In this week's crypto news, Dogecoin (DOGE) has seen a significant surge in value, outpacing other major cryptocurrencies such as Bitcoin and Ethereum. This comes amid increasing corporate and institutional interest in DOGE, with publicly traded company CleanCore Solutions accumulating substantial amounts of the meme coin and positioning itself as an "official" DOGE treasury company. This institutional interest in DOGE, a cryptocurrency initially created as a joke, could signal a shift in the perception and acceptance of such digital assets within the traditional financial sector.
Meanwhile, the launch of Twerk From Home (TFH), an online twerk-off competition, introduces a cryptocurrency element to the exotic dancing industry. The option for dancers to be paid in crypto addresses the high levels of debanking observed in the industry, demonstrating the potential for cryptocurrencies to provide financial solutions in sectors traditionally underserved by conventional banking systems.
The expected interest rate cuts from the Federal Reserve have led to a surge in the prices of major altcoins, including DOGE and Binance Coin (BNB). This optimism in the crypto market could be indicative of the increasing recognition of cryptocurrencies as legitimate financial assets that respond to traditional market stimuli.
However, caution is advised as Julian Figueroa's experience of losing 14 BTC due to common Bitcoin security mistakes serves as a stark reminder of the potential pitfalls in the path to financial independence via cryptocurrencies. His story underscores the importance of understanding the intricacies of crypto trading and the need for robust security measures in the handling of digital assets.
In conclusion, this week's developments highlight the increasing acceptance and integration of cryptocurrencies in both institutional finance and niche sectors. However, the need for informed trading decisions and stringent security practices remains paramount in navigating the crypto landscape.
The following article summaries have been sourced from Decrypt, CryptoSlate, NewsBTC, and Crypto Briefing. Each summary includes a direct link to the original source.
Dogecoin (DOGE) has experienced a significant surge in value, outperforming other major cryptocurrencies such as Bitcoin and Ethereum. The meme coin's value has increased by nearly 13% in a single day, reaching over $0.30 for the first time since early February. Over the past week, DOGE has seen an increase of about 40%, dwarfing the gains made by Bitcoin and Ethereum, which have risen by 4.5% and 9% respectively. This growth comes amid increasing corporate and institutional interest in Dogecoin, which has been cited as a contributing factor to its recent success.
Publicly traded company CleanCore Solutions, trading as ZONE on the NYSE American, has begun accumulating substantial amounts of Dogecoin, currently holding over 500 million DOGE, equivalent to approximately $148 million. The firm is collaborating with House of Doge, the commercial arm of the Dogecoin Foundation, and has positioned itself as an "official" DOGE treasury company. CleanCore's CIO, Marco Margiotta, has expressed the company's intention to establish Dogecoin as a serious reserve asset while promoting its use for payments and other financial services. Additionally, the first U.S. spot Dogecoin ETF from Rex-Osprey, which will allow regular investors to purchase DOGE through traditional brokers, is generating excitement despite multiple launch delays. Despite these delays, Dogecoin's value continues to climb.
Twerk From Home (TFH), a new organization co-founded by CEO Joe Mahavuthivanij, is launching a weekly online twerk-off competition, culminating in a $10,000 grand final on October 4. Mahavuthivanij aims to professionalize and legitimize exotic dancing, drawing inspiration from the UFC's success in transforming the perception of mixed martial arts. The competition will feature dancers from around the world, competing via webcam, with viewers voting for their favorite dancers by purchasing "gifts". The dancer with the most gifts will win the competition.
Mahavuthivanij has also incorporated a cryptocurrency element into the competition. Dancers have the option to be paid in crypto, a decision influenced by the high levels of debanking observed in the industry. Additionally, viewers can purchase gifts for dancers using cryptocurrency. The competition will not be judged by professionals, but by the audience, a model Mahavuthivanij likens to popular TV shows like American Idol. While he acknowledges that existing twerk competitions have the advantage of professional judges, he hopes to introduce expert commentary over time to educate viewers and add depth to the competition.
The CEO of TFH hopes that the platform can help reduce the stigmatization faced by exotic dancers in society. He also plans to expand TFH into other niches after the first tournament. The option to be paid in crypto is seen as a way to provide financial stability for dancers who often face the closure of their bank accounts, a problem that is prevalent in the sex work industry. Mahavuthivanij believes that providing legitimacy to the profession is long overdue.
Major altcoins, including Dogecoin and Solana, experienced significant gains on Friday, with Binance Coin (BNB) reaching a new all-time high. This surge followed jumps in the prices of Bitcoin and Ethereum, both of which reached their highest points this month. Investors are optimistic about the potential benefits to the crypto market from the Federal Reserve's expected interest rate cuts next week. BNB, the sixth-largest digital coin by market cap, reached a new high above $926, marking a 70% increase over the last year. Dogecoin also saw a significant rise, trading for over $0.27 after an 8% jump on the day.
The rise in altcoin prices coincides with Bitcoin and Ethereum's gains. Bitcoin recently hit its highest price in a month, following a successful week for spot ETFs. Ethereum also reached its highest point this month on Friday. This surge in investor interest in digital assets followed data showing a cooling of inflation in the U.S., which increased the likelihood of the Federal Reserve cutting interest rates next week. In other news, digital assets exchange Gemini began trading on the Nasdaq at an approximate valuation of $4.4 billion on Friday, following successful debuts by other crypto companies such as Circle, Bullish, and eToro. Gemini's stock opened at $37.01 per share, a 32% increase compared to its IPO price of $28, and ended the trading day at $32 per share.
The Federal Reserve's anticipated interest rate cut has stirred mixed reactions in the financial sector. While crypto traders are excited about the potential influx of liquidity, some experts, like economist Peter Schiff, are concerned about the potential negative impacts on the global economy. Schiff, known for his candid commentary, has labeled the rate cut as a "huge mistake." He believes that the move could trigger a series of cuts and aggressive quantitative easing, potentially leading to the U.S. dollar losing its reserve currency status.
Crypto traders, on the other hand, are optimistic about the rate cut. They believe that lower interest rates will inject markets with cheap capital and relax financial conditions, resulting in higher prices for volatile assets like cryptocurrencies. Market participants are almost unanimously expecting a cut, with bets on Bitcoin and altcoins increasing. However, Schiff opposes this move, arguing that it encourages money to move out of safe havens and into riskier bets. Despite Schiff's warnings, many analysts, including teams at Goldman Sachs and BlackRock, view the rate cut as a necessary measure to support a weakening labor market and prevent a recession. The upcoming Fed rate cut is a contentious issue, with potential impacts on both traditional and crypto markets.
Financial markets continue to rally despite underlying risks, with Wall Street seemingly ignoring the growing issues in the U.S. job market and real economy. This disconnect has historically led to significant problems. As EndGame Macro has highlighted, when job openings decrease and unemployment increases, the stock market often continues to rise until the reality of the situation takes hold. This pattern was observed in 2001, 2008, and 2020, with stocks remaining buoyant due to hopes of a Federal Reserve intervention or new era narratives, only to plummet when weaker jobs data began to affect company earnings. This typically occurs within 6-12 months and is often accompanied by a sharp drop and a recession.
The current situation mirrors this pattern. August's jobs data was weaker than anticipated, with only 22,000 new jobs added and the unemployment rate increasing to 4.3%. Despite this, the S&P 500 remains near record highs, fueled by Wall Street's optimism about imminent Federal Reserve rate cuts, easy liquidity, and the continued momentum of tech stocks. However, this optimism is not sustainable, and history suggests that deteriorating jobs data will eventually lead to lower stock prices as profit forecasts are reduced.
In contrast to equities, Bitcoin and the broader crypto markets have responded quickly to these macro signals. In early September, Bitcoin's price surged past $113,000 as weak jobs numbers increased hopes of a rate cut. With the odds of a rate cut at the next Federal Reserve meeting now over 90%, markets are pricing in the expectation of more liquidity in the system. This has led to Bitcoin's price exceeding $116,000 and Ethereum's price surpassing $4,700. If history repeats itself, a sudden correction in equity could push more investors towards Bitcoin and crypto as both a hedge and speculative plays on monetary easing. As labor markets weaken and the risk to the dollar persists, digital assets may become attractive alternatives to stocks.
Julian Figueroa, host of The Exit Manual, has revealed that he lost 14 BTC, currently valued at around $1.6 million, over the past eight years due to common Bitcoin security mistakes. Figueroa warns that 90% of current Bitcoin buyers are likely to commit at least one of these errors. His experiences underline a harsh reality: the path to financial independence via Bitcoin is fraught with potential pitfalls, and most users are likely to repeat these mistakes.
Figueroa's first mistake was attempting to outsmart market cycles through active trading, which cost him 4 BTC. He discovered that it's nearly impossible to consistently buy low and sell high, and that holding onto Bitcoin long-term usually yields better results. His second error was investing 2 BTC in altcoins, which he believed would outperform Bitcoin but ultimately did not. Studies have shown that most altcoins significantly underperform Bitcoin in the long run. Figueroa's third and most costly mistake was keeping his coins on centralized exchanges. He lost 8 BTC, nearly $1 million, when an exchange failed. Figueroa emphasizes that self-custody is the only real security in the crypto world, and that users should resist the temptation of convenience offered by custodians.
Figueroa's story serves as a cautionary tale for both new and experienced Bitcoin investors. His advice to avoid similar losses includes not trying to trade based on market highs and lows, ignoring the allure of altcoins promising huge returns, and maintaining control of your own private keys. He stresses that in the world of Bitcoin, if you don't control your keys, you don't control your coins.
Opeyemi, a proficient writer and enthusiast in the cryptocurrency industry, has been deeply involved in the space for over two years. His work primarily involves analyzing and interpreting various price patterns and chart formations of different cryptocurrencies. However, his real passion lies in connecting price chart movements to on-chain activities and blockchain operations. He views these market insights as crucial, considering himself a messenger of this information.
Away from his keyboard, Opeyemi enjoys a variety of activities, including listening to music, playing games, reading, and socializing with friends. He is particularly fond of the Afrobeats genre and considers authors like George R. R. Martin and J. K. Rowling as the greatest writers. He also values self-development, constantly learning to stay competitive in the ever-evolving crypto market. He believes in efficiency and timely delivery of his work, always striving to improve.
Opeyemi views his role as a writer in the crypto world as a mission to spread awareness about the exciting phenomenon of cryptocurrency. He takes satisfaction in knowing that he contributes to this mission daily, helping to shed light on the complexities of blockchain technology and the latest trends in the crypto market.
Semilore Faleti, a cryptocurrency writer at NewsBTC, has developed a reputation for his ability to break down complex topics in the blockchain and cryptocurrency space. With two years of experience in crypto writing, he has covered a wide range of topics including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations, and network upgrades. Faleti's early career was marked by his creation of educational content that catered to both newcomers and veterans in the crypto space. His work is known for its accessibility, accuracy, and informative nature.
At NewsBTC, Faleti focuses on reporting the latest news on cryptocurrency price action, on-chain developments, and whale activity. He also provides token analysis and price predictions from top market experts, offering potentially insightful and actionable information to his readers. His engaging writing style and meticulous research have made him a trusted source in the crypto journalism field. Beyond his professional life, Faleti is a music enthusiast and a strong advocate for social justice, inclusivity, and equity. He promotes active political participation as a means to effect positive societal change.
In summary, Semilore Faleti is a unique figure in the world of crypto journalism, combining expertise with a passion for social justice and political engagement. His commitment to demystifying digital assets and advocating for their adoption, along with his dedication to social justice, positions him as a dynamic and influential voice in the industry. His work continues to inform, educate, and inspire his audience towards a more transparent and inclusive financial future.
Crypto analyst Borovik has made bullish predictions for the prices of XRP, Dogecoin, and Solana by 2026. He expects XRP to reach $23, Dogecoin to hit $2, and Solana to soar to $1,800. Borovik also made predictions for other major cryptocurrencies including Bitcoin, Ethereum, BNB, and TRX. However, he did not provide any specific reasons for these ambitious targets. These coins, which are among the top nine largest cryptos by market cap, excluding stablecoins USDT and USDC, are currently recording significant gains amid the ongoing crypto market rally.
The recent price increases for XRP, Dogecoin, and Solana have been driven by a combination of market sentiment and fundamental factors. XRP has reclaimed the $3 level and Dogecoin has reached a recent high of $0.28, while Solana surpassed $240 for the first time since January. The launch of the first XRP and DOGE ETFs by REX-Osprey next week is expected to inject new capital into these ecosystems, potentially driving prices higher. Solana has also benefited from the launch of a $1.65 billion SOL treasury firm, Forward Industries, which has added significant buying pressure on the cryptocurrency.
Other analysts also predict further gains for these altcoins. CasiTrades suggests that XRP's consolidation period is over and it could rally above $4.60. Ali Martinez believes Dogecoin is still in the buy zone and could rally to as high as $4 if it touches the middle channel of an ascending channel. He also suggests that $1,300 is the primary target for SOL after breaking out of a cup and handle pattern.
Rabby Wallet has broadened its compatibility by integrating the XRPL EVM chain, a move that brings Ethereum Virtual Machine (EVM) compatibility to the XRP Ledger. This development was made possible through a partnership with Peersyst, a technology firm that collaborated on the integration to facilitate this functionality within the wallet interface.
This integration means that Rabby Wallet users can now access the XRPL EVM chain. Essentially, it allows for the exchange and interaction of Ethereum-based applications within the XRP Ledger ecosystem. This is a significant step in expanding the interoperability of cryptocurrencies and enhancing user experience within the Rabby Wallet platform.
NASDAQ-listed healthcare and diagnostics company, Prenetics, has announced its current Bitcoin holdings of 228 BTC. In addition, the company is actively buying 1 Bitcoin daily as part of its corporate treasury strategy. This move places Prenetics among a growing list of publicly traded firms that are incorporating Bitcoin into their corporate treasuries through regular purchases.
The company's decision to invest in Bitcoin is a clear indication of the increasing acceptance of cryptocurrency among traditional businesses. With this strategy, Prenetics is not only diversifying its investment portfolio but also demonstrating confidence in the potential of Bitcoin as a valuable asset. This trend among publicly traded companies could potentially influence other firms to follow suit, further bolstering the mainstream acceptance of cryptocurrencies.
OKX's X Layer blockchain has achieved a significant milestone, recording 71,400 active addresses on September 12. This historic high has propelled the total number of addresses on X Layer to surpass the 4 million mark. This achievement demonstrates the growing adoption and use of the X Layer network, which is part of the OKX decentralized exchange.
In addition to this, the X Layer network has generated nearly $1.0 million in fees for the OKX decentralized exchange. This places it second among Ethereum Virtual Machine-compatible networks, with BNB Chain being the only one ahead. This indicates the increasing financial value and relevance of the X Layer network within the broader crypto ecosystem.
