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DAILY MARKET OVERVIEW
Crypto Market Roars Back

Happy Friday, Crypto Enthusiasts! The crypto market is making a strong comeback so let’s explore the latest details!

The crypto market is surging today, with Bitcoin briefly topping $62,000 and Ethereum jumping over 10% to $2,700.

This rally comes as traditional finance continues to embrace blockchain technology, with asset management giant Franklin Templeton making a big move in the space.

Franklin Templeton’s blockchain-based money market fund, (FOBXX), has just launched on Arbitrum – one of the most popular Ethereum scaling networks.

This expansion makes the fund more accessible to retail investors and highlights the growing demand for tokenized real-world assets.

“We’re all about listening to the consumer and giving them what they want,” said Roger Bayston, Franklin Templeton’s head of digital assets.

• The FOBXX fund, which invests in US government securities and related instruments, now holds about $420 million in assets.

This launch is part of a larger trend, with the tokenized treasury market more than doubling to $1.8 billion in the first half of 2024. BlackRock’s BUIDL fund, the largest in the space, has already paid out $7 million in dividends since launching in March.

Meanwhile, the Trump family is also getting in on the crypto action.

Donald Trump Jr. teased an upcoming DeFi project during a recent Q&A, saying it aims to “take on a lot of the banking world” and address issues of financial access.

• While he expressed love for memecoins, Trump Jr. emphasized this would be a more substantial long-term platform.

The crypto options market is also heating up, with $2.5 billion in Bitcoin and Ethereum options expiring today. This comes after a week of intense volatility that saw over $1 billion in liquidations earlier this week. However, the market has shown resilience, bouncing back strongly.

Adding to the bullish sentiment, Russia has officially legalized Bitcoin and cryptocurrency mining. The new law, set to take effect in November, allows registered firms to mine crypto and could reduce Russia’s reliance on the US dollar for international trade.

With institutional adoption accelerating, new DeFi projects on the horizon, and supportive regulation emerging in major economies, the crypto market seems poised for an exciting end to 2024. As always, stay tuned and trade carefully!

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TWITTER SENTIMENT
Ethereum & New Contenders

Ethereum sentiment remains cold, but we continue to witness strong confidence from both investors and analysts.

Some are optimistic that the worst may be behind Ethereum, especially with major digital funds like Franklin Templeton and BlackRock choosing Ethereum as the settlement layer for their digital asset funds.

Outflows from Grayscale ETFs have also slowed significantly, with just $19 million in outflows yesterday compared to the $484 million seen at the ETF’s launch.

This might be a good time to start paying closer attention to Ethereum and its ecosystem.

An interesting project we have seen mentioned on social media recently has been Avail.

Avail found by Polygon’s co-founder is a strong competitor to Celestia (TIA), and both are part of the growing modular narrative.

If the crypto market starts to strengthen soon, Avail could be a strong contender that performs exceptionally well during the bull run.

NEWS OVERVIEW
The Latest Crypto Headlines

Bitcoin Surges Past $62,000 Amid Easing Recession Fears
Bitcoin’s price briefly exceeds $62,000 as concerns over a global recession diminish, boosting investor confidence.

Ethereum Jumps 10% as Grayscale ETF Outflows Slow
Ethereum’s price rises by 10% following a slowdown in outflows from Grayscale’s Ethereum Trust, indicating renewed investor interest.

Tether Plans to Double Workforce to 200 Employees
Tether is set to expand its workforce, aiming to increase its team to 200 employees as the demand for its stablecoin grows.

Hong Kong Lawmaker Advocates for Better Banking Access for Crypto Firms
A lawmaker in Hong Kong calls for improved banking access for cryptocurrency companies to foster growth in the sector.

YOUTUBE INFLUENCER SUMMARY

Miles Deutscher – My EXACT Altcoin Buy Setup Just Triggered! (09.08.2024 Summary)

Miles discusses a significant upturn in the cryptocurrency market, particularly Bitcoin’s recent performance. He notes that Bitcoin has seen its best day in 29 months, rising 22% from Monday’s lows and gaining $120 billion in market cap. This surge coincides with strong performance in the stock market, especially among NASDAQ tech stocks.

• Miles believes this could be a buying opportunity as Bitcoin breaks through key resistance levels. He highlights positive inflows into Bitcoin spot ETFs, reversing the trend of outflows seen in previous weeks. This shift in momentum, coupled with potential easing of monetary policies by central banks worldwide, creates what Miles calls a “beautiful early bull setup.”

• Regarding trading strategy, Miles advises caution but optimism. He suggests bidding on retests of support levels, focusing on the strongest performing altcoins. He emphasizes the importance of having clear invalidation points for trades, such as Bitcoin falling below $60,000.

• Miles then lists several altcoins he’s watching closely, including Sui, Solana, Jupiter, TON, and some meme coins like MOG and POPCAT. He explains that he looks for coins showing relative strength and clear technical setups.

• Throughout the discussion, Miles stresses the importance of combining fundamental analysis with technical setups when making trading decisions. He advises readers to be patient and selective, rather than blindly buying everything.

Finally, Miles mentions that he provides more detailed and timely updates on his trades through his Discord community, the Mars High Club, for those interested in more hands-on guidance.

Lark Davis – Bitcoin Holders It’s Happening! (09.08.2024 Summary)

Lark discusses the recent surge in Bitcoin’s price, expressing excitement about the market’s wild rally. He notes that Bitcoin jumped from around $55,000 to $62,000 in a single day, calling it an “unbelievable” and “intense reversal” in the market. Lark loves the volatility of crypto markets and finds it thrilling.

• He attributes this rally to several factors. He mentions that better-than-expected jobs data in the US eased recession fears, leading to a boost in both the stock market and crypto. Lark also points out that concerns about issues like the Japanese carry trade and tensions with Iran have subsided, contributing to the positive market sentiment.

• Lark highlights the role of Bitcoin ETFs in this rally. He notes that while there were initial outflows from some ETF products, especially Grayscale, these outflows have dramatically slowed down. Meanwhile, other ETF providers like BlackRock have been holding steady or even accumulating Bitcoin. Lark sees this as a bullish sign for the market.

• He also touches on the performance of other cryptocurrencies. He praises Solana for its strong performance, calling it a “beast” that has outperformed many other assets this cycle. On the other hand, Lark expresses some disappointment with Ethereum’s recent performance, noting that it hasn’t kept up with Bitcoin or Solana.

Throughout the discussion, Lark maintains an optimistic outlook on the crypto market. He suggests that if Bitcoin can maintain its current momentum and break through certain price levels, it could potentially reach new all-time highs by the end of the year. However, he also reminds viewers of the importance of taking profits and managing risk in such a volatile market.

CRYPTO MEMES

“How Markets Feel Today