Daily News | Non-farm Payroll Data Rebounded, BTC's Decline Narrowed and Stabilized at $60,000

Crypto Daily Digest: BTC ETFs experienced net outflows of approximately $92 million, ETH ETFs had net inflows of nearly $20.3 million

According to Trader T monitoring data, the US Bitcoin spot ETF had a net outflow of $92.03 million yesterday, while the Ethereum spot ETF had a net inflow of $20.35 million yesterday.

Bitcoin miners’ revenue dropped to about $815 million in September, while Ethereum staking revenue fell to about $200 million

According to data from The Block Pro, the revenue of Bitcoin miners continued to decline in September, dropping to $815.3 million, a decrease of 4.2%. In addition, Ethereum staking revenue also decreased by 4% to $209.4 million. In addition, in September, the Ethereum network destroyed a total of 26874 ETH, worth the equivalent of $68.2 million.

The probability of the Fed cutting interest rates by 25BP in November is 62.8%

According to CME’s “FedWatch”, the probability of the Federal Reserve reducing interest rates by 25 basis points by November is 62.8%, and the probability of reducing interest rates by 50 basis points is 37.2%. The probability of a cumulative interest rate cut of 50 basis points by December is 36.8%, and the probability of a cumulative interest rate cut of 75 basis points is 47.8%; The probability of a cumulative interest rate cut of 100 basis points is 15.7%.

SEC appeals Ripple case ruling

According to The Block, the US Securities and Exchange Commission (SEC) is appealing the previous ruling of the US Second Circuit Court of Appeals against the Web3 payment company Ripple. In addition, Ripple’s Chief Legal Officer stated that they are uating whether to file a counterclaim against the US SEC.

Japan will uate cryptocurrency regulations, potentially creating conditions for the launch of crypto ETFs

According to reports, Japan plans to uate the effectiveness of its crypto regulations, which will be conducted in the coming months and may pave the way for the country to launch crypto exchange traded funds (ETFs).

Abu Dhabi proposed regulatory framework for fiat reference tokens and publicly solicited opinions

The Abu Dhabi financial regulatory agency plans to regulate the fiat reference token (FRT) and has invited the public to provide feedback on the proposed regulatory framework. The Abu Dhabi Global Market Financial Services Regulatory Authority (FSRA) has set October 3, 2024 as the deadline for providing comments on the proposal.

Market Trends: BTC’s decline narrowed and stabilized at $60,000, with local hotspots emerging in the market

Market Hotspots

-The high-performance Layer1 public chain token SUI continues to maintain an upward trend, with its price breaking $2 this morning and a 24-hour increase of nearly 9%. Its circulating market value has reached $5.4 billion, and it is about to surpass the $5.7 billion market value of NEAR Protocol (NEAR), which is closely behind it.

-Several exchanges, including Gate.io, launched DIA perpetual contracts yesterday. DIA is a Web3 cross-chain, open-source data and oracle platform that recently launched Lumina, an oracle stack that supports Rollup. Next, it will launch a test network and conduct comprehensive mainnet deployment and network expansion.

-Thanks to the launch of spot trading on the Korean exchange, Wormhole (W) rose against the trend, with a 24-hour increase of 10% and a total circulating market value of $3.488 billion. Wormhole is a solution that supports multi chain communication and has evolved into a universal messaging protocol. It is one of the three trending protocols in the field of chain abstraction.

Mainstream Coins

-BTC has been down for 4 consecutive days, temporarily reducing the impact of tensions in the Middle East. Although it rose and fell yesterday, it has not turned bearish on a technical level. The support effect of the $60000 integer level is evident, and investors need to monitor the breakthrough signal after accumulating momentum;

-ETH has been declining for 5 consecutive days, with a drop of 4.06% over 24 hours. Based on data such as a 22% drop in NFT trading volume and a 4% drop in staking income in September, the fundamentals of ETH have indeed not improved;

-As the decline of Bitcoin narrows, there is a localized upward trend in Altcoins, led by the Meme, Gambling, and SUI eco sectors. SUI, POPCAT, DOGS, DEGEN, MANTA, and other sectors are all favored by funds, with impressive gains.

Macroeconomics: Non-farm Payroll Data Rebounded, Crypto Market Still in Adjustment Trend

Recently, the crypto market has experienced multiple disturbances, with tensions in the Middle East slightly easing and the impact on the market diminishing.

US President Biden announced sanctions against Iran, while Israel threatened to launch major retaliation against Iran, targeting its oil production facilities. This series of geopolitical risks has led to a widespread sell-off of risky assets and significantly increased market volatility.

However, against the backdrop of global central banks entering a cycle of interest rate cuts, such setbacks will have a relatively short-lived impact on the market. The ADP report released yesterday in the United States showed a rebound in the job market, with job opportunities increasing in all industries except for the information industry, and positive data for small and non agricultural sectors. After the opening of the US stock market, the S&P 500 index and Nasdaq index fell slightly, and crypto concept stocks also fell.

However, Federal Reserve official Barkin stated that the 0.5 percentage point rate cut in September is in line with the current economic environment, as the level of interest rates does not match the downward trend in inflation and unemployment rates, further affecting market sentiment and the short-term performance of the crypto market.

Against the backdrop of a rebound in small non-farm payroll data and the ongoing situation in the Middle East, the crypto market is still in a state of adjustment.

Conclusion

Although BTC has been falling for 4 consecutive days, the impact of tensions in the Middle East has weakened, and the $60,000 mark has provided support. The market is looking forward to signals of a breakthrough.

From multiple data sources, it can be seen that the new whale address is hoarding a large amount of BTC, and this rare hoarding behavior is not closely related to ETF inflows. Although prices are still falling, this may be a temporary phenomenon and not a precursor to a long-term bear market.

In the coming months, Bitcoin is expected to benefit from events such as the Federal Reserve’s interest rate cuts, the end of the US election season, and the return of funds from spot ETFs.