It all kicked off when Bitcoin decided to have a little party, jumping to $118,000 on Thursday morning after the Fed’s rate cut. 🎉 But, as is often the case with parties involving Bitcoin, the fun didn’t last. By Friday, it was nursing a hangover at $116,000. 🥴
Google, ever the patron of progress (or is it profiteering?), has pledged a $1.4 billion backstop, swelling the total to $3.2 billion. Fleury, with a straight face, suggests this will improve their credit rating-as if the very earth beneath us is not trembling under the weight of such hubris. High-yield bonds, leveraged loans-the language of financiers, devoid of soul, echoes through the halls of their negotiations. Yet, the deal, like a dissident’s hope, remains unfinalized, its fate hanging in the balance.
Pray, let us cast our eyes upon the ASTER price chart, which tells a story of initial exuberance followed by a rather predictable retracement. The token, in its mid-September heyday, formed a steep rising channel, peaking at $2.43 before modestly retreating to $1.82-$1.83 at the time of this scribbling. The break below the channel support on September 24 was but the first whisper of exhaustion, hinting at deeper corrections to come. Alas, the fickleness of the market! 😓📊
The substantial correction in the crypto market intensified over the past 24 hours, and Ripple’s XRP was among the worst-affected leading digital assets. Its price is down 10% on a weekly scale, currently trading at around $2.73 (per CoinGecko’s data). A veritable rollercoaster, if you’ll forgive the metaphor. 🎢
Abhishek Pawa, CEO of AP Collective, blamed a “misconfigured index hard-coded at $1” – which is tech-speak for “someone forgot to check the settings before launching this particular financial rocketship.” With the price cap lifted, XPL futures on Aster skyrocketed to $4 while other platforms sat at a humble $1.30. Classic. 🌌
According to CrediBULL (who, let’s be honest, might be more bullish than a rodeo cowboy), the panic might just be, well, unnecessary. While the short-term chart looks like it was drawn with crayons, the bigger picture is far more optimistic. It’s like looking at a selfie taken in a dark room and assuming you’re a ghost. Chill. 🌚
Meanwhile, the Crypto Fear and Greed Index, that trusty gauge of our emotional turmoil, has plummeted to its lowest point in five months. Oh, the fear! Is this a golden opportunity to buy or a warning that we might all be headed for a greater plunge? The tension builds, my dear reader, like a tragic Shakespearean drama-who will emerge victorious? 🏦💸
Fortune favors the bold, it is often said. Thus, with a staggering $5 billion of leverage now swept away, one might envisage a stage set for ETH to dance a more measured and enduring recovery.
One might say the coin’s 50% nosedive was but a minor hiccup in the grand opera of their vision, though the opera’s chorus now sings in a slightly more falsetto register.
In their latest weekly report, the number-crunching wizards at Glassnode 🧙♂️ have been gabbing about Bitcoin’s Realized Cap growth. For those of you not fluent in crypto-speak, this capitalization model assumes each Bitcoin is worth what it was last traded for on the blockchain. Essentially, it’s the total amount of cash investors have thrown into the Bitcoin pot. Think of it as the “cost basis” of the entire circus. 🎪
