Bitcoin's Volatile Week & Key Levels

Ethereum's Stagnant Phase

Fed to Cut Rates Amid Job Slowdown: The Federal Reserve is set to cut rates by 25 basis points on September 17 due to weak job growth and inflation risks. Markets expect three rate cuts this year. The move will lower the target range to 4.00%-4.25%. Some economists predict further cuts, but concerns about inflation and rising unemployment remain.

Bitcoin's Dropping Correlation: A key metric to watch is Bitcoin's correlation with other assets. While Bitcoin and the S&P 500 have recently moved in opposite directions, with Bitcoin posting negative returns while the S&P 500 has been positive, this suggests a low correlation between the two. Meanwhile, Bitcoin's correlation with gold has also been weakening, as Bitcoin’s performance has been declining, while gold has shown strong positive returns. This indicates that Bitcoin is becoming more independent, potentially offering better diversification opportunities for investors.

Bitcoin Dominance Drops to 55%, Paving Way for Altcoins: Bitcoin dominance has fallen from 62% to 55%, signaling a shift towards altcoins like Ethereum and Solana. This decline suggests potential for altcoin growth, though the sustainability of this momentum will depend on genuine market demand rather than speculative trading.

Binance and Franklin Templeton to Collaborate: In a significant move, global investment leader Franklin Templeton, with $1.6 trillion in assets under management, has announced a partnership with Binance. The collaboration aims to explore ways to combine Franklin Templeton's expertise in compliant security tokenization with Binance's global trading infrastructure, which could accelerate the adoption of digital assets in traditional finance.

Corporate Bitcoin Treasuries Soar: Corporate treasury companies are surging an average of 150% after announcing crypto adoption strategies. A recent report reveals that public companies now hold over $113 billion in Bitcoin, a testament to the growing trend of using digital assets as a growth catalyst and inflation hedge.

Nasdaq to Launch Tokenized Securities: Nasdaq is working with U.S. regulators to introduce tokenized securities trading, making it the first major U.S. exchange to do so. If approved, this move would allow blockchain-based settlement in the national market system, marking a significant step in the growing tokenization trend.

Binance.US Slashes Fees: In a bid to regain market share, Binance.US has cut fees on more than 20 trading pairs to near zero, including Ethereum and Solana. This comes as the exchange's trading volumes have all but dried up, and it's a strategic move to compete with rivals like Coinbase and Kraken. 

SEC and CFTC to Host Joint Roundtable: The SEC and CFTC have announced a joint roundtable on regulatory harmonization opportunities for crypto assets, scheduled for September 29th. This is a positive step toward creating a more coordinated and clear regulatory framework for the industry. 

Chainlink Leads RWA Development: According to data from Santiment, Chainlink (LINK) leads all DeFi platforms in developer activity over the past 30 days, far ahead of its peers. This is largely driven by its pivotal role in the Real-World Asset (RWA) sector, where it's building out core infrastructure and oracle solutions. 

Top GitHub Commits: Consistent development is a sign of a healthy project. As of September 8, Ethereum leads the pack in weekly GitHub commits, followed by Cardano and Flow. This robust activity indicates strong, ongoing innovation within these ecosystems. 

New Malicious NPM Packages: Cybersecurity researchers have discovered two new malicious packages on the npm registry that use smart contracts to carry out attacks on compromised systems. This highlights a new trend of attackers leveraging blockchain to distribute malware and evade detection. 

Venus Protocol Hack Averted: A hacker recently targeted a Venus Protocol user, putting approximately $13 million at risk through a sophisticated social engineering attack. However, thanks to an early alert from security platform Hexagate, the protocol was paused, and the funds were recovered within 12 hours. This is a great example of how proactive security measures and a quick response can prevent a major disaster. 

Nemo Yield Protocol Loses $2.59M in Hack: Nemo, a Sui-based yield trading platform, lost $2.59 million in a hack caused by an un-audited function. The vulnerability, in a slippage-reducing function called “get_sy_amount_in_for_exact_py_out,” allowed the attacker to manipulate the protocol’s state. The function was deployed without proper auditing by Asymptotic.