OVERVIEW

Fed’s Dovish Tone Puts Wind Beneath Crypto’s Wings 

Before we dive in, here’s today’s crypto market heatmap:

And here’s a look at crypto’s total and altcoin market cap YTD:

Most bullish/bearish symbols on Stocktwits at the close: 📈 $SUI, $SEI, $FET, $RENDER, $STX, 📉 $DAI, $HNT, $MATIC, $AAVE, and $XMR

*If you’re a business and want to access this data via our API, email us.

News In Three Sentences
Bitcoin, Ethereum, And Solana News 🪙 

📉 Bitcoin Exchange Inflows Decline, Mt. Gox and US Government Transfers in Spotlight

$BTC exchange inflows have dropped significantly since early August, despite transfers from the Mt. Gox bankruptcy estate and rumors of a US government sell-off. Mt. Gox recently moved 12,000 BTC, raising concerns about potential market impact, but analysts suggest creditors are holding their Bitcoin. Meanwhile, rumors of a US government sell-off have been downplayed, with some experts attributing the transfers to custody-related matters rather than plans to offload Bitcoin. Cointelegraph.

🚀 Bitcoin’s Q4 Could See Major Gains, Analysts Say

Bitcoin is poised for a strong fourth quarter, with historical patterns and expert predictions indicating a significant bull run. However, veteran trader Peter Brandt notes that Bitcoin is currently trapped in a descending channel, suggesting that whales may play a crucial role in sparking the anticipated market activity. TheCoinRepublic.

🐂 Vitalik Buterin’s Bullish Post Ignites Optimism for Ethereum

$ETH co-founder Vitalik Buterin’s recent post on X has sparked renewed optimism among ETH investors. Buterin responded to calls for more Ethereum-focused content by affirming his support for the network’s bullish prospects. Despite ETH’s price struggles, Buterin’s involvement is expected to influence future price action, with analysts predicting a potential breakout if Ethereum surpasses the $2,900 level. AMBCrypto.

🌞 SunPump Surpasses Pump.fun in Memecoin Revenue Again

SunPump, a Tron-based memecoin generator, has overtaken $SOL’s Pump.fun in daily revenue, marking a shift in the memecoin market. On Wednesday, SunPump generated $567,000 from 7,531 memecoins launched, outpacing Pump.fun’s $368,000 from 6,941 tokens. CryptoBriefing.

STOCKTWITS “TRENDS WITH FRIENDS”
The Strange Sentiment Driving Healthcare’s Bull Market 🤔

News In Three Sentences
Altcoin News 🗞️

📅 Cardano’s Chang Hard Fork Set for September 1, ADA Volume Surges

Cardano’s $ADA token has seen a 52% surge in trading volume as the community prepares for the Chang hard fork. Exchanges like Binance are still getting ready, so the rollout of Chang is pushed back to September 1. The increase in ADA’s trading volume suggests a potential end to its prolonged consolidation phase. NewsBTC.

🌐 Magic Eden Expands $ME Token Across Multiple Blockchains

Magic Eden has introduced the ME token as part of its strategy to support multiple blockchain networks, including Bitcoin, Ethereum, and Polygon ($MATIC). The token will be integrated into Magic Eden’s wallet, allowing users to trade fungibles and NFTs across different blockchains seamlessly. This move aligns with the platform’s broader goal of becoming the top cross-chain dApp ecosystem. CryptoNews.

🔓 Justin Sun Assures USDD Stability Despite BTC Withdrawal

$TRX founder Justin Sun has reassured users about the stability of the $USDD stablecoin after nearly $750 million worth of BTC backing was removed. Sun explained that the withdrawal was due to the stablecoin’s long-term collateralization rate exceeding 300%, and emphasized that USDD remains secure. However, concerns persist about the stablecoin’s decentralization and Sun’s influence, with Bluechip previously giving USDD its lowest stability ranking. TheBlock.

💸 XRP Faces Criticism Despite Ripple’s Legal Wins

Despite Ripple’s recent legal victories, $XRP continues to struggle, underperforming and drawing criticism from the crypto community. Analyst Max Prime called XRP the “biggest scam in crypto,” pointing out that even after winning against the SEC, XRP’s price remains stagnant. Other analysts suggest that XRP’s seven-year consolidation phase may end soon with significant gains, with a key resistance level at $0.72. ZyCrypto.

🔨 Litecoin Hashrate Hits New Highs, Institutional Demand Grows

Litecoin’s hashrate has reached a new all-time high, signaling strong network security and growing institutional interest. Grayscale, a major institutional investor, has increased its Litecoin holdings to 1.85 million LTC, the highest ever. This accumulation, alongside Fidelity offering LTC exposure to its clients, suggests that Litecoin could attract more retail interest and potentially benefit from a broader altcoin rally. AMBCrypto.

📈 Stacks (STX) Rides Market Momentum with Security Upgrades

Stacks ($STX) continues its upward trajectory, gaining +21% over the past week as it captures the market’s bullish momentum. The rise comes as Zest Protocol introduces the Clarity Alliance, a new auditing group focused on enhancing smart contract security on the Stacks blockchain. This improvement, along with other on-chain developments, has attracted more investors, signaling potential further gains for STX in the coming weeks. NewsBTC.

🎨 FBI Uses NFTs for Restitution in Crypto Fraud Case

In a novel move, the FBI will use NFTs to return $1.14 million in funds to victims of the CluCoin crypto fraud. The scheme’s mastermind, Austin Michael Taylor, pleaded guilty to wire fraud after using investor funds to fuel his online gambling habit. The restitution marks one of the first instances of law enforcement utilizing NFTs to contact victims. Taylor, who launched CluCoin in 2021, is set to be sentenced on October 31 and faces up to 20 years in prison. Cointelegraph.

TECHNICAL ANALYSIS
Technically Speaking 🎉

💥 Raoul Pal Predicts Low Float Tokens Will Outperform in Bull Market

Ex-Goldman Sachs executive Raoul Pal believes that low float/high FDV tokens are poised to outperform other crypto assets in the coming months. Pal argues that these tokens, often under-owned due to their bad reputations, could see significant gains as demand outpaces supply during the anticipated bull market. However, he cautions investors not to overstay their welcome as the market dynamics shift. TheDailyHODL.

🗳️ FTX Creditors Show Strong Support for Reorganization Plan

FTX’s reorganization plan has received strong preliminary support from creditors, with 95% of those who have voted favoring the proposal. This level of backing represents 99% of the voted claims by value, demonstrating confidence in the plan to return 100% of bankruptcy claim amounts plus interest for non-governmental creditors. The confirmation hearing is scheduled for October 7, which will determine if the plan can move forward as proposed. Bitcoinist.

🪦 R.I.P. Unhosted Wallet Rule

The 2020 FinCEN unhosted wallet proposal is officially dead after years of being mostly ignored. The U.S. Treasury Department finally withdrew the proposal, which initially aimed to impose know-your-customer requirements on unhosted wallets, sparking a massive backlash from the crypto community. However, a related proposal concerning the Travel Rule remains active, with no changes to the originally proposed $250 reporting threshold. CoinDesk.

Links That Don’t Suck 🔗

🎮️ Ubisoft lays off 45 employees in the US

 🪙 Bitcoin exchange inflow has fallen sharply in August

📣 El Salvador just added 162 more Bitcoins to its national holdings

⛏️ JPMorgan lowers price targets on Bitcoin miners, sees buying opportunity

💊 Methamphetamine disguised as shipment of watermelons seized at US-Mexico border in San Diego

Get In Touch 📬

Follow our social channels for great, real-time content on Stocktwits and Twitter. And check out our YouTube channel for in-depth video content! 📲

Email me (Jonathan Morgan) your feedback; I’d love to hear from you. 📧

Want to sponsor this newsletter and reach hundreds of thousands of crypto enthusiasts? Reach us here. 👍

Terms & Conditions 📝

Securities Disclaimer: STOCKTWITS IS NOT A TAX ADVISOR, BROKER, FINANCIAL ADVISOR OR INVESTMENT ADVISOR. THE SERVICE IS NOT INTENDED TO PROVIDE TAX, LEGAL, FINANCIAL OR INVESTMENT ADVICE, AND NOTHING ON THE SERVICE SHOULD BE CONSTRUED AS AN OFFER TO SELL, A SOLICITATION OF AN OFFER TO BUY, OR A RECOMMENDATION FOR ANY SECURITY. Trading in such securities can result in immediate and substantial losses of the capital invested. You should only invest risk capital, and not capital required for other purposes. You alone are solely responsible for determining whether any investment, security or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should also consult an attorney or tax professional regarding your specific legal or tax situation. The Content is to be used for informational and entertainment purposes only and the Service does not provide investment advice for any individual. Stocktwits, its affiliates and partners specifically disclaim any and all liability or loss arising out of any action taken in reliance on Content, including but not limited to market value or other loss on the sale or purchase of any company, property, product, service, security, instrument, or any other matter. You understand that an investment in any security is subject to a number of risks, and that discussions of any security published on the Service will not contain a list or description of relevant risk factors. In addition, please note that some of the stocks about which Content is published on the Service have a low market capitalization and/or insufficient public float. Such stocks are subject to more risk than stocks of larger companies, including greater volatility, lower liquidity and less publicly available information. Read the full terms & conditions here. 🔍

Author Disclosure: The author of this newsletter holds positions in ADA, AVAX, BTC, USDC, USDT, MATIC, SHIB, COIN, SOL, and APT. 📋