US taxpayers dose to Artemis 1 as we write, while funds are also quickly burning in a crypto launchpad fire as the market loses around US$100bn since Friday.
Ground Control, aka the Fed raising interest rates and causing pain, can take the blame for this. Again. For risky assets like crypto, Jerome “JPow” Powell’s Jackson Hole speech was received about as well as a Hawaiian vacation Christmas card from the Morrison family.
And what’s more, if Bitcoin history is anything to go by, September could be about to bring exactly zero relief.
That’s because some/many crypto watchers are predicting a brutal SeptemBEAR. The chart below from crypto futures trading and information platform CoinGlass shows why, really…
Two out of nine not bad? Title of a song for him a little out of hell song list maybe. Still, October’s story doesn’t look too bad…
On daily price action…
Top 10 Summary
With the total crypto market capitalization at $988 billion and down about 2.2% since yesterday, this is the current state of the top 10 tokens, according to CoinGecko.
As you can see, between the fingers covering your eyes, the crypto market has lost its magic trillion dollar market cap number.
Major layer 1 smart contract platform rivals Ethereum and Cardano are leading the charge down. They both have pretty big events on the very near horizon. Merging Ethereum with proof of stake, of course, and the Cardano upgrade itself, is the Vasil hard fork, designed to improve performance and scaling capabilities.
Regarding the Fusion, it appears that a school of thought is rapidly building that is shaping up to be a classic short-term news-selling event, even if it is widely seen as a long-term positive transformation for the future of the network and its scalability.
Popular cryptocurrency youtubers hasoshi Y ElioTrades and Benjamin Cowen have been theorizing a post-merger dump, the latter even suggesting it could go back to around US$500.
“Going home” sounds good, but the CryptoQuant analyst is referring to a range of accumulation that ETH seems to reach during each correction. The good news is that, historically, it always bounces off this curve.
Stimulants and tranquilizers: 11–100
Sweeping a market cap range from around $8 billion to around $412 million across the rest of the top 100, let’s find some of the biggest 24-hour winners and losers at press time. (Statistics accurate at time of publication, based on data from CoinGecko.com).
DAILY PUMPERS
• Celsius (CEL), (market capitalization: US$532 million) +47%
• Cash (XEC), (mc: US$963 million) +34%
• synthetic (SNX), (mc: US$728 million) +8%
• internet computer (ICP), (mc: US$1.67 billion) +5%
• pancake swap (CAKE), (mc: US$558 million) +4%
DAILY SLUMPERS
• Cosmos Center (ATOM), (market cap: US$3 billion) -9%
• eos (EOS), (mc: US$1.43 billion) -8%
• avalanche (AVAX), (mc: US$5.25 billion) -8%
• Flow (FLOW), (mc: US$1.78 billion) -7%
• Arweave (AR), (mc: US$511 million) -6%
around the blocks
A selection of randomness and relevance that stuck with us on our morning moves through the Crypto Twitterverse…
#bitcoin goes to a million dollars per coin.
Does it really matter that much if you bought it for 20, 30 or 40K?
The patient will be rewarded!
— Lark Davis (@TheCryptoLark) August 28, 2022
all my net worth is in the hands of this manpic.twitter.com/TfzpQzcn8m
— theweeknd.eth (@LilMoonLambo) August 27, 2022
There has been a bit of a dumping fear related to Mt. Gox that has been ramping up on Crypto Twitter lately. “Cobie” of UpOnly podcast relative fame seems to think any BTC dump in this regard is still several months away…
They are going to release mtgox bitcoin the same week they unlock post-merger staked eth. They just want to maximize chaos. 6-12 months away probably. It’s going to be funny. trust nobody
—Cobie (@cobie) August 27, 2022
Meanwhile, NFT fanatic Shaq (also a DJ and former basketball star, apparently) has left the building…and the country…
i will miss you australia pic.twitter.com/EQp7eF3VYm
– SHAQ (@SHAQ) August 28, 2022
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