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Ether Outperforms Bitcoin as Token 2049 Concludes, Overall Crypto Market Stays Flat

Sep 22, 2024
    Monday marked a slow beginning to the Asia trading week with BTC up 1.2% and ETH up 2.6%.Solana memecoin MOTHER, the brainchild of music star Iggy Azalea, is up 4% after having a strong presence at Breakpoint in Singapore.
As a seasoned researcher with a knack for deciphering market trends and a soft spot for crypto memes, I found Monday’s Asia trading week to be an interesting blend of the traditional and the whimsical. The slow start, with BTC and ETH showing modest gains, was predictable given the post-conference lull. However, the surge in MOTHER, the brainchild of music sensation Iggy Azalea, caught my attention.Ether (ETH) surpassed Bitcoin (BTC) in their daily earnings, following the conclusion of Token 2049 and Solana’s Breakpoint, two major cryptocurrency conferences held in Singapore. However, both Ether and another token have remained steady as the market maintains its current state without significant movement.
Currently, Ethereum (ETH) has risen by approximately 2.6% and is being traded above $2,600, as indicated by CoinDesk Indices data. On the other hand, Bitcoin (BTC) is also on an upward trend, trading above $63,700 with a gain of 1.2%. The CoinDesk 20 (CD20), which tracks the performance of the largest digital assets, remains relatively stable, showing a minimal increase of less than 1%.

According to information from CoinGlass, over the past 12 hours, there has been a higher number of short position closures (liquidations) compared to long positions, with a total of approximately $64.23 million in short positions and about $54.42 million in long positions being closed.

Following last week’s 0.5% interest rate decrease, trading activity seems to have taken a pause. However, the crypto market is showing signs of life, with Bitcoin climbing approximately 9.5% over the past week and Ethereum surging more than 16%. In the prediction markets on Polymarket, there’s a strong consensus that another rate cut is imminent, but opinions are divided: about half (47%) believe it will be another 0.5%, while the remaining 47% anticipate a 0.25% reduction.

At the moment, Solana (SOL) is level, trading slightly above $145. Following the Breakpoint conference, which took place shortly after Token 2049, attendees were particularly impressed by the announcements made by the protocol, including the activation of Jump Crypto’s validator.

It appears that Pendle, which is one of Arthur Hayes’ fund Maelstrom’s investments, has seen a drop of approximately 6.5%. This decrease might be due to traders feeling uneasy because Maelstrom has lessened its involvement in the project. The cause for concern could stem from the fact that Hayes had previously devoted significant time to advocating for this project during a public event in Singapore.

In his own words, Hayes mentioned that they scaled down their presence in Pendle to secure funds for a unique financial circumstance.

He mentioned on X that those keeping tabs on our finances can expect to gain some insight into this matter quite soon.

Pendle is up over 24% on-week according to CoinGecko data.

Currently, the memecoin known as MOTHER, which has gained popularity through the endorsement of music sensation Iggy Azalea, has surged by 4.5%. This increase follows her recent announcement that the project is developing a partnering casino named Motherland.

Among a limited number of celebrity-based meme tokens, MOTHER has successfully held its worth. The digital currency primarily trades on decentralized exchange platforms and lacks availability on popular centralized trading sites. Adding an online casino feature could make the process of listing it on major centralized exchanges more intricate due to regulatory challenges.

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2024-09-23 09:51