• Bitcoin Price Drops Amid September Selloff

• Crypto - The ONLY Safe Solution

• September Dates To Look Out For

• And more…

Market Data Prices as of 5:00am ET

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BITCOIN PRICE DROPS AMID
SEPTEMBER SELLOFF

BREAKING: Bitcoin Dips Below $57,000, Marking a 4.5% Decline Amid Market Selloff

Bitcoin has dropped 4.5%, trading below $57,000 as the broader cryptocurrency market faces a significant downturn.

Over the last 24 hours, the entire crypto market saw a decline of 4.13%, highlighting the challenges that come with the month of September.

As we reported last week, historically, September has been a tough period for Bitcoin, with 7 of the last 10 Septembers ending in losses.

This pattern is continuing as both Bitcoin and Ethereum have faced sharp declines—Bitcoin down by 4.15% and Ethereum by 5.69%.

The downturn wasn't limited to the crypto markets.

US Stocks also took a substantial hit, with Nvidia suffering a staggering 9.53% loss in a single day, erasing over $360 billion in market capitalization—the largest one-day market cap loss in history.

The sudden crash can be traced back to weaker-than-expected manufacturing data from August. The Institute for Supply Management reported a manufacturing index of 47.2%, which was below expectations and indicated a slowdown in economic activity, leading to a selloff in both stocks and crypto.

Bitcoin ETFs also felt the impact, with net outflows totaling $287.8 million. Fidelity’s FBTC saw the largest outflow of $163.3 million, followed by Grayscale’s GBTC with $50.4 million, and ARK Invest’s ARKB with $33.6 million.

Despite the current market conditions, there is a silver lining. Historically, October has been Bitcoin’s second-best performing month, and November has typically delivered even stronger returns. Investors may find some optimism in these historical trends as they navigate the current volatility.

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CRYPTO - THE ONLY SAFE SOLUTION

Often, people don’t opt for decentralized systems voluntarily; they’re driven to them when no safer or more reliable alternatives are available. ⚠️

This pattern became evident over the weekend when X/Twitter was banned in Brazil. In response, 1 million users flocked to its decentralized alternative, BlueSky, within just three days, and traffic spiked 15x.

This might seem like a small event, but if you zoom out, you’ll see that “adoption by duress” has been a powerful growth engine in the past…

2008 Global Financial Crisis (GFC):

The GFC triggered the creation of Bitcoin. In the aftermath, Satoshi Nakamoto introduced Bitcoin, embedding a critique of the financial system in the genesis block.

2012-13 Cyprus Financial Crisis:

As Cyprus faced economic collapse, its citizens turned to blockchain to safeguard their assets, making the country a prominent crypto hub.

2017-2020 Central Bank Monetary Policy:

Central banks injected vast amounts of money into the economy, devaluing currencies. Much of this excess liquidity found its way into crypto.

2024 Argentina’s Inflation Surge:

Crypto adoption in Argentina soared amid a 276% inflation rate. Binance reported that countries facing hyperinflation, war, or sanctions topped their visitor list.

Binance Top Visits by Country:

2024 Russia’s Crypto Legalization:

To circumvent global banking sanctions and being cut off from SWIFT, Russia legalized crypto for international trade.

So, what’s the big picture?

Like how the first drop of water down a cold bottle creates a path that others follow, the global financial system is increasingly charting a course toward decentralized solutions.

As centralized systems fail, capital naturally flows down the path of least resistance toward decentralized alternatives. 😎

It’s a bit grim, but it’s comforting to know we all have a shared life raft to turn to when needed.

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SEPTEMBER DATES TO LOOK OUT FOR

Historically, Bitcoin has struggled in September…

The average decline for Bitcoin during this month is -4.34%. 📉

But this year, several key events could shift the tide.

Here’s what’s on the horizon:

6th of September - Jobs Report

The Bureau of Labor Statistics (BLS) provides a monthly update on employment trends.

Last month, when the BLS reported higher-than-expected unemployment, both Bitcoin and Ethereum fell by 4% and 6%, respectively.

This month’s report could lead to another significant market reaction.

10th of September - US Presidential Debate

There’s no denying the influence of the U.S. presidential election on the crypto market.

Trump’s comments on Bitcoin tend to boost its price.

In contrast, when Harris leads in polls, prices often fall.

The upcoming Trump-Harris debate could have significant consequences for crypto.

If Trump comes out on top, Bitcoin might see a price boost.

11th of September - CPI Data Release

The U.S. Consumer Price Index (CPI) data for August will be released on September 11.

This data is crucial—if it comes in under 2.9%, it signals that inflation is easing.

Analysts expect this outcome, which could prompt the Fed to lower interest rates on September 18.

12th of September - PPI Data Release

On the heels of the CPI data, the Bureau of Labor Statistics will release the Producer Price Index (PPI) inflation data.

July’s PPI indicated a better-than-expected reduction in inflationary pressures.

If August's data shows continued improvement, it could further justify a rate cut by the Fed.

18th of September - FOMC Meeting

This is the event everyone’s waiting for…

The Fed will announce their decision on interest rates.

At the last meeting, Fed chair Jerome Powell maintained current rates but noted that inflation was easing.

This time, many analysts expect the Fed to announce a rate cut.

29th of September - CZ Release Date

This one’s a bit different…

Former Binance CEO CZ is scheduled to be released after serving a four-month prison sentence.

Given the nature of the crypto market…

Could this event trigger a new bull market?

These are the critical dates to watch in September.

Will Bitcoin break free from its usual September downturn? We’ll soon find out.

OTHER NEWS:

• Peter Todd in a new research paper analyzes various covenant-dependent Layer 2 solutions for Bitcoin, highlighting their potential to improve scalability and efficiency while noting their complex implementation and dependence on significant protocol changes

• Blink Lightning wallet explores 17 groundbreaking Lightning Network innovations that are reshaping Bitcoin transactions, making fast and cost-effective payments possible for remittances, micropayments and more

• Voltage analyzes the privacy implications of Lightning, highlighting vulnerabilities like cross-layer data leakage and potential de-anonymization techniques that undermine its initial privacy goals

• Kaká Furlan, writing for Area Bitcoin, explains how to buy Bitcoin privately on Robosats, a P2P platform that utilizes the Lightning Network for secure, anonymous transactions without KYC requirements, ensuring user privacy during trades

• Joakim Book, writing for the Mises Institute, reviews the new book Bitcoin: The Inverse of Clown World by Knut Svanholm and Luke de Wolf, and explains how Bitcoin offers a pathway to freedom amid societal decay caused by interventionism and a broken monetary system

• Joe Consorti analyzes the slow and painful death of Ethereum, emphasizing its waning narratives, ETF struggles, and reversed deflationary supply, ultimately signaling its failure to maintain market relevance

FOR THE FERTILE MIND…

You are what you read! Here is what we are reading right now…

Cryptosovereignty - Erik Cason
The Sovereign Individual - James Dale Davidson and Lord William Rees Mogg
Contributions to Philosophy (Of The Event) - Martin Heidegger
Liberty and Property - Ludwig Von Mises

MEMES OF THE WEEK