to build a real church in Marfa, Texas.
Pastor Kelby, the brains behind SCF, has set aside $130,000 from “whales” to buy real estate. Talk about faith moving mountains—or at the very least, buying land.
But why is it suddenly becoming mainstream? And do they have the community support to make them legitimate? Read the full story!
And a quick analysis…
As you know, Bitcoin’s price dropped below $58,000 this week — but don’t panic just yet. Let’s zoom out and look at the bigger picture.
Bitcoin whales (those who own 100+ BTC) are on a feeding spree, having bought over 133,000 coins worth $7.6 billion in the past month alone (you can track that data here ). And when the big fish start circling, it’s often a sign of good things to come (NFA).
Now let’s talk about the general mood in the market.
The Fear and Greed Index is at 26, firmly in “Fear” territory. The last time we saw numbers this low was in January 2023, right before Bitcoin decided to send a rocket to $45,000.
When fear is great, it often means we are close to hitting rock bottom.
Warren Buffett said for good reason: “Be greedy when others are fearful.”
Of course, cryptocurrencies are not stocks, but the psychology of the market often works in the same way.
But it’s not all about Bitcoin. Let’s take it up a notch and talk about the hottest topic of the moment: AI.
Nvidia’s recent earnings report showed revenue growth of 122%, largely driven by demand for AI. This isn’t just Silicon Valley hype – it’s real money flowing into AI development.
What does this mean for crypto?
Well, blockchain and AI are starting to become best buddies. You can follow how this report pumped up AI coins this week!
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 the price increase continuing, it could be a sign that the big players are expecting a price increase.
2. Don’t let fear drive your decisions. Current market sentiment can provide buying opportunities, but always invest within your risk tolerance.
3. Research blockchain projects that integrate AI technology. Look for projects with solid use cases and partnerships in the AI space. But remember that hype can outpace development, so focus on projects that show real progress.
Remember that the crypto market is known for its volatility. Always do your own research and never invest more than you can afford to lose.
