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🥜 Double Bitcoin
PLUS: Market crash
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GM to all you crypto nuts. Crypto Nutshell #428 swimmin’ in… 🐊 🥜
We're the crypto newsletter that's more exhilarating than escaping from a shark on Amity Island... 🦈🏝️
What we’ve cooked up for you today…
😨 This is September
🎭 This will make Bitcoin double…
🤔 Who’s HODLing?
💰 And more…
MARKET WATCH ⚖️
Prices as at 4:05am ET
Only the top 20 coins measured by market cap feature in this section
THIS IS SEPTEMBER 😨
BREAKING: Bitcoin slips 4.5% to trade below $57,000 amid broader market selloff
Yesterday we explained that September has historically been Bitcoin’s worst performing month.
7 of the last 10 Septembers, Bitcoin has traded down…
Bitcoin monthly returns
And in true September fashion…
The last 24 hours has seen the entire crypto market fall by ~4.13%.
At the time of writing, Bitcoin is down ~4.15% and Ethereum is down ~5.69%.
But it wasn’t just the crypto market that took a hit.
US Stocks were in free fall today, with Nvidia suffering the most.
Nvidia crashed 9.53% on the day, wiping out over $360 billion in market cap.
This marks the largest single day loss of market cap for a stock in history…
So what caused this sudden crash? 🤔
Well analysts believe it was due to weak manufacturing data for August.
Yesterday the Institute for Supply Management’s manufacturing index came in at 47.2%. (lower than expected)
This is up 0.4 percentage points from July, but still remains under the 50% threshold.
This index is a monthly gauge on the level of economic activity in the US manufacturing sector.
And with lower confidence in economic growth, crypto and stocks experienced a sudden sell off.
The Bitcoin ETFs also took a hit yesterday.
In total, they saw net outflows of $287.8 million for the day.
Fidelity FBTC: -$163.3 million 🥇
Grayscale GBTC: -$50.4 million 🥈
ARK Invest ARKB: -$33.6 million 🥉
BlackRock, WisdomTree and Grayscale’s mini ETF were the only funds with no outflows.
However, it’s not all doom and gloom out there…
Whilst September may be Bitcoin’s worst performing month.
October is actually Bitcoin’s second best performing month of the year…
With November being even better than October.
The future is bright. 😎
FINALS FOOTY TRADING CAMPAIGN 🇦🇺 🦘
Alright, listen up all you Aussie Crypto Nutshell readers…
This ones for you. 🫵
This is your chance to win a share of 10,000 USDC and 2024 Toyota AFL Grand Final tickets.
Our partners over at Crypto.com have put together an exclusive competition, just for Australian users.
The best part?
All you need to do is buy & sell crypto, which we do all the time.
Here’s the details:
Competition Date: 26 August 2024, 17:00 AEST – 9 September 2024, 10:00 AEST
Eligible Tokens: BTC, ETH, CRO, SOL, XRP, SHIB, ADA, PEPE
Part 1: Trading Competition (5,000 USDC Prize Pool)
The top 1,000 users ranked by trading volume of the eligible tokens will win 5 USDC each, with the top-ranked user taking home a pair of 2024 Toyota AFL Grand Final tickets.
How to participate?
Sign up or sign in to the Crypto.com App (Guide)
Go to the campaign section on the home screen and tap Finals Footy Trading Campaign > Join Now
Acquire the Freshman Trader Badge or a higher rank (Guide)
Trade (buy/sell) at least US$50 worth of the Eligible Tokens during the Campaign Period (Guide)
Part 2: Net Deposit Challenge (5,000 USDC Prize Pool)
The top 500 users ranked by Net Deposits* of the Eligible Tokens will win 10 USDC each.
How to participate?
Sign up or sign in to the Crypto.com App (Guide)
Go to the campaign section on the home screen and tap Finals Footy Trading Campaign > Join Now
Acquire the Sophomore Trader Badge or a higher rank (Guide)
Perform Net Deposits* of at least US$100 worth of the Eligible Tokens during the Campaign Period (Deposit Guide, Purchase Guide)
That’s all there is to it!
Best of luck & fingers crossed the big winner is a Crypto Nutshell reader. 🤞
For all details & rules - see here.
THIS WILL MAKE BITCOIN DOUBLE 🎭
Currently, interest rates are at 5.5%.
However, we know for a fact they’re coming down.
When they do come down, the price of Bitcoin will double.
That’s the latest prediction out from Dan Tapiero.
For those of you who don’t know Dan Tapiero, he’s:
CEO & CIO at 1RoundTable Partners and 10T Holdings - an equity fund focused on digital assets
Co-founder of Gold Bullion International (GBI)
30+ years of experience in macroeconomics and investing
In his latest interview, Dan broke down why he’s overwhelmingly bullish over the next 3-4 months:
“Over the next 2, 3, 4 months as I look out, I'm very bullish on Bitcoin and Ethereum.”
The reason he’s bullish?
Liquidity.
Gold just made a new all-time high. Dan believes this is because it sniffs out high liquidity environments first.
High liquidity environments are when interest rates are being cut & more money is being printed. 🖨️
When interest rates are cut, Dan believes Bitcoin will double:
“When the interest rate was 0%, Bitcoin was around $65,000. Interest rates went to 5%, and Bitcoin is now at the same price. When that interest rate goes from 5% down to 2.5% or 3%? Bitcoin should easily double. Just on that.”
The good news?
Jerome Powell confirmed last week that interest rate cuts are coming.
With the next Federal Reserve meeting 2 weeks away, there’s lots to look forward to… 👁️👁️
WHO’S HODLING? 🤔
Time for a check in on one of our favourite charts.
The supply last active 1+ years ago metric is super simple to understand and extremely useful.
It categorises coins based on how long it’s been since they last moved on-chain. (as a percentage of the circulating supply)
Metrics rising: long-term holders are accumulating coins 📈
Metrics declining: long-term holders are selling coins 📉
Taking a look at the chart below you’ll notice significant dips in these metrics when Bitcoin reaches new all-time highs. (especially from the 1+ year age band)
Here’s the breakdown for each cohort (compared to what it was 4 weeks ago):
🔴 Supply last active 1+ years ago: 65.72% (up from 65.21%)
🟠 Supply last active 2+ years ago: 53.69% (down from 54.05%)
🟢 Supply last active 3+ years ago: 45.95% (up from 45.84%)
🔵 Supply last active 5+ years ago: 30.91% (up from 30.78%)
Over the last four weeks the 1+, 3+ and 5+ ages bands experienced slight increases.
And the 2+ age band saw a minor decrease.
As we broke down on Monday, the amount of long-term holders is on the rise again.
Long-term holders typically only sell when prices approach new all-time highs.
And that’s exactly what we saw in March when Bitcoin set a new ATH. (you can see the dips on the chart above)
We believe that when the long-term holder supply is trending upwards…
That’s a signal to not be bearish…
CRACKING CRYPTO 🥜
VC funding for crypto startups soars to $634M in August. Infrastructure still dominates in amount of funding, but DeFi and blockchain gaming witness growth in VC interest.
Bitcoin network hashrate reaches new all-time high. The Bitcoin network hashrate, a metric gauging the total computing power contributed by Bitcoin miners, reached a new all-time high in September.
Inside the Trump Crypto Project Linked to a $2M DeFi Hack and Former Pick-Up Artist. Four team members listed in World Liberty Financial's white paper previously worked on Dough Finance, which was drained of $2 million in July.
Gensler’s next move: How SEC leadership could evolve under Harris or Trump. Multiple scenarios could unfold following the U.S. presidential election in November amid promises from candidate Donald Trump to fire agency chair Gary Gensler that could ultimately influence crypto regulation.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
p.s. all completely FREE (one click subscribe link)
Raremints (link) - Daily crypto news
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Crypto Pragmatist (link) - Actionable alpha 3x a week
The Hustle (link) - Get Smarter on Business and Tech
Your Next Breakthrough (link) - Personal growth with Mark Manson
The Neuron (link) - AI trends and tools to keep you ahead
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CAN YOU CRACK THIS NUT? ✍️
Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)
What is Ethereum's current all-time high?(USD) |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: B) $4,721.07 🥳
According to Coinbase, Ethereum’s all-time high is $4,721.07
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DISCLAIMER: The content of this newsletter is not financial advice. This newsletter is strictly educational and is not investment advice. Please be careful and do your own research.
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