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In 2010, Bitcoin was worth a few cents. One year later, it hit $20. In six years, it was $17,000, and now it’s sitting at over $100K, after hitting an ATH of $123K in July. 📈 (Or is that just a fancy way of saying “it went up a bit”?)
Ethereum, that sluggish aristocrat of crypto, barely twitched this week-up a pitiful 1%. Volume dwindles like the enthusiasm of a man forced to listen to his aunt’s knitting anecdotes. Resistance looms at $5,000, while $4,000 plays the role of reluctant floor. Since August, ETH has lingered in this purgatory, as if waiting for Godot-or perhaps just another Elon tweet.
This all happened while Solana was doing its best impression of a caffeinated kangaroo, bouncing up double digits in a month. Ain’t that just the way? Money attracts money, even in crypto-land.
It was during the grand occasion of Taipei Blockchain Week that Sora Ventures unveiled this dedicated Bitcoin (BTC) treasury fund, declaring an ambition to purchase $1 billion worth of BTC within half a year. The initial subscription of $200 million from partners and investors throughout the region was no doubt uttered with utmost hope and considerable-or perhaps reckless-optimism.
However, September has ushered in a fresh wave of optimism, primarily fueled by the anticipation of a Federal Reserve rate cut. According to Polymarket, the probability of such an event is now over 95%, igniting a risk-on sentiment among investors. This could, once again, propel the crypto markets to unprecedented heights, reminiscent of past glories. 🌠
As one might expect in such grand escapades, two pools felt the weight of this bug: the weETH/ETH pairing gracefully residing on Unichain, and the delightful USDC/USDT duo adorning Ethereum. It was, indeed, a plot worthy of a Victorian novel.
Meanwhile, Ethereum has been having a bit of an off week-like your friend who shows up to a party without any snacks-while XRP is putting on its dancing shoes, firmly stationed near its 2017 glam-rock highs. It’s like watching a butterfly emerge from its cocoon, except the butterfly is a digital currency and it’s totally okay if it flaps its wings right into the next price breakout.
The irony is thicker than a Tolstoyan novel: a socialist regime, once a vocal critic of capitalist excess, now clings to a cryptocurrency created by the very system it decries. 🤡 The bolívar, that paper relic of bygone economic fantasies, flutters helplessly as hyperinflation devours its worth. Meanwhile, USDT-stable as a tsar’s frown-has become the unofficial currency of survival.
ETHzilla Corporation (Nasdaq: ETHZ), the financial equivalent of a T-Rex trying to use a smartphone, is dipping its massive claw into defi with a $100 million ETH deployment into Etherfi. 🦖 This liquid restaking protocol promises higher yields than regular staking, all while pretending to care about Ethereum’s network security. Because nothing says “decentralized” like a corporate giant flexing its treasury muscles.
Dogecoin [DOGE], perched somewhat precariously among the top ten cryptocurrencies by market capitalization-a position it maintains, astonishingly, ahead of all rivals in the memecoin menagerie-continues to exist. A fact which, frankly, requires a certain suspension of disbelief. ✨