Muscling through
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 4th October 2024.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
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What’s up
Crypto Shades Green As U.S. Economy Enjoys Goldilocks Moment
The U.S. economy has been trying to stick a so-called soft landing. Investors today are greeted with a brightly colored banner that reads "mission accomplished."
Job creation totaled 254,000 in September, according to the government's non-farm payrolls report released today at 8:30 a.m. (EST).
That number beat expectations (of 150,000), pushing 10-year Treasury yields higher, a reflection of a risk-on mindset taking shape. A recession (sometimes an effect of an extended tightening policy) seems to have been sidestepped. Stock futures bumped higher after the employment figures came out.
Bitcoin, which yesterday momentarily dipped below $60,000, albeit only slightly, crossed $61,500. BTC had recorded a 24-hour gain of 2% as of 8:56 a.m. (EST).
Total crypto assets experienced a mild uptick (+0.2%) to $2.23 trillion. It's a flat but green morning. Not quite a rally, though.
CryptoQuant thinks conditions are due to change. The firm's analysis of the Coinbase Premium Index, taken alongside Bitcoin's daily and weekly moving averages (with the former crossing above the latter), suggests that crypto demand remains robust and is producing "upward pressure," CryptoQuant said.
What's down
Sui's Slide Almost Unavoidable
The spot price of layer-1 Sui's native SUI more than doubled in the past 30 days. It was a not an overly ballyhooed bonanza, nor did it go unnoticed.
Earlier this week, SUI, which is CoinGecko's 26th-largest coin, made a run toward $2. As it did so, technical signals (showing buyers not particularly relentless despite heavy volume) and social media metrics (more mentions of SUI relative to other Top 100 cryptos, reflecting FOMO) together revealed a pattern of seeming overzealousness. Sure enough, SUI has plunged 7% in the past 24 hours. It's sitting at $1.75.
"Sui's social dominance rising, signaling crowd euphoria, may complicate a run," BeInCrypto said.
What's next
Is Crypto's Biggest Mystery About To Be Solved?
In a peculiar turn of events fitting for the enigmatic world of crypto, there's new rumblings concerning the true identity of Satoshi Nakamoto - and even some speculation that the unknown Bitcoin creator is actively moving coins before what would obviously be a huge reveal.
At about 1 a.m. (EST), Whale Alert flagged movement in an address containing 100 BTC and which had previously sat dormant for nearly 11 years. Maybe an unremembered seed phrase popped back into the holder's brain out of the blue. Possibly new forms of wallet technology are just now finally beckoning. Or maybe, as U.Today notes, there's some strange connection between the timing of moves by the dormant whale and the breaking news that HBO is set (Oct. 8) to air a new series about the mystery behind Nakamoto. And supposedly, the show's producers claim, the true identity of Nakamoto will be made known once and for all.
"If that will be the case remains to be seen," U.Today said. "But the collision of events is remarkable."
