Jamie Dimon, CEO of the financial juggernaut JPMorgan Chase, has consistently derived Bitcoin (BTC) and once again expressed his dislike for the preeminent cryptocurrency.

While Dimon decried BTC, he expressed support for the digital asset’s underlying technology. The banking magnate said in a recent interview at the Georgetown Psaros Center for Financial Markets and Policy that his bank is actually one of the biggest “real” users of blockchain technology.

Jamie Dimon Praises Blockchain, Still Not A Fan Of Bitcoin

Jamie Dimon has bragged that the bank he helms — the biggest bank in the United States —  is a leader in using the blockchain to move billions even if Bitcoin, the pioneer crypto that made blockchain famous, is not his cup of tea.

“[JPMorgan Chase] is probably one of the bigger users of blockchain. A real user — an actual user — as opposed to sex trafficking,” Dimon the nihilist said when asked about innovative technologies like Blockchain. “It’s just a database.”

Notably, he has repeatedly differentiated between “crypto” and “blockchain,” the ledger technology that serves as the foundation for digital assets and something he considers a useful tool. He has long been a consistent critic of the cryptocurrency over the years — calling it “worthless” back in 2021, and last year, saying he’d try to shut it down if he had the authority in government. Dimon has also gone on record referring to cryptocurrencies as “decentralized Ponzi Schemes” and Bitcoin as “a hyped-up fraud”.

Dimon, who on Tuesday repeated his longstanding belief that Bitcoin is like a “pet rock,” is reportedly being considered for Treasury Secretary if Donald Trump retakes the White House.

While the JPMorgan boss said his bank cannot lend against crypto assets, he is certain some customers still have access to crypto services via the bank. “If you want to do it, it’s a free country, do what you want,” he postulated.

Although Dimon remains critical of Bitcoin, he believes blockchain is a “great way to share data” and establish trust between bank and their customers.”

When it’s all said and done, the banker may not care about Bitcoin, but plenty of people do, including Larry Fink, the CEO of the world’s largest asset manager BlackRock.

Bitcoin sought to flip $62,000 to support on Sept. 19 as traders digested a 50 basis point rate cut by the U.S. Federal Reserve for the first time since 2020. Popular crypto analysts believe the world’s largest and oldest cryptocurrency could set a fresh all-time as soon as next month if one important support level holds.

October Could Be A Blockbuster Month For BTC’s Price

Bitcoin had a promising start to 2024, climbing over 30% year-to-date. This was spurred by several bullish fundamental catalysts, including the debut of spot BTC exchange-traded funds on United States exchanges and the fourth quadrennial halving event, which lowered the reward given to miners for solving valid blocks from 6.25 BTC to 3.125 BTC. 

Unlike previous cycles, the Bitcoin price set a new record high near $74K in the lead-up to the halving, leading many market watchers to forecast a supercycle within the current halving year.

Roughly 151 days have passed since the Bitcoin halving, and BTC’s price is yet to break past its pre-halving all-time high. Notably, previous halvings set the stage for multi-fold price rallies. Analysts have been discussing whether the crypto king will launch a parabolic rally in Q4 2024.

The price of BTC fell below the $60,000 zone earlier this week ahead of the Federal Reserve’s expected first rate cut in four years. The crypto has since bounced back, surging to $62,319 as of publication time, a +4.2% change on the day.

According to crypto trader, analyst, and entrepreneur Michaël van de Poppe, Bitcoin could rocket to new lifetime highs in October.

“Yes, there we go. Bitcoin is above $60,000 again, after having a minor correction. Continue to hold above $58,500 and we’ll be going to see a new ATH in October,” van de Poppe postulated.

Popular trader Jelle echoed a similar belief, predicting a return to BTC price discovery next month.

“#Bitcoin is still playing out similarly to the summer of 2023. Months of chop, finding a bottom in early September, and slowly grinding up now,” he stated.

“Should accelerate towards the end of the month, leading to new highs in October if this plays out the same. I’m pretty sure it will.”

Justin Sun, the founder of Tron (TRX), has made bold predictions about the blockchain network, expressing confidence that Tron would surpass Solana (SOL) and secure a position among the top three cryptocurrencies within the next two years.

Speaking during an interview with Altcoin Daily, Sun, who has been in the crypto space since 2013, highlighted Tron’s strengths, particularly in the realm of stablecoins and meme coins.

“Tron has the largest stable coin supply on the blockchain,” Sun stated on Sep. 16, emphasizing the network’s liquidity advantage over its competitors.

Sun noted that Tron’s meme coin ecosystem has seen significant growth, with projects increasingly migrating from other chains like Solana. He attributed this to Tron’s superior liquidity, stating that while Solana’s stablecoin supply sits around $1 billion, Tron’s supply surpasses $60 billion, offering much deeper liquidity for meme coin traders.

“I think we will definitely become the go-to place for meme coin in the space,” he emphasized. Interestingly, the platform’s success in this area has surprised even Sun himself, with Tron-based meme coins surpassing competitors in active users and revenue within just two weeks of launch mid-last month.

Additionally, Sun drew parallels between his platform and Android, positioning Tron as a versatile foundation for developing various decentralized applications. He noted key improvements over Ethereum, such as faster and cheaper transactions and resistance to MEV (Miner Extractable Value) attacks.

Justin Sun also addressed concerns about centralization in the Tron network, clarifying that he owns only a small portion of the network. He emphasized that Tron ceased operating community nodes in 2020, with major validators now controlled by prominent entities like Binance, OKX, and Tether.

Finally, Sun shared his ambitious roadmap for Tron’s future. Notably, he revealed he aims to achieve 1 billion addresses within the next two years, driven by the adoption of stablecoins and payment solutions in emerging markets. He also highlighted plans to expand meme coin trading, especially in less sophisticated Asian markets, and enhance global partnerships to strengthen stablecoin payment infrastructure.

 “I believe Tron will also become one of the top three cryptocurrencies,” he added, suggesting the crypto asset could soon topple the likes of Solana (SOL) BNB, or even Ether, backed by strong demand and real-world usage.

Meanwhile, while Sun’s predictions are ambitious, the crypto mogul maintains a pragmatic approach, focusing on product delivery and user satisfaction rather than token price.

Tron ranks 10th by market capitalization (7th if excluding stablecoins) with a market cap of around $13 billion. That said, Sun’s bold forecast of Tron breaking into the top three cryptocurrencies within two years would mark a significant leap, considering Solana, currently the fifth-largest coin, holds a market cap of $66.1 billion as per CoinMarketCap.

Ex-POTUS and newly minted decentralized finance (DeFi) impresario Donald Trump made a campaign stop at a New York hangout famous for accepting Bitcoin (BTC), becoming the first former or sitting United States President to send a BTC transaction publicly.

“History In The Making”

A Fox News video on Sept. 18 shows Donald Trump entering the crypto-themed bar and restaurant Pubkey, and then, with the pub staff’s assistance, used Bitcoin to purchase at least a dozen cheeseburgers.

Trump made the stop at the NYC pub ahead of Wednesday night’s campaign rally in Long Island. Notably, Bitcoin proponent and Professional Capital Management boss Anthony Pompliano attended the campaign stop, also revealed on Trump’s Truth Social account. 

“History in the making,” Trump said following his purchase.

“One of the most historic transactions in Bitcoin history was just made,” Pubkey wrote on its official X account. “President @realDonaldTrump buying burgers at PubKey with Pacchia. Block height: 861871.”

One of the most historic transactions in #bitcoin history was just made.President @realDonaldTrump buying burgers at @PubKey_NYC with @tpacchia.Block height: 861871You saw it here first. pic.twitter.com/moHUIKDxej

— PUBKEY (@PubKey_NYC) September 18, 2024

“This is a crypto burger,” the Republican Presidential nominee told the cheering crowd as he handed out the burgers to attendees in the pub.

The PubKey appearance comes two days after Trump spoke in support of World Liberty Financial, a DeFi project he and his sons have been working on. World Liberty was officially launched on Monday, and confirmed it will issue a non-transferable governance token dubbed WLFI.

During the launch event for the project, Trump said that he believes crypto startups will be “living in hell” under the regulatory regime of the U.S. Securities and Exchange Commission (SEC) if his opponent, Kamala Harris, wins the upcoming election.

His exact words:

“If we don’t win the election, those people that were under investigation and that are free as a bird right now, and people that weren’t being looked at in the crypto world, they will be living in hell — because it will start the day after the election if they win.”

The Crypto President

Despite once calling Bitcoin a “scam” and saying crypto was “based on thin air,” Trump has advocated for BTC miners as part of his 2024 campaign, vowed to make the U.S. the “crypto capital of the planet,” and even said he would fire unpopular regulators if reelected, thus allowing crypto entrepreneurs to launch products without fear of lawsuits or subpoenas from agencies like the Securities and Exchange Commission.

Crypto burst onto the 2024 election agenda in late May when Trump refashioned himself the industry’s candidate and started accepting cryptocurrency donations, asserting that: “If you’re in favor of crypto you’re gonna vote for Trump because they want to end it.”

Industry evangelists greatly see the November presidential election as their best opportunity to reshape the incredibly hostile U.S. regulations; many believe Trump is the candidate best suited to do it.

Solana Lab’s phone-making unit Solana Mobile has just unveiled its newest, shiniest smartphone, “Seeker”,  which brings various enhancements over the company’s first mobile phone Saga — at less than half the price.

In a remarkable show of market interest, preorders for Seeker have already surpassed 140,000 units across 57 countries.

Demand For Solana’s Unreleased Phone Is Hot

May 2023’s rollout of the Solana Saga smartphone was a huge bet by Solana Labs that initially appeared to be on the precipice of failure. But a December increase in demand around the then-discounted smartphone, thanks in part to the skyrocketing value of Solana doggy-themed meme coin Bonk (BONK) airdrops, caused the device to be sold out and spurred questions on Solana Labs’ next move. 

First forward in January this year, Solana Mobile announced its second smartphone, previously dubbed “Chapter Two”. This came just weeks after Saga was bailed out from the onslaught of dwindling sale figures after crypto traders realized they could purchase the devices to amass token airdrops worth more than the phone itself. 

Built in partnership with hardware maker Fxtec, Solana’s next Android phone Seeker is set to launch in mid-2025. For this new version, Solana aims to offer 140,000 customers who have already paid $450 to pre-order Seeker, access to similar rewards.

Solana Mobile revealed the official branding and a first look at the handheld gadget onstage at Token 2049 in Singapore on Thursday. The Solana Seeker comes with a brighter “flagship display” and a better battery than the Saga, plus “better cameras” — including a new third sensor on the back.

Seeker: A Rewards Magnet

Just like Saga, Solana Mobile General Manager Emmett Hollyer indicated that each Seeker phone will ship with a Genesis NFT — a token forever linked to the owner’s specialty-built crypto wallet. This model was pioneered with Saga, and it quickly proved to be a “rewards magnet” for owners, as Hollyer described it, thanks to the pumped-up BONK meme coin airdrop late last year and other projects rewarding owners as well.

While Hollyer expects Seeker to have a ton of payday potential from the numerous teams preparing to issue rewards to owners of the phone, he emphasized that it wouldn’t just be the “memecoin phone.”

“Seeker, just like Saga, will be a rewards magnet, but also, it’s a huge opportunity for teams to build totally new experiences,” opined Hollyer, mentioning that the new handheld would feature an improved decentralized app (DApp) store and a major hardware upgrade as well.

“It’s not the memecoin phone. It’s going to enable all of the great use cases on the network, whether that is memecoins or DeFi or payments or games.”

That being said, the success of the Solana Seeker presales is a huge step in the right direction. As Solana Mobile continues to break new ground, it paves the way for the further evolution of blockchain in the mobile devices industry and a more vibrant SOL ecosystem.

Bitcoin rallied above the $61,000 price point on Wednesday following the United States Federal Reserve’s decision to lower its benchmark interest rates by 50 basis points, marking the first rate cut since 2020 after the world’s most important central bank’s most aggressive hiking cycle.

Most analysts believe the Fed’s policy reversal could bode well for Bitcoin and the wider crypto market.

Fed Rate Cut: What It Could Mean For Bitcoin

The Federal Open Market Committee (FOMC) did what many economists forecasted: It opted for a massive rate cut. The FOMC slashed its federal funds rate to a target range of 4.75% to 5.00%, marking its very first rate cut in four years.

“The Committee has gained greater confidence that inflation is moving sustainably toward 2 percent, and judges that the risks to achieving its employment and inflation goals are roughly in balance,” a press release stated. “The economic outlook is uncertain, and the Committee is attentive to the risks to both sides of its dual mandate.”

Historically, rate cuts have been considered bullish for Bitcoin, as monetary easing typically weakens the U.S. dollar and boosts demand for risk-on assets like BTC. In other words, the more investors that are willing to take risks, the more money they’ll want to put into the sector — which could catalyze the price of Bitcoin. 

The price of the maiden crypto popped above the $61,000 mark immediately after the Fed announcement but has pulled back to about $59,616 as of this writing, down 0.9% on the day.

During a conference, Fed Chairman Jerome Powell called today’s rate cut a “recalibration.” Recent economic indicators have suggested the economy continues to expand, he posited, but the “upside risks to inflation have diminished and the downside risks to employment have increased.”

Market participants highly anticipated a rate cut following Powell’s proclamation at last month’s Jackson Hole symposium that “the time has come for policy to adjust” with easing inflation and soaring unemployment numbers. However, traders were split on whether the Fed would slash borrowing costs by 25 bps or opt for a jumbo-sized, 50 bps cut.

Analysts Foresee Short-Term Turbulence

Analysts at Singapore-based QCP Capital anticipate the Fed’s decision on Wednesday to have a considerable impact on the financial markets. In particular, they predict increased short-term volatility after the massive rate cut.

“We are confident that volatility will be high in the days following the meeting, as traders readjust their positions over the next few weeks and the regime change could also signal the start of strong macro trends,” QCP noted.

While the strategists expect possible Bitcoin price weakness in the short term, they urge investors to focus on the long term.

“While drawdowns and high volatility are expected, don’t let it detract from the path to higher Bitcoin prices, and we favor long-dated structures with unlimited upside to capitalize on potential parabolic advances in Bitcoin prices,” the QCP analysts continued.

Shiba Inu (SHIB) had surged slightly by around 0.5% at the time of writing to trade at $0.0000133. The price upsurge comes amid uncertainty across the broader cryptocurrency market. However, bullish signals could be lining up for SHIB, propelling prices higher.

According to one analyst on X, SHIB broke upwards from a falling wedge channel on the daily chart. This channel usually indicates a bullish formation and precedes a massive price gain.

If the bullish breakout is confirmed, the analyst noted that the SHIB price will test the immediate resistance at $0.0000161. If a surge in buying activity accompanies the breakout, the price is also set for a 156% rally, which could see SHIB target $0.0000342.

(Source: X)

One of the key factors driving this parabolic rally is the surge in the Shiba Inu burn rate, as seen on Shibburn. As more SHIB tokens are taken out of supply and demand increases, the SHIB price is set to gain.

In the last 24 hours, the SHIB burn rate has soared by more than 14,000%. Such an increase usually stems from the growing usage of the Shibarium network.

(Source: Shibburn) 

The surge in burn rate also comes as the Shiba Inu community hints at upcoming network developments that could help drive usage and remove more SHIB tokens from the circulating supply.

Shiba Inu’s Blueprint to Foster Utility

Shiba Inu’s marketing lead, Lucie, has outlined a blueprint for the SHIB ecosystem and five key principles that will help drive growth, with the first one being the community. The SHIB community comprises 1.4 million token holders, which indicates high interest in the meme coin.

The project is securing strategic partnerships with major players in the blockchain industry and beyond. It has also announced plans to improve governance to ensure that the SHIB ecosystem does not only include developers and creators but also a vibrant community. 

In terms of improving utility, Lucie noted that the Shibarium network, which powers the entire ecosystem, offered the community a self-sustaining economy through fast and low transaction costs. On Shibarium, the community can access the tools needed for a vibrant decentralized economy.

The Shiba Inu marketing lead has also hinted at an upcoming major development on the network known as “TREAT.” 

“TREAT will unlock Shib’s metaverse, granting access to a world that’s yet to fully unfold. Its influence could extend beyond transactions, fuelling innovation within Shib’s DAO and igniting collaborations that might redefine the future,” Lucie stated.

Despite its unimpressive price performance, industry commentators have maintained faith in the price of Ripple’s XRP, offering ultra-bullish price forecasts for the cryptocurrency. Some have suggested that XRP will hit $1,000 at some point in the future.

Nevertheless, one crypto expert is shutting down such rosy prognostications, asserting that the asset is unlikely to ever reach four figures.

Pundit Slams $1K XRP Price Forecast

Popular crypto exchange Uphold caused a stir in the community after asking followers in a recent post on Twitter (aka X), “XRP just hit $1,000. What’s your next move?”

The post immediately attracted the attention of XRP fanatics, with most sharing the things they would do if the token managed to soar to the projected price peak. While XRP holders dreamt of the potentially life-changing effect of such a mega price appreciation, a crypto expert popularly known as TruthLabs on X has called out Uphold for its sky-high forecast. TruthLabs labeled the digital asset exchange as an XRP promoter, voicing doubt over the plausibility of its $1,000 per XRP prediction.

According to TruthLabs, expecting XRP to reach such lofty heights was unreasonable, comparing Uphold’s prognosis to hype techniques leveraged by penny stock proponents, who usually embellish the potential value of low-cost stocks to lure gullible investors. The pundit also contended that Upholds’ XRP price forecasts were reckless, which could result in some investors making bad financial decisions with hopes of these prices coming true.

TruthLabs revealed that for XRP’s price to hit $1,000 from its current value of around $0.568, its market cap would need to rocket to an impressive $100 trillion. The Ripple-promoted cryptocurrency currently boasts a $32.2 billion market cap, making $100 trillion a rather unattainable target.

TruthLabs notes that the total crypto market capitalization presently stands at around $2 trillion — which is vastly lower than the $100 trillion figure. This indicates that XRP’s market value would have to exceed that of all cryptocurrencies in the market, including that of crypto king Bitcoin, for it to hit a $1,000 price tag.

XRP Army Strikes Back

As expected, the army of ardent XRP fans fired back at TruthLabs. One XRP evangelist on X specifically criticized the analyst’s use of the crypto’s market cap as a rationale for his assertion. “Truth is anyone who brings market cap to The conversation, isn’t worth having a conversation with,” the user asserted.

Another member of the XRP community slammed TruthLabs’s understanding of market cap, noting that it does not have any impact on price.

“Market cap is the current price times the current circulating supply that’s it. It’s so simple,” the user going by the online alias KINGVALEX added.

Others suggested that XRP soaring to the aspirational $1,000 level is inevitable if Ripple implements an effective burn mechanism. 

Revolut, the London-based fintech company, might soon join San Francisco-based blockchain payments firm Ripple in the competitive world of stablecoins.

According to reports, Revolut is planning to launch its stablecoin as part of plans to expand its digital asset offerings. As of press time, however, a specific launch date for the proposed stablecoin has not yet been announced.

Revolut Pushes Deeper Into Crypto With Stablecoin Launch

Revolut is set to roll out its own stablecoin.

According to sources familiar with the matter, the company is relatively far along in developing the stablecoin. This significant milestone marks a pivotal moment for Revolut as it enhances its crypto offerings.

In the crypto world, stablecoins are typically backed by a physical asset, such as commodities like gold or fiat currencies like the U.S. dollar, which help the asset maintain a relatively consistent price.

An important aspect of Revolut’s strategy is its commitment to a “compliance-first” approach. It seeks to ensure that its stablecoin is a safe harbor for the entire crypto community.

“Crypto is a big part of our belief in banking without borders, and we have a clear mission to become the safest and most accessible provider of crypto asset services,” the company’s representative stated.

Notably, Revolut has been making huge strides in the fast-growing crypto space. In March this year, the firm revealed that it had integrated with Metamask for direct in-app cryptocurrency purchases for customers in the United Kingdom and the European Economic Area (EEA).

More recently in May, the firm launched a dedicated crypto exchange dubbed “Revolut X” for its UK retail customers. The platform claimed to offer cost-efficient and seamless fiat-to-crypto conversions.

Stablecoin Wars Are Heating Up

Revolut has become the latest major player in the $164 stablecoin market. PayPal launched its US dollar-pegged stablecoin, PayPal USD, in 2023. U.S.-regulated crypto brokerage company Paxos issues PayPal USD, which is redeemable 1:1 for US dollars.

In May, PayPal’s stablecoin debuted on Solana, teaming up with Crypto.com, Phantom, and Paxos to onboard users to the blockchain. At the time, the global payments behemoth said it picked Solana due to its high speeds and extremely low costs.

Meanwhile, Ripple CEO Bradley Garlinghouse earlier this month hinted that the company’s stablecoin, RLUSD, will go live in the coming weeks. RLUSD will be fully backed by U.S. dollar assets and will initially operate on the XRP Ledger and Ethereum blockchain.

And today, Goldman Sachs-backed crypto custodian BitGo announced its plans to launch a dollar-backed stablecoin, USDS, in January 2025. BitGo will set itself apart from other stablecoin issuers in the crowded market by deploying a novel reward system that would give up to 98% of earnings to institutions that provide liquidity to the network.

Amid an underwhelming price action, canine-themed meme coin Dogecoin (DOGE) is now seeing a rise in one of its key metrics.

On-chain data indicates that the Dogecoin network has witnessed consistently high usage in recent days as the coin processed nearly 2 million transactions— its highest weekly transaction count since early July. This uptick in Dogecoin transactions sometimes precedes major price movements.

The big question now is, is a huge DOGE price breakout in the offing?

Dogecoin Usage Explodes

As per data provided by blockchain intelligence platform IntoTheBlock, Dogecoin processed 1.93 million transactions during the past week alone. This figure marks the highest weekly transaction count since July.

While the 1.93 million is still lower than the February peak, the heightened activity suggests growing interest and activity within the Dogecoin network.

IntoTheBlock posited, “This uptick is a promising sign for the DOGE network.”

Dogecoin processed 1.93 million transactions last week, marking the highest weekly transaction count since early July.Although still well below the February peak, this uptick is a promising sign for the $DOGE network. pic.twitter.com/9WfNMAaEZo

— IntoTheBlock (@intotheblock) September 17, 2024

A surge in transaction volume is particularly notable as it indicates more users are engaging with the Dogecoin protocol as the leading meme coin continues to maintain its position on the market.

Dogecoin Mirrors Fractal From 2021

Meanwhile, favorable technicals are starting to surface for Dogecoin.

Renowned investor Ted noted that the crypto token is currently painting a bullish fractal setup, initially observed in 2021. From a technical perspective, a market fractal is a historically repetitive pattern that enables traders to determine trend reversals in the charts.

$DOGE pump always triggers an Altseason  This happened in 2020-21 and also happened in Q4 2023. Right now, $DOGE is forming a similar fractal as of 2021. If the DOGE starts to pump, get ready for a face melting #Altseason pic.twitter.com/FhXyTmm4rt

— Ted (@TedPillows) September 16, 2024

The pattern suggests DOGE could be primed for a renewed rally after a tumultuous period, which, according to Ted, would usher in a “face-melting all season.” Per the analyst, a parabolic DOGE upsurge has typically set off an altcoin season, as seen in 2020-2021, as well as in Q4 2023.

Dogecoin is down by 0.9% as of publication time, changing hands for $0.1017.

Worn down by months of lackluster price action, crypto investors are looking forward to the Federal Reserve cutting interest rates today as a key catalyst for a meteoric move.

After starting the week trading at sub-$58K following a second assassination attempt on the former U.S. President and Republican frontrunner Donald Trump on Sept 15, Bitcoin (BTC) has since bounced back as investors continue to weigh the potential impact of the Fed lowering interest rates with a gargantuan 50 bps rate cut.

Capriole Founder Expects Bitcoin To Regain $64K “Very Quickly” After Incoming Fed Rate Cuts

The price of Bitcoin rose Wednesday, hitting as high as $61,242 on Tuesday, according to CoinGecko data as traders grew more confident that the U.S. Federal Reserve’s upcoming meeting would yield a jumbo-sized rate cut. At press time, the price of the alpha crypto had settled at $59,939, up by 1.8% over the last 24 hours.

Investors worldwide expect the Fed to announce an interest rate cut today, marking the first rate cut in roughly four years. As per the CME FedWatch tool, the odds are presently 39% for a 25-basis-point rate cut and a 61% likelihood for a massive 50-basis-point rate cut. 

If the Fed decides to slash borrowing costs by 50 basis points, risk assets, including Bitcoin, could react positively, many industry observers have suggested. This would mirror past instances where aggressive rate cuts boosted the crypto’s price.

While mostly stagnant in the last month, Capriole Investments founder Charles Edwards believes BTC is now poised to resume full-blown bull rally after the Fed’s impending interest rate move.

“This marks the start of a new dovish Fed policy regime, the first significant change since late 2021, when the Fed notified of their hawkish regime shift and which saw rates rise from 0 to 5.5% in 18 short months,” Edwards wrote in a Sept. 17 report. 

“A weekly close above $64K would end the 7 month sequence of lower highs and likely see us travel back to range high ($70K) with haste, and probably beyond. Nonetheless, the Technicals picture is mixed at best, and bearish at worst, until the range (and monthly resistance at $60K) is reclaimed,” the pundit added.

“Based on the current response to the Weekly $58K level, and given the major Fed event tomorrow, I would not be surprised to see that level taken very quickly to the upside, provided no bearish surprises from Chairman Powell tomorrow.”

Will today’s expected Fed announcement give Bitcoin’s price a nudge up the chart?

The crypto market is packed with stories of people who have become millionaires or even billionaires after using complicated trading strategies. However, a recent instance of an ultra-patient trader illustrates that a simple buying and HODLing approach can also result in handsome profits.

Ancient Ether Wallet Sells After Eight Years Of Dormancy

Chinese crypto data provider Ember revealed in a recent X post that an Ethereum (ETH) whale purchased 16,636 ETH tokens on the ShapeShift digital asset exchange for a measly $5.23 per coin back in February 2016. This put the total cost of the purchase at around $87,006.

Now eight and half years later, the investor is selling some of their holdings. According to Ember, the unknown trader sold 350 ETH at $2,340 per coin today (Sept. 16), raking in a whopping $818,000 — which is 10 times more than the initial investment. The patient trader still owns more than $38 million in Ether after the recent sale.

Ethereum’s price is struggling, particularly against Bitcoin (BTC), risking a deeper pullback for the industry’s second most valuable crypto. As ZyCrypto reported earlier, ETH’s price against Bitcoin has slumped to a three-and-a-half-year low last seen in 2021 amid spot Ether exchange-traded fund (ETF) outflows.

Ether ETFs have bled $580 million in investor money since going live on U.S. exchanges on July 23. In comparison, BTC investment products drew in more than $12 billion in their first two months and have witnessed a whopping $17 billion in net inflows in just over eight months of trading.

Bitcoin registered a new historic high of almost $74,000 in March (before tumbling 21.6%), while ETH is yet to smash its highs from November 2021 and is down 53% from its 2021 peak.

Popular Crypto Millionaire Loses $43M Fortune Shorting BTC Against ETH

Meanwhile, James Fickel, one of the richest crypto investors, endured losses of over $43 million since earlier this year, as his debt on the decentralized finance protocol Aave swelled to $132 million.

According to LookOnChain data, Fickle lost approximately $43.7 million by basically betting on Ethereum’s price against Bitcoin. The data provider noted that Fickle anticipated Ether’s price rise against Bitcoin when he initially borrowed $172 million worth of Wrapped Bitcoin (WBTC) on Jan. 10.

Much to the millionaire’s chagrin, the price of ETH has continued to underperform spectacularly compared to BTC since the beginning of 2024.

MicroStrategy recently added 18,300 BTC to its holdings, bringing its total to 244,800 BTC, purchased at an average price of $38,585 per BTC.

Multinational software company MicroStrategy announced Tuesday that it will sell $700 million of convertible notes, with the net proceeds going to repay debts and add Bitcoin (BTC) to its balance sheet.

The new offering, which will mature in 2028, is the latest effort by the firm to fortify its balance sheet while continuing to hold Bitcoin as a primary treasury asset.

As per the September 17 announcement, under Rule 144A, institutional investors are now able to purchase MicroStrategy’s $700 million convertible senior notes offering.

MicroStrategy Announces Proposed Private Offering of $700M of Convertible Senior Notes $MSTR https://t.co/OCq7wj2u0P

— Michael Saylor (@saylor) September 16, 2024

The company has also given investors the option to buy up to $105 million more of notes within 13 days from the issue date. The 2028 notes will pay interest semi-annually and be convertible into cash, MicroStrategy class A shares, or a combination of the two.

Proceeds from the sale will be used to pay down part of MicroStrategy’s existing $500 million worth of 6.125% senior secured notes due 2028.

Upon redemption, the company will release about 69,080 Bitcoins as collateral for that debt. These funds will be used for general corporate purposes in addition to the up-BTC purchases. MicroStrategy is expected to use the remaining proceeds from the note sale to buy more # Bitcoin.

MicroStrategy to Keep Bitcoin Strategy

Although this note sale is mostly a debt play, it is also part of MicroStrategy’s larger Bitcoin corporate strategy. Only three days before that, on September 14, the firm announced it had bought an additional 18,300 BTC worth around $1.11 billion. The company now holds 1.2% of the total Bitcoin circulating supply.

With its new convertible note offering, MicroStrategy plans to refinance its senior secured notes to improve its debt structure and lower the cost of capital. The notes-to-cash and stock options provide the company with flexibility to address both its debt load and shareholder value.

Better yet, MicroStrategy’s willingness to take on debt in order to build up a position in Bitcoin contrasts sharply with any fear of fluctuating market prices. CEO Michael Saylor has earned a reputation for the large role he sees Bitcoin playing as a store of value over the long haul — leading it to become central in MicroStrategy’s treasury plan.

Given strong institutional demand for its notes and Bitcoin, MicroStrategy is setting the stage to maintain its position as a top dog in corporate Bitcoin adoption. MicroStrategy will continue to lead the changing cryptocurrency market by utilizing convertible notes to clean up its balance sheet and increase its Bitcoin assets.

That said, as the company looks to the future, its combination of traditional fintech traction and new-age Bitcoin promotion could provide an inspiration roadmap for underlying firms employing comparable strategies.

In a surprising development, Bhutan has significantly increased its Bitcoin holdings, surpassing El Salvador and establishing itself as a major player in the cryptocurrency world.

According to data shared by crypto analytics firm Arkham Intelligence on Monday, the Himalayan kingdom now holds just over 13,000 BTC, valued at approximately $780 million. In addition to Bitcoin, Bhutan’s portfolio also includes 656 ETH worth $1.51 million and other altcoins like MATIC, BNB, and USDT.

Arkham further underscored that Bhutan’s Bitcoin assets have been acquired solely through mining, unlike countries like El Salvador, the U.S., and Germany, which often rely on acquisitions or judicial seizures.

“Bhutan is the 4th largest government with Bitcoin holdings on our platform, with over $750M in BTC. Unlike most governments, Bhutan’s BTC does not come from law enforcement asset seizures, but from Bitcoin mining operations, which have ramped up dramatically since early 2023,” the firm tweeted.

Notably, Bhutan’s mining operations, managed by the country’s investment arm, Druk Holdings, are spread across several key locations. The largest facility is located at the former site of the defunct Education City project.

Arkham identified this site through satellite imaging, underscoring Bhutan’s commitment to investing in state-of-the-art mining infrastructure. Significant investment, including a $500 million commitment in July 2023 by the nation to promote “green” mining technologies and practices, has driven the development of these facilities.

It is also important to note that Bhutan’s investment in Bitcoin mining represents nearly a third of its GDP, which was approximately $3 billion as of April 2024, according to the IMF. This substantial investment in digital assets highlights the country’s strategic focus on harnessing Bitcoin’s potential to enhance its economic stability and growth.

That said, with its sizable Bitcoin holdings, Bhutan now ranks fourth globally among countries with government-held reserves, moving ahead of El Salvador. El Salvador, which gained attention in 2021 for adopting Bitcoin as legal tender under President Nayib Bukele, currently holds 5,876 BTC, valued at approximately $350.8 million.

El Salvador has been steadily increasing its reserves through Bukele’s “1 Bitcoin a day” initiative, launched in November 2022. In March this year, Bukele emphasized that the program will persist until Bitcoin “becomes unaffordable with fiat currencies.”

Meanwhile, as Bhutan continues to grow its Bitcoin reserves steadily, it remains to be seen whether the nation will follow El Salvador in adopting Bitcoin as a legal tender. Such a move could further enhance Bhutan’s position in the global cryptocurrency market and potentially motivate other nations to join.

Solana (SOL) price has been struggling amid a bearish trend across the broader cryptocurrency market. However, the underlying fundamentals show strength and could support a price rebound.

Data from Artemis shows that Solana’s monthly active addresses have reached an all-time high. This metric has gradually risen since the beginning of the year and is generally a bullish indicator.

(Source: Artemis) 

These addresses have registered a sharp rise this month, increasing from 42 million on September 1 to 76 million at press time. This suggests that traders are becoming more confident in Solana’s potential to rally.

However, it is worth noting that the same growth has not been seen in daily active addresses, which are at their lowest level since September 8.

The discrepancy shows that short-term interest is reducing while the overall user base grows, likely because of the fear and uncertainty gripping crypto traders.

Bitwise CIO is Still Bullish About a Solana ETF

Bitwise Chief Investment Officer Matt Hougan has revived the debate about the approval of Solana exchange-traded funds (ETFs) in the US.

In a recent interview, Hougan stated that Bitwise was analyzing the US Securities and Exchange Commission (SEC)’s stance towards Solana ETFs following the withdrawal of 19b-4 filings for two SOL ETFs by the Cboe.

“Bitwise has always led with data in its SEC filings. We’ve always, for better or worse, submitted like 200-300 pages of data with every filing that we make. We are very excited about the Solana ecosystem. We think it’s robust. So we are doing the work on that and certain other assets,” Hougan stated.

The Bitwise executive noted that several other crypto assets deserved to have ETFs. He mentioned that these products offer investors safe, low-cost exposure to digital assets.

VanEck and 21Shares are the asset managers who have already submitted ETF filings with the SEC. As ZyCrypto reported earlier, the US securities regulator halted the approval process for these products amid concerns that SOL is a security. 

The SEC classified Solana as a security in its lawsuits against crypto exchanges Binance and Coinbase. 

Nevertheless, Solana ETFs have received regulatory approval in other regions, including Europe and Brazil. 

SOL was trading at $133 at the time of writing after a 1.6% gain in 24 hours. The coin has increased by more than 600% over the past year.

XRP has continued to trade within a narrow range since dropping from its peak of $3.84 in early 2018. Despite maintaining a stable and growing market capitalization—currently ranked seventh with a valuation of $33.2 billion—XRP has exhibited minimal price fluctuations.

This lackluster performance can be attributed to the XRP community largely adopting a risk-off stance, reflected in the modest 15% price increase over the past year, as investors await the resolve of the high-stakes legal battle with the SEC.

Despite some investors growing disillusioned with the extended stagnation, others remain hopeful. Some have introduced intriguing theories proposing extraordinarily high valuations for XRP.

Popular analyst Levi Rietveld presented one such analysis on Sep 16.  In a video on X, the pundit suggested that if XRP were to become the cornerstone of a new global financial system, its market capitalization could potentially skyrocket into the quadrillions of dollars, significantly elevating XRP value to a fair market value of $38,999.

Rietveld’s forecast considers the total global debt to be approximately $350 trillion, and the derivatives market to be valued at around $750 trillion. He posited that under such a scenario, where XRP plays a central role in financial transactions and broader financial infrastructure, its price could theoretically surge to his suggested price.

Notably, this prediction becomes even more intriguing when considering the broader ambition of major institutions which are exploring the tokenization of real-world assets.

“Black rock and all of the other largest institutions in the world are wanting to start the tokenization of all real-world assets. They don’t just want to replace a current debt system but they want to move everything over to this new system…we want that to be the XRPL…and if that is the case for the XRPL, this is the type of price you can expect for every single XRP coin” he noted.

Rietveld also emphasized the importance of liquidity in realizing this potential value. He noted that achieving such high valuations would require substantial liquidity, which he believes will be facilitated by Ripple’s upcoming IPO.

“The IPO from Ripple is what’s going to make or break this crazy XRP price,” Rietveld added. He also emphasized the need for regulatory clarity and significant institutional investment to drive XRP’s price to these new heights.

Other analysts have offered varying projections for XRP. Recently financial analysts from Vahil Capital referenced a different model predicting a fair market value of $12,000 for XRP. This estimate, derived from the 99-Year Golden Eagle model, considers XRP’s role as a medium of exchange and assumes significant long-term adoption and market share.

“Adoption of XRP as a store of value is the pathway to that high valuation. That path begins with the adoption for transactions and exchanges of value,” the analysts stated.

At press time, XRP was trading at $0.589, reflecting a 1.21% surge over the past 24 hours.

Bitcoin continued to trade subdued early Tuesday, with the leading cryptocurrency struggling to regain momentum after dipping to $57,658 on Monday. This drop came from a failed attempt to break through the $61,000 resistance level last week.

The continued price consolidation has led some critics to forecast a more significant downturn, with long-time Bitcoin skeptic Peter Schiff sounding a stark warning of a potential deeper correction.

Schiff, an economist and avid supporter of gold, shared his bearish outlook on X (formerly Twitter) on Sep 16. Schiff pointed to a potential “triple top” formation in Bitcoin’s price chart, a pattern typically associated with a reversal in trends.

“At a minimum, Bitcoin is headed to the upward trend line at about $42,000, but I doubt it will hold. A retest of longer-term support at $15K–$20K is more likely. Look out below.” Wrote Schiff. His projection of a retest in the $15,000 to $20,000 range signals a potential 75% decline from Bitcoin’s current price levels.

Notably, Schiff’s outlook is grounded in his belief that Bitcoin’s performance worsens when measured against gold, a comparison he frequently makes to argue that gold remains a better store of value.

In a separate tweet, Schiff emphasized this point, stating, “Bitcoin is not digital gold; it’s not even digital silver.” He highlighted that while silver surged above $31, Bitcoin was on the verge of breaking below $59,000.

Meanwhile, Schiff’s warnings of a deeper correction reflect that of popular analyst Ali Martinez. On Monday, Martinez cautioned that a deeper analysis of Bitcoin’s MVRV Momentum shows the cryptocurrency has been on a downward trajectory since dipping below $66,750 in June. With no clear signs of a reversal, the pundit suggested the bearish trend may continue in the near term.

However, not all market participants share the bearish outlook. Prominent crypto analyst Gert van Lagen remains optimistic, pointing to Bitcoin’s much-discussed broadening wedge pattern as a signal for potential bullish momentum. 

“BTC [1W] Step-like formation Update: Bitcoin is forming an ascending broadening wedge at Base 4, which breaks to the upside 79% of the time. In 67% of cases, it’s a continuation pattern with an upward trend. Target zone ~$300K at the sell line,” van Lagen wrote.

Elsewhere, amid Bitcoin’s price consolidation, on-chain metrics offer an optimistic outlook. Data from CryptoQuant shows that both new and long-term Bitcoin holders continue to accumulate the asset despite recent declines. According to the firm, new whales, who have held Bitcoin for less than 155 days, are down 3.28% but remain confident in their positions. Meanwhile, older whales, with over 115% profits, signal a strong long-term bullish sentiment for the crypto asset.

Bitcoin was trading at $60,167 at press time, reflecting a 4.57% increase over the past 24 hours.

In a rare occurrence, the XRP community is grappling with a recent transaction that has raised eyebrows and concerns about network security. 

A user reportedly paid an astonishing 26,000 XRP (worth approximately $15,000) in fees for a mere 0.15 XRP transaction, sparking discussions about the safety and reliability of the XRP Ledger.

The incident came to light when XRPL validator “Vet-XO” shared his findings on X (formerly Twitter) after conducting an advanced search feature on XRPSCAN, the leading explorer for the XRP Ledger.

“2 Weeks ago, someone paid accidentally ~26k XRP in fees for a 0.15 XRP Payment. Found via the advanced search of XRPScan,” Vet-XO tweeted on Sep. 16.

The news quickly rippled through the XRP community, with many members expressing concern about the platform’s security.

“How is this even possible? Like how would this happen?? More importantly, how do we avoid such a thing in the future, or what do we watch for?” one community member asked. 

Addressing these concerns, the pundit clarified the situation, assuring regular XRP users that such incidents are not typical and are unlikely to affect those using standard wallet applications.

“It was pretty sure a dev and his script that bugged out, bad code,” he explained. “This can’t happen to you if you use Crossmark / Xaman or Coinbase, for example.” 

When pressed further about how to prevent such occurrences in the future, Vet-XO reiterated that normal users of apps like Xaman are not at risk of falling victim to such errors. He further suggested that the incident was likely caused by a developer or a poorly designed website, rather than a flaw in the XRP Ledger itself.

While this type of transaction fee error is uncommon for XRP, similar incidents have occurred on other blockchain networks. Notably, Ethereum and Bitcoin have seen cases of users overpaying transaction fees due to various factors, including network congestion, user error, or faulty scripts.

For instance, early last month, an Ethereum user accidentally paid over 34 ETH (approximately $92,504) in gas fees to transfer less than 1 ETH. This represented an overpayment of nearly 2,000,000% compared to the average transaction cost at the time. 

To address such issues, Ethereum co-founder Vitalik Buterin has previously proposed EIP-4844, introducing “blob-carrying transactions” to reduce data processing on the main network. This aims to lower fees and improve scalability without compromising security.

Similarly, in November 2023, a Bitcoin sender mistakenly paid $3 million in transaction fees for a single transfer, setting a new record in Bitcoin’s history.

Cardano (ADA) founder Charles Hoskinson has said that the Cardano blockchain has the potential to surpass Solana in terms of speed if a key network upgrade is implemented.

In an X post, Hoskinson expressed his conviction in the benefits of the Leios upgrade on improving speeds on Cardano. This upgrade will be the second major one since implementing the Chang hard fork in early September.

Hoskinson compared the Cardano Rust node with Leios. The former is used to build wallet applications and boost interactions with Cardano. According to Hoskinson, while the Cardano Rust node served users, the Leios upgrade would offer more by increasing transaction throughput.

“The rust node gives us no new differentiating features for users. Leios makes us faster than Solana without losing decentralization…,” Hoskinson stated.

Hoskinson also shared a development roadmap for Cardano evaluating different scalability solutions, including Hydra and sidechains. He noted that efforts to roll out the Leios upgrade would be implemented in Q4 2024.

Nevertheless, the Leios upgrade has attracted mixed reactions from the crypto community. According to one X user, Cardano developers had failed to mention and drive attention to Leios in the past, with the upgrade only coming to the limelight when a community vote was underway.

“It’s shocking that Leios is only now getting serious attention. This should have been a top priority from the start, not just an afterthought when votes come into play. Your approach seems reactive rather than proactive & it undermines Cardano’s potential to lead in innovation,” the user stated.

Analyst Predicts Cardano Rally to $15 

The recent development comes as analysts predict that recent upgrades and technological developments on the Cardano blockchain could stir an ADA price rally to $15.

According to one analyst on X, the ADA price usually follows a cycle in which market pessimism is followed by a parabolic rally. This rally also happens around a year or two after the Bitcoin halving event.

(Source: TradingView) 

ADA was now in the third stage of this price cycle, which will likely see the price soar from $0.329 at the time of writing to $15. Per the analysis, this surge will likely happen in 2026-2027.

If ADA’s price follows these historical patterns, its market cap will soar to $500 billion, surpassing Ethereum. 

However, such gains will largely depend on the Cardano network usage. The Chang hard fork has stirred interest in the blockchain by making it more decentralized. Therefore, creating more projects on the network will boost ADA utility and drive gains.

Ethereum (ETH) has underperformed against Bitcoin, with the ETH/BTC trading pair dropping to the lowest level since mid-2021. The decline comes as ETH price continues to struggle amid a decline in demand and a lack of interest from whales.

The ETH/BTC trading pair plunged to 0.039 at the time of writing, its lowest level since 2021. This suggests that in the last three years, Bitcoin’s price has strengthened while the price of ETH has traded lower and underperformed.

Technical indicators show that ETH might have bottomed against Bitcoin, setting the stage for a possible reversal. The Relative Strength Index (RSI) is at 30, signaling that ETH is oversold, and traders could take advantage of the dip to accumulate more.

Furthermore, a falling wedge pattern has emerged. This pattern usually hints at a possible exhaustion of the downtrend.

(Source: TradingView)

However, traders should remain cautious of the bearish momentum seen on the Moving Average Convergence Divergence (MACD). The MACD line is below the signal line while the histogram bars are red, showing that bears are in control of the price action.

Moreover, selling momentum is still dominating Ethereum price, with whales dumping the altcoin at a high rate, dampening market sentiment.

Ethereum whales’ selling spree continues

Whales appear to be cashing out at the bottom, with on-chain data showing that some of the largest Ethereum holders are now selling.

According to SpotOnChain, one of the largest Ethereum whales with a record-making profit streak has sold ETH after holding the token for eight years.

This whale bought ETH in 2016 when the price was around $5. On September 16th, the whale sold $1M worth of ETH and still holds 16,199 Wrapped ETH (WETH), worth around $37M.

A diamond-hand whale with a $38M (x436) profit is selling $ETH after 8 years of dormancy!Between Jan 19 and Feb 23, 2016, when the price was only ~$5.24, whale "0x996" withdrew 16,636 $ETH (est. cost: $87,136) from ShapeShift and held all tokens until today.6 hours ago, the… pic.twitter.com/sxniRoaRYt

— Spot On Chain (@spotonchain) September 16, 2024

This diamond whale is not the only large ETH investor selling the altcoin. The Ethereum Foundation, which is well-known for selling at the top, has also been on a selling spree.

On September 16th, this organization sold another 100 ETH. In the last three weeks, the address has dumped 650 ETH tokens into the market.

This selling activity is increasing ETH supply in the market at a time when the demand is notably low. A recent report by Coinshares noted that outflows from Ethereum investment products have reached $117M over the past month.

These outflows signal a lack of interest in ETH, given that within the same month, Ethereum rival Solana saw $6.9M in inflows.