Daily News | FTX is About to Sell Crypto Assets, with Strong Market Pressure Expectations, Vitalik Buterin’s account Has Been Hacked; 6 Tokens Are About to Be Unlocked This Week

Crypto Daily Digest: FTX may sell crypto assets starting next week; Vitalik Buterin’s Twitter account suspected of being hacked

The FTX sell-off trend is approaching.

Cryptography analyst The DeFi Investor tweeted that there may be significant selling pressure next week. FTX may be approved to liquidate assets on September 13th. As of April this year, FTX holds cryptocurrency worth $3.4 billion. The proposed plan is to sell assets worth up to $200 million per week. According to previous news, in a court document submitted on September 7th, the US Trustee opposed FTX’s proposed plan.

The current negative premium rate of the Gray Bitcoin Trust Fund (GBTC) is 17.17%; The negative premium rate of the Ethereum Trust Fund (EETH) is 24.67%; When the premium of Grayscale becomes positive, the second wave of positive circulation will quickly start, and a large amount of funds will enter the circle through the purchase of GBTC. If it is later converted into spot ETFs, it will have a very important and critical impact. At that time, the circle will really boil, and the next big bull market will be even crazier.

Vitalik Buterin’s account has also been hacked. According to PeckShield monitoring, the Twitter account of Ethereum co-founder Vitalik Buterin is suspected to have been hacked. PeckShield reminds users not to click on phishing links. Currently, tweets containing phishing links have been deleted.

According to Token Unlocks data, tokens for six projects will be unlocked once next week, with APE and APT experiencing significant unlocks. Among them:

At 0:00 (UTC) on September 11th, Moonbeam will unlock 9.7 million GLMRs (worth approximately $1.74 million), accounting for approximately 1.34% of the circulation volume;

At 0:00 (UTC) on September 12th, Aptos will unlock 4.54 million APTs (worth approximately $23.85 million), accounting for approximately 1.98% of the circulation volume;

At 3:33 (UTC) on September 13th, Lido will unlock 1.5 million LDOs (worth approximately $2.22 million), accounting for approximately 0.17% of the circulation volume;

At 23:17 (UTC) on September 13th, Euler will unlock 150,000 EULs (worth approximately $400,000), accounting for approximately 0.83% of the circulation volume;

At 0:00 (UTC) on September 16th, Flow will unlock 7.29 million FLOWs (worth approximately $3.09 million), accounting for approximately 0.70% of the circulation volume;

At 0:00 (UTC) on September 17th, ApeCoin will unlock 40.6 million APEs (worth approximately $51.6 million), accounting for approximately 11.02% of the circulation.

Today’s Main Token Trends

BTC

This week, BTC has continued to hold steady above the crucial support level of $25,281 USD. The consolidation phase appears to be nearing its end, and we may witness significant price action before the end of this month. A conservative strategy would be to consider short positions if the price drops below $25,712 USD, with a target of $24,225 USD. The overall trend still favors a bearish outlook.

TRB

TRB has experienced short-term consolidation and achieved its target price of $29.32 USD with a maximum gain of 92.12%. It is recommended to take profits at this point. Subsequently, the coin is expected to continue its short-term downtrend, and it is advisable to maintain support at the $22.55 USD level for a chance at further upward movement.

TORN

TORN, the leading project in the mixed-coin agreement space, has plummeted from its all-time high of $948.8 USD to its current price of $2.91 USD, marking a staggering 99.69% decline. After a recent breakout followed by a retracement, it is recommended to maintain support at $2.8505 USD, with upward targets at $3.2971 USD and $3.6143 USD.

Macro: This Wednesday’s CPI may be mixed, beware of “terrorist data” causing a bigger storm

The August CPI data will be released at 20:30 on Wednesday evening, which will affect market expectations of whether the Federal Reserve will raise interest rates in November, so it is crucial (regardless of whether the Fed’s September 21 meeting will keep interest rates unchanged). Based on market expectations, economists expect the US CPI to accelerate to 3.6% in August, with a month on month increase of 0.5% -0.6%, the largest increase since inflation peaked in June 2022. However, its core CPI, which excludes food and energy costs, will fall back to 4.3%, which will be the lowest level since November 2021 (before interest rate hikes).

The Federal Reserve has entered a period of silence before the meeting, and no officials will speak this week. It has been almost two months since the last Federal Open Market Committee (FOMC) meeting, and after the calm Jackson Hole incident, the market urgently needs some new policy guidance.

Prior to this, investors will focus on August CPI and retail sales data. If inflation rises and commodity demand does not significantly weaken, the expectation of a rate hike in November may become consensus.

However, the inflation report may not bring a clear signal. Considering the soaring gasoline prices, overall inflation will significantly increase, but core inflation may be expected to cool down. Unless these two data significantly exceed or fall below expectations, the market’s response may be relatively mild. On the other hand, as Americans respond to rising energy prices, rising debt levels, and weakened confidence, investors are closely monitoring signs of slowing consumer spending.

Analysts believe that unexpectedly strong consumer spending may be the biggest factor driving the Federal Reserve to press the rate hike button next.

If the US economy continues to perform outstandingly, the US dollar may see further gains. Nevertheless, Vassili Serebriakov, a foreign exchange strategist at UBS in New York, suspects that although the US dollar has been exceptionally strong for eight consecutive weeks, its gains are shrinking every week. The market is already quite bullish on the US dollar, and there is little room for growth. Therefore, we believe it is difficult for the US dollar to rise significantly.

Gold has currently held onto the support level of $1,915 and is slightly above the 200 day Simple Moving Average (SMA). With the uncertainty surrounding the peak interest rate of the Federal Reserve, gold prices may remain highly sensitive to upcoming data in the short term. Ilya Spivak, global macro head of Tastylive, said that if the Federal Reserve ultimately needs to maintain high interest rates for a longer period of time, “this will be the worst-case scenario for gold.”

After Bank of England Governor Andrew Bailey hinted that interest rates were approaching their peak, his policy decision on September 21st became even more ambiguous, making Tuesday’s job market report very important. Further data weakness may provide evidence for policy makers who hold a wait-and-see attitude. The Chief Economist of the Bank of England, Huw Pill, previously stated that he may consider supporting a pause in interest rate hikes in September, in order to have more time to assess the economic outlook.

The market currently expects the probability of the Bank of England raising interest rates by 25 basis points in September to exceed 70%, and the probability of another rate hike by February next year to exceed 50%.

On September 10th, Wall Street Journal reporter Nick Timiraos, known as the “New Federal Reserve News Agency” and regarded as the “mouthpiece of the Federal Reserve,” released the latest article stating that there has been a significant shift in the interest rate stance of Federal Reserve officials, and it is likely that interest rate hikes will be suspended in September, before more careful consideration is given to whether further rate hikes are needed.

However, in the interest rate resolution next Thursday, it is basically certain that there will be no interest rate hike. However, Powell’s speech at the press conference is crucial, so for the market in September, turbulence is inevitable. After the interest rate hike resolution, the market will return to calm, and then welcome the arrival of October. If there is no news level stimulus for the entire October, the market will gradually recover, so we need to grasp the rhythm, Have necessary expectations in mind.