Financial Leaders Embrace Crypto

DAILY MARKET OVERVIEW
Big Bets on Crypto

👋 Hey Crypto Enthusiasts! We’ve got some exciting insights for you today so let’s dive right in!

Top financial advisors are getting serious about crypto. At Barron’s Advisor 100 Summit, Bitwise CIO Matt Hougan revealed that nearly 70% of these influential figures now own Bitcoin or other cryptocurrencies in their personal portfolios.

• That’s a huge shift from just a few years ago when only 10-20% were dabbling in crypto.

What’s even more exciting? Advisors tend to invest personally first, then bring their clients along for the ride, meaning we could see a flood of new crypto investors in the near future.

But while the excitement around Bitcoin is growing, there are key support levels to watch closely. Bitcoin is nearing its August high of $65,200, a level that could either trigger a breakout or lead to a temporary dip.

• Some analysts are urging caution, suggesting a pullback could happen before prices surge higher.

• The recent Fed rate cut and growing institutional interest are keeping the market optimistic, but short-term volatility is still on the table.

While short-term volatility remains a concern, there are also encouraging signs for Bitcoin’s long-term potential.

One key indicator is the "supply in profit" metric, which recently crossed its 365-day moving average. This means a growing number of Bitcoin holders are now sitting on gains, boosting investor confidence and reducing the likelihood of heavy selling. When more people are in profit, the market tends to stabilize, paving the way for potential price increases.

With rising interest from financial advisors, a cautiously optimistic outlook from analysts, and these positive signals, Bitcoin’s future looks increasingly promising, even if the road ahead has its challenges.

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TWITTER SENTIMENT
Sui Coming After Solana?

The Sui blockchain has been attracting significant attention recently, nearing Polygon in Total Value Locked and showing it can handle faster and more transactions than Solana.

A key factor for Sui’s increased growth is the expansion of its DeFi space. Projects like NAVI Protocol and Scallop are leading this charge.

• NAVI simplifies asset and liquidity management, while Scallop operates as a peer-to-peer money market, allowing users to lend and borrow assets directly.

• Scallop is also notable for being the first DeFi project to receive a grant from the Sui Foundation.

The Sui Foundation has been instrumental in supporting ecosystem projects, with more and more being launched, making Sui increasingly accessible and attractive to a wider audience.

Memecoins like BLUB, FUD, and HSUI are also capturing attention within the Sui community.

In summary, Sui’s growing popularity stems from its expanding DeFi projects, strong community engagement, and ongoing support from the Sui Foundation, positioning it as a rapidly developing blockchain.

NEWS OVERVIEW
The Latest Crypto Headlines 📰 

Kraken Acquires Dutch Broker BCM to Expand in Europe
Kraken strengthens its European presence by acquiring Dutch crypto broker BCM, aligning with its growth strategy amid MiCA regulations.

Ethereum ETFs See Largest Outflows Since July
Spot Ethereum ETFs saw net outflows of $79.2 million on Monday, with Grayscale’s ETHE leading the charge with $80.5 million withdrawn.

Bitcoin Slips as China Stimulus Boosts Stocks
Bitcoin fell slightly after China’s central bank introduced stimulus measures, as traders focus more on U.S. Federal Reserve policy.

Polymarket Eyes $50 Million Token Launch
Polymarket considers launching a $50 million token to support its crypto betting platform and facilitate real-world event validation.

YOUTUBE INFLUENCER SUMMARY 📷️ 
Lark Davis - Crypto Holders Something Big Is Coming... (24.09.2024 Summary)

Lark opens with exciting news from China, which is injecting huge sums of money into its economy. This could have a big impact on risk assets like cryptocurrency.

China’s cuts to repo rates and support for the real estate and stock markets are expected to boost the crypto market as well. Lark sees this as a major shift in global liquidity that could drive Bitcoin and other assets higher.

• Turning to Bitcoin, he notes that while Bitcoin hasn't reacted much to this news, it’s close to an important technical milestone.
  

• If Bitcoin closes above the 200-day simple moving average and breaks $65,000, Lark believes it could trigger a bullish rally, pushing prices toward $74,000. He also highlights Bitcoin’s historically strong Q4 performance, which could lead to a year-end price of $120,000.
  

• Lark points out that U.S. financial conditions are also easing, with the M2 money supply expanding. This, combined with China’s actions, could further fuel a rise in asset prices, including Bitcoin. Though Bitcoin is still in a consolidation phase, Lark emphasizes that the groundwork is being laid for a potential breakout.

On altcoins, he sees a bullish signal with a MACD crossover in the total market cap, excluding Bitcoin and Ethereum. He believes this could spark a significant altcoin rally in the months ahead. Ethereum, despite its recent struggles, is positioned for a comeback if it can break above $2,800. Other altcoins like Solana and Celestia also show strong potential, according to Lark.

In summary, Lark is optimistic about global liquidity shifts benefiting crypto, particularly Bitcoin, which he expects to break out soon. He also sees a strong opportunity for altcoins but advises staying patient and taking profits regularly to capitalize on market rallies.

Ivan On Tech - BITCOIN: SHOCKING DEVELOPMENTS!!!!!!! (alts) (24.09.2024 Summary)

Ivan starts by noting that although Bitcoin is steady at $63k, altcoins are showing major movement, particularly small caps, some of which are up by 100%.

• He explains that this signals the start of an altcoin season, driven by boredom with Bitcoin’s sideways trend. As usual, capital flows first to Bitcoin, then to high-cap altcoins, and finally to smaller caps, which are now gaining the most.
  

• He stresses the importance of spotting early opportunities in these small-cap altcoins. However, Ivan cautions viewers about the risks, emphasizing the need to focus on secure projects to avoid scams.

Ivan then shifts to surprising news from Bhutan, which has quietly amassed nearly $1 billion in Bitcoin or about 30% of its GDP. This makes Bhutan a major Bitcoin holder, even surpassing El Salvador. He predicts that other countries will soon follow, causing Bitcoin’s value to skyrocket as more governments add it to their treasuries.

Looking ahead, Ivan believes Bitcoin could hit $90k in the next few weeks, driven by a shift in market momentum. He also sees Bitcoin dominance nearing a peak, after which altcoins will likely take over, potentially leading to the largest altcoin bull run of this cycle.

Ivan is confident that while the market seems quiet now, it’s on the verge of significant growth, especially for altcoins and NFTs, as the next bull market approaches.

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