September — Week #1

🤑 Markets

1. Bitcoin Price Dips Below $58,000 Today: Bitcoin's price has dipped below $58,000 due to significant outflows from U.S.-listed Bitcoin ETFs and concerns about mining profitability, which have contributed to a bearish market sentiment. The cryptocurrency's price struggles are also influenced by broader macroeconomic uncertainties, which have led to a decline in investor confidence and increased selling pressure.
2. U.S. Bitcoin ETFs see record $287 million outflows: U.S. spot Bitcoin ETFs experienced a record $287 million in outflows on September 4, 2024, with BlackRock being the only exception, reporting no withdrawals. This significant exodus of funds marks the largest single-day outflow since May, with Fidelity's ETF leading the withdrawals at $162 million.
3. Bitcoin whale buys $31M BTC as prices crash: A Bitcoin whale has purchased $31 million worth of Bitcoin as prices continue to decline, sparking speculation about a potential reversal in the market. This significant purchase comes amid a bearish market sentiment, with Bitcoin's exchange reserve at its lowest level in recent days, indicating potential buying pressure from investors.
4. Illiquid Bitcoin Entities Control 74% of Supply: Illicit Bitcoin entities now control a record 74% of the circulating supply, with 14.61 million BTC valued at over $826 billion, indicating a growing scarcity of Bitcoin in the market. This milestone is seen as bullish, reflecting the increasing illiquidity of Bitcoin.
5. Bitcoin Could Drop 20% After Fed Rate Cuts: Bitcoin could potentially drop to the $40,000-$50,000 range following a September Fed rate cut in a bearish scenario, according to a Bitfinex report. However, analysts also see the weak September market as a buying opportunity, suggesting that the current conditions might present a chance for long-term investors to benefit from future price increases.

🧑‍⚖️ Policy & Regulation

1. BlackRock BTC ETF faces zero flows: Bitcoin ETFs faced significant outflows of $804.8 million from August 27 to September 4, with BlackRock's iShares Bitcoin Trust ETF (IBIT) experiencing zero inflows on several days, raising concerns about the impact of North Korean hackers targeting crypto firms on ETF stability and investor confidence. Despite recent challenges, IBIT had cumulative net inflows of nearly $21 billion since its launch, highlighting the ETF's fluctuating appeal to investors over time.
2. TradFi Companies Want to Transact in Bitcoin: Cantor Fitzgerald CEO Howard Lutnick stated that traditional financial (TradFi) companies want to transact in Bitcoin as a new asset class, but are being held back by existing U.S. regulatory requirements. This indicates a growing interest in Bitcoin among traditional financial institutions, which could potentially lead to increased adoption and integration of the cryptocurrency into mainstream finance.
3. Relai Brings Bitcoin to Europeans Despite Hurdles: Julian Liniger, through Relai, aims to increase European exposure to Bitcoin despite regulatory hurdles, promoting the "Orange Coin" and fostering a broader adoption of the cryptocurrency. This mission seeks to overcome the challenges posed by regulatory bodies, ensuring that more Europeans can access and benefit from Bitcoin.

🌈 Adoption

1. Mastercard Launches Euro-Denominated Bitcoin Debit Card: Mastercard has launched a euro-denominated non-custodial Bitcoin debit card, allowing users to spend Bitcoin directly from their self-custodial wallets. This new partnership with Mercuryo enables users to make purchases with their Bitcoin holdings without the need for intermediaries, further expanding the adoption of cryptocurrencies in everyday transactions.
2. Switzerland's fourth-largest bank ZKB launches Bitcoin trading: Zürcher Kantonalbank (ZKB), Switzerland's fourth-largest bank, has launched a service allowing retail clients to buy, sell, and store Bitcoin (BTC) and Ethereum (ETH) through its established platforms, including its Mobile App and eBanking services, in partnership with Crypto Finance AG. This move reflects Switzerland's openness to digital assets and positions ZKB as one of the largest mainstream financial institutions to embrace Bitcoin, potentially influencing other Swiss and European banks to follow suit.

📅 Bitcoin Events Coming Up

Indonesia Bitcoin 2024 Conference

🗓️ When: September 6-7, 2024
📍 Where: Bali, Indonesia
This conference is a significant gathering for Bitcoin enthusiasts, offering a platform to learn from industry experts, network with fellow attendees, and explore the latest developments in the Bitcoin ecosystem.

Thailand Bitcoin Conference

🗓️ When: September 14-15, 2024
📍 Where: Bangkok, Thailand
This conference is a key event for Bitcoin enthusiasts in Thailand, featuring discussions on the future of Bitcoin, innovations in scalability and mining, and the fight for fair regulation. It will bring together leaders from the private and public sectors to discuss the revolutionary changes and prospects for Bitcoin in the region.

Bitcoin Tokyo

🗓️ When: September 21, 2024
📍 Where: Tokyo, Japan
This event is a significant gathering for Bitcoin enthusiasts in Japan, offering insights into the latest trends and advancements in Bitcoin technology, as well as opportunities for networking and collaboration.

Champaign Blockchain Meetup

🗓️ When: Third Friday of September, 2024
📍 Where: Champaign, Illinois, USA
This meetup is a regular gathering for those interested in distributed ledger technology, including blockchains, cryptocurrency, cryptography, smart contracts, and more. It provides a platform for discussion and networking among enthusiasts and experts.

🤔🤔 Wanna learn more? Check out the BLOCKTALK!