Morning Minute is a daily newsletter by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt.
Today’s top news:
Major cryptocurrencies experience a significant rally as rate hike expectations diminish; BTC rises 5% to $81.3k
HYPE, ZEC, and LIT achieve new all-time highs as alternative coins surge
Bitcoin ETFs record $730M in net inflows, marking the largest since January
AMC CEO criticizes Robinhood’s tokenized stocks; Vlad Tenev responds, sparking a MEME surge
PONS reaches $500M, hitting a new daily revenue high
BitcoinBTC · USD
$79,526+0.68%
24H7D1M1YYTD
02:15 PM08:15 PM02:15 AM08:00 AM02:00 PM
$81.8k$80.9k$80.1k$79.2k
24h HighHigh$82,108
24h LowLow$78,730
VolVol$2.0B
Market projectionsOdds by Myriad
Digital Assets Surge as Rate Cut Optimism Bolsters Market Confidence
Bitcoin reclaimed the $80,000 threshold and surged past $81,100, while the Dow Jones Industrial Average gained 453 points. Over 119,000 traders faced liquidation totaling more than $500 million. Bitcoin exchange-traded funds (ETFs) attracted $731 million in net inflows, representing their strongest performance since January.
Following Bitcoin’s lead, the broader market rallied. XRP spearheaded the major assets with a 7.8% gain, while Binance Coin and Solana each appreciated by roughly 5%. Ethereum advanced 4.7% to reach $2,497, and Zcash surged 18% to $1,000, establishing a new all-time high.
Down the risk spectrum, volatility intensified significantly. PONS surged 56% and has appreciated by 3,001% over the past 30 days. Lighter added 16.8% (also reaching a new all-time high), Ethena climbed 13.6%, Arbitrum rose 12%, and SPX6900 increased 13.2%.
Twenty-four hours of substantial gains erased a week of prior losses. However, the market remains far from out of the woods. Federal Reserve Governor Waller offered a conditional response to economic data that has yet to be released, with hike odds remaining close to a coin flip at 50.4%. The August jobs report is scheduled for release this morning, serving as the final major economic data point before the September 15-16 Federal Open Market Committee meeting, and its results will likely determine whether this rally sustains over the coming weeks.
Provided the August jobs report contains no adverse surprises, the market appears poised for stable conditions over the next two weeks. Bullish analysts suggest the market is positioned for a potential risk-on rally extending into November. The outcome will become clear in the near term.
Macro Crypto and Market Movements
Major cryptocurrencies traded broadly higher, gaining between 4% and 6%; BTC rose 4% to $81.3, ETH increased 5% to $2,526, SOL gained 4% to $104, and HYPE advanced 7% to $87
Top alternative coin movers include PONS (+35%), DASH (+24%), and SPX (+23%)
HYPE reached a new all-time high at $87, LIT achieved a new all-time high at $4.70, and ZEC surpassed a new all-time high above $1,000 as alternative coins experienced a massive trading day
Oil declined 2% to $91; Gold increased 1% to $4,510
Stock futures are mixed ahead of this morning’s jobs report; DOW fell 0.1%, Nasdaq rose 0.5%
The CFTC requested a judge dismiss CME’s lawsuit over its approval of Kalshi’s Bitcoin perpetual contract, dismissing the matter as “much ado about nothing” and arguing CME can list the same product independently
Polymarketlaunched Polymarket Perps with up to 20x leverage on cryptocurrency, equities, commodities, and more
Standard Chartered began offering institutional Bitcoin and Ethereum spot trading through its Dubai branch
SoFi and Kraken parent Payward partnered to integrate Kraken into SoFi’s round-the-clock dollar settlement network, list SoFiUSD on the exchange, and route SoFi crypto trades through Kraken Prime
Bitget CEO Gracy Chen stated she is in discussions with BlackRock and other Wall Street firms regarding the distribution of tokenized ETFs across Asia, where approximately half of the exchange’s 125 million users reside
Corporate Treasuries & ETFs
The Bitcoin ETFs saw $730M in net inflows on Thursday; the ETH ETFs recorded $141M in inflows, breaking a three-week green streak
AMC CEO Adam Aron described Robinhood’s stock tokens as contemptible, outrageous, and vile, stating the theater chain has no connection to tokens tracking its share price and is engaging outside securities counsel. This prompted a response from Vlad Tenev asking “What’s the concern?”, which sparked a massive meme rally
Robinhood chain leaders traded broadly higher as PONS soared 30% to $500M before pulling back, while new runner MEME surged 260x to $100M in just a few hours; Cinema +13x, Fatcoin +37x, and Concern +15x were other notable movers
Solana was led by Useless +70%, Troll +80%, and ZCAT +500%; Ansem rose 5% to $250M
Binancelisted Marscoinfor spot trading, which caused it to jump 60% to $180M, with several other BSC tokens soaring in the wake
Token, Airdrop & Protocol Tracker
Current NFT Market Activity
NFT leaders were mixed; Punks -1% at 30.8 ETH, BAYC +2% at 7.57 ETH, Pudgy -2% at 3.8 ETH
Argonauts (+25%), Identity MD (+20%), and Chubbicorns (+50%) led the top movers
