Weekly Crypto Market Wrap September 1 - October 6, 2024
Ready for some crypto news? We picked the most important events for you–check them out now.
Last Monday started with a sharp drop in Bitcoin, followed by all altcoins (well, almost all), but by the end of the week, Bitcoin had recovered at least half of the decline, almost returning to a price of $64,000. The reason for all this is the instability in the Middle East. Sometimes, it's really hard to be a crypto investor. The market volatility is off the charts. But there's more to come since the U.S. elections are in November. We’re holding on, sipping mint tea.
Regardless of the current market situation, many institutional investors remain optimistic. "BTC will rise to $200,000 within 18 months," says CleanSpark's CEO. Your words are sweeter than honey. But there's one question—when do we start the countdown?
In the meantime, while short-term investors are thinking about the price, long-term ones are focused on integrating cryptocurrencies into everyday spending. Now, the state of Ohio is considering a bill that would allow using BTC to pay taxes. And Trump even mentioned that if he is elected, he might consider paying off the U.S. national debt (however many trillions it is—nobody really counts the exact figure anymore) by selling Bitcoin from the government’s balance. You can promise anything to voters.
Good news about ETFs: Bitwise has registered a trust in Delaware for an XRP ETF, and later Bitwise filed an S-1 application for the XRP ETF. Moreover, a Bitwise representative confirmed the validity of the statement. More money into ETFs.
Another speech from Powell has passed, in which he stated, "If things go as we expect, we will see two more rate cuts this year, totaling 50 basis points." Before Powell’s speech, the market had priced in a 75-basis-point cut with a 53% probability. Now the probability is 37%. How this will affect the market remains unclear.
The "dark horse" XRP continues its run. The Dubai regulator has granted Ripple a license to provide financial services. Shortly after, news came out that Ripple and Mercado Bitcoin, one of the largest crypto exchanges in Latin America, will launch crypto payments in Brazil. Step by step.
Meanwhile, the UAE has abolished the value-added tax (VAT) on cryptocurrency transfers and conversions.
Sometimes institutions know how to surprise. Grayscale has launched a fund for the AAVE token. Does anyone still remember that coin?
And does anyone remember what NFTs are? For those who do, here’s another dose of "tearful" analytics—NFT trading volume in September amounted to $296 million (-20% month-over-month), the lowest since 2021. These aren’t tears; it’s just rain.
But many believe it's too early to bury NFTs. In any case, the tokenization industry will continue to grow in the coming years, including in real estate. In the meantime, some companies are gradually exploring this direction; for example, the Spanish company Spain Homes sold 15 properties for cryptocurrency, making Spain the leading European country for real estate transactions using crypto.
And the main news of the week—HBO claims that in the new film "Money Electric: The Bitcoin Mystery," they revealed the true identity of Satoshi Nakamoto. The film will be released on Wednesday. Are we really going to find out who Satoshi Nakamoto is at last? Get the popcorn ready.
Upcoming major token unlocks:
Stay tuned–we will drop another pack of weekly news in just 7 days. See you next Monday!
SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.
