Main Takeaway: Still Choppy, But There’s Upside
Following a cool off on the geopolitical side, as well as getting over the news cycle regarding hacks to Solana and Nomad, US equities and crypto both recovered and bounced over 3%. Bitcoin is back over $23,000 and Ethereum is over $1,600, so key levels to watch are if Bitcoin can regain $25,000.
Second, we haven’t heard much news regarding VCs and other crypto liquidations and insolvencies as of late, so this can be a sign that we’re past the dark days of June and July where companies left and right were going under. However, we’re still in the midst of industry layoffs, with the most recent being Robinhood, which laid off 25% of its staff as of yesterday.
The main takeaway is that earnings season is over and there’s no FOMC meeting to announce rate hikes this month, so pending no catastrophic global events and no extreme downside economic readings, this month has a good probability of performing to the upside (similar to July).
Key Stories: MicroStrategy Pumps 12% On News Of CEO Change-up
MicroStrategy stock rose over 12% yesterday on news that Michael Saylor will be stepping down as CEO and moving into a new role focused on Bitcoin. The main takeaway should be that maybe the role of Bitcoin Maximalists got over-weighted in the company, which had a negative marketing impact on the cryptocurrency, so Michael Saylor focusing his energy on “digital energy” and slightly separated from MicroStrategy’s other businesses might be best for Bitcoin moving forward and the role he plays in moving forward Bitcoin adoption. Efforts can now be spent on advocacy within the US government, and exploring ways cryptocurrencies and in particular Bitcoin, can help developing economies.
Secondly, luxury brand Gucci’s stock also pumped on news that the retailer will be accepting ApeCoin as a payment option. Moving forward, Gucci will likely accelerate this offering by incorporating other cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin. The main takeaway here is that luxury goods stores accepting cryptocurrencies is bullish for the industry, especially as they encourage “rich people” to invest into cryptos and use them for buying goods and services. If this becomes the norm, then this could cause another leg up in the markets in price terms.
Today’s Top Gainers
The market is having a great day, in particular, the top five performing coins listed on Phemex are Optimism (OP/USDT), Bounce (AUCTION/USDT), Perpetual Protocol (PERP/USDT), Lido Dao (LDO/USDT), and Metis (METIS/USDT).