Giddy Defi

Bitcoin’s price recently surged near its record high of $73,800, with strong fundamentals suggesting a shift toward even more upswings in the future.

Bitcoin has finally exited a seven-month downtrend. Today’s breakout has many traders setting their sights on even higher price targets from $85,000 all the way up to $160,000.

Do you think Bitcoin can crack $85,000 by the end of 2024?

Solana has hit a new all-time high against Ethereum with its 11% surge this week. Meanwhile, $ETH dropped 3.5% as $SOL continues to strengthen its position as a serious contender in the layer-1 space.

Meanwhile, $SOL has also shown relative strength against bitcoin, reaching its highest price versus $BTC in more than two months.

Tesla has reportedly moved $760M worth of Bitcoin to new wallets.

According to CryptoQuant, there are a few possible reasons why the company would be shuffling around these assets: Tesla might be managing its wallets for operational or audit purposes, meeting legal or compliance requirements, or even restructuring its Bitcoin holdings in preparation for potential sales or loans.

Thankfully for the Bitcoin maxis, there’s no evidence of an immediate sale, as no transfers to exchanges like Coinbase have been spotted yet.

Bitcoin jumped nearly 6%, briefly surpassing $61,000, before finally slowing down as anticipation grows for the Federal Reserve’s interest rate decision on September 18.

This rebound comes after a brief three-day dip, following a long several weeks of stumbled around the $58,000 range.

At the time of writing, BTC is trading at $60,935, reflecting a 5.5% gain over the past 24 hours, a welcome update for those HODLing through the last few weeks of less-than-stellar price action.

In an interview with CNBC Uber CEO Dara Khosrowshahi said, “Just like we accept all kinds of local currency, we are going to look at cryptocurrency and/or bitcoin in terms of currency to transact. That’s good for business.”

In a way, Bitcoin and crypto as a whole really are just the native currency of the internet, not all that unlike the local currencies mentioned, and when you put it like that, it almost feels strange that we haven’t already seen further adoption, especially in the e-commerce space.

Companies like Tesla and Ferrari have accepted crypto payments on and off for some time now, but the potential of another massive company like Uber opening the door to even further consumer crypto spending is a significant step forward for the industry.

Cantor Fitzgerald CEO Howard Lutnick says traditional financial institutions are eager to engage with Bitcoin but have been restrained by current U.S. regulatory demands.

In a post on X (formerly Twitter), Lutnick described Bitcoin as an outsider to traditional finance, that until this year with Bitcoin ETFs launching, really hadn’t entered the traditional financial system in any major way.

However, Lutnick suggested that if regulations became more favorable for the asset class, traditional financial companies are more than likely to fully embrace Bitcoin.

Just several months after launching their Bitcoin iShares ETF in the country, BlackRock is set to list its iShares Ethereum Trust (ETHA) on Brazil’s B3 exchange this Wednesday.

This move will give investors access to the two largest cryptocurrencies, Bitcoin and Ethereum, on the Brazilian market. In addition, the Brazilian Securities and Exchange Commission (CVM) has recently approved two Solana-based ETFs for listing on B3.

It’s still looking like an economic slowdown is on the way, but according to new LEI data, a major recession is looking less and less likely every day.

The U.S.’s Leading Economic Indicators (LEI) have continued to fall month over month, but the decrease has slowed to such a rate that it no longer indicates an impending recession.

Many major stocks, and crypto especially have struggled to find their footing amid fears of a slowing economy, but thankfully the worst of this cycle may finally be behind us.

Despite Elon’s past crypto endorsements and Trump’s recent push for Bitcoin support, cryptocurrencies as a whole were left completely unmentioned in Monday’s interview.

The interview started about 15 minutes late due to what Elon claimed was a DDOS attack on the “X” platform, which entirely prevented users from joining the live discussion.

After commencing the two focused their discussion largely on Trumps attempted assassination and mass deportation plans.

While many crypto investors listened in anxiously hoping to hear some good news for the market, it unfortunately never came.

The crypto market shed over $350 billion in a single 24-hour period, following Nasdaq’s worst three-week stretch in more than two years.

As risk-off sentiment prevails among investors, cryptocurrencies have continued to fall, with Bitcoin plummeting more than 20%, and alt-coins like Solana dropping more than 28% on the week.

The rapid price decline seems to be rooted in concerns over a pending U.S. recession, an increase in global conflict, and Japan’s Nikkei 225 market index crashing roughly 12%, causing a ripple effect across global markets.

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VanEck, followed shortly after by 21Shares, filed for the first ever Solana ETFs in the U.S. last month, but after a brief 6% pump, SOL settled right back into its downward trajectory.

When comparing the ETH to SOL ratio (slide #2) from when Ethereum ETFs were first approved to Solana’s applications just now hitting, it’s clear to see that SOL just hasn’t been able to match ETH’s hype.

It is worth noting these are just applications, and approval is a whole other ball game, so maybe that’s why we’re seeing such lackluster reception so far. Only time will tell, but it’s looking like crypto needs a lot more than new ETF applications to break Bitcoin out of it’s -20% slump from the last month.