Crypto Market Pulse - September 9, 2024

LAST WEEK RECAP:

LAST WEEK RECAP:

• U.S. non-farm payrolls increased 142,000 in August, below the expected 164,000. The U.S. unemployment rate was 4.2% in August, the same as estimates.
• According to ADP, U.S. private payrolls rose by 99K, smallest gain since 2021 and below 114K estimated.
• VanEck will close the Ethereum futures ETF.
• US BTC ETFs recorded 8 consecutive days of outflows.
• Uniswap settles with the U.S. CFTC for $175,000 on charges related to derivatives trading.
• Eigen Foundation announced EIGEN Season 2 Stakedrop.
• USDT issuer Tether invested $100 million to acquire a 9.8% stake in Latin American agricultural giant Adecoagro.

LEGACY MARKETS – DXY

DXY is consolidating on range low.

LEGACY MARKETS – VIX

As mentioned last week, VIX could see smaller spikes, which it did almost all the way to 24. BTC risked off pretty heavily on Friday.

BTC WEEKLY VIEW

BTC opened fairly weakly in September, almost revisiting the lows set in August. For now, the ETF flows are following the weakness in stocks. So, for BTC to hold up, the SP500 must regain strength this week.

ETH WEEKLY VIEW

ETH revisited down to the August low. The low from August is still holding, and it’s a common theme for liquidation wicks to get retested with a slow chop. If the market is still bullish however crypto should trade upwards in the coming weeks. If the low from august fails the downtrend could continue for quite a while.

ETH/BTC

ETH/BTC has stabilized since the drop in August. If ETH/BTC is to reverse, though, it will be from this price range. If it fails and breaks down further, it will probably trend back to the lows.

TOTAL3 USD MARKET STRENGTH

Alts are still building base. For so no real updates here. What is noticeable is that as soon as BTC stabilized, even for a couple of hours last week, some alts, especially the Binance IEOs, instantly rallied double-digit percentages.

TOTAL3 BTC MARKET STRENGTH

TOTAL3/BTC is finally garnering some momentum. As mentioned in the TOTAL3 part, every time BTC stabilized during the downturn last week, select alts started rallying. If BTC could garner some upward momentum, a lot of alts could easily rally 100-200%.

SUMMARY

• ALT/BTC pairs are showing a lot of relative strength. With Q4 seasonality-wise being strong months for altcoins, it seems they’re setting up to repeat that, given that BTC can stabilize.

DISCLAIMER:

The information in this report is for information purposes only and is not to be construed as investment or financial advice. All information contained herein is not a solicitation or recommendation to buy or sell digital assets or other financial products.

This post was prepared by Kairon Labs Trader Patrick Li and Joshua Van de Kerckhove

Edited by: Marianne Dasal