Top News For Today Polychain spearheads a $6.7M investment | CryptoEconomix on Binance Square

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Top News For Today 
Polychain spearheads a $6.7M investment in the new Bitcoin-focused yield network, Corn.
Tether mints an additional $1B $USDT on the Tron network.
 $BTC  whales increase their $BTC holdings by just 1% per month.
Binance faces an $86M tax demand as it returns to India.
Bitcoin mining costs skyrocket by 168% due to capacity expansion.

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Markets are picking up because the jobs numbers were slightly worse than expected. The chance of a 50bp cut in September has shot up to 49% from 40% a day ago. Almost a coin flip. $BTC $ETH

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Rektember Coming? If you're wondering why crypto market sentiment is particularly low today—especially given that it was already down—it might be because September has historically been the worst month for crypto prices. Over the past 11 years, $BTC has only seen gains three times in September, with an average monthly return of -4.53%. This trend mirrors the stock market, where September is also known for poor performance, though the reasons are unclear. One theory suggests that portfolio managers return from holiday and engage in rebalancing, leading to significant selling that depresses prices. Another theory points to the fact that many mutual funds end their financial year in September, prompting them to sell underperforming stocks to improve their year-end reports.

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Bitcoin Price Analysis: As of today, September 2, 2024, $BTC is trading around $58,300, reflecting a notable decrease from last week's high of $63,768. This decline highlights a bearish sentiment in the market, with BTC facing resistance at levels such as $59,098 and $61,708. These resistance levels are crucial; breaking above them could restore bullish momentum, while failure to do so might push BTC down towards its support levels of $57,265 and $55,433. The market is currently influenced by various technical indicators. The Relative Strength Index (RSI) suggests a bullish divergence, meaning there might be a potential reversal if Bitcoin manages to hold above $57,750. If it falls below this level, however, it might face further declines to around $56,000 or lower. Investors are also closely watching upcoming macroeconomic data, such as the ISM Manufacturing PMI and Nonfarm Payrolls, which could impact Bitcoin's price by influencing broader market sentiment. This analysis indicates a cautious outlook, with the potential for both further downside or a recovery depending on market conditions and economic reports.

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Here are today's top cryptocurrency news stories: 1. Bitcoin's Decline: - $BTC has dropped to around $59,324. This decline is driven by investor caution due to potential interest rate hikes by the Federal Reserve, leading to reduced inflows into cryptocurrencies 2. Ethereum and Solana Down: - $ETH is slightly down, trading at $2,519. $SOL also experienced a 3% drop, now trading at $138, as part of the broader market's cautious trend 3. Gainers Amidst the Downturn: - Despite the overall market decline, BEAM and MultiverseX (EGLD) have bucked the trend, each gaining around 4% over the past 24 hours

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Crypto News Today: Here are the latest updates in the crypto market: 1. Bitcoin and Major Altcoins Decline: $BTC has fallen below the $60,000 mark, trading around $59,000. This drop has led to over $300 million in liquidations. $ETH also saw a significant decline, dropping below $2,500. The overall market sentiment is bearish due to concerns about upcoming U.S. economic data 2. Meme Coins Plummet: Meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have experienced sharp declines, each dropping around 6% over the past day. Other meme coins, including Pepe (PEPE) and dogwifhat (WIF), have seen even larger drops, falling between 9% and 12% 3. Altcoins Show Mixed Performance: While the broader market is down, some smaller altcoins like Popcat (POPCAT) and Notcoin (NOT) have managed to record slight gains of around 1-2% 4. Concerns Over Potential Sell-Offs: The market is also on edge due to the U.S. government's transfer of a large amount of Bitcoin and the anticipated repayments from the Mt. Gox hack, which could trigger further sell-offs #BTC #altcoins binance #MEMECOINS

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