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Bitcoin Traders Brush Off September Blues, Predict Price May ‘Surprise the Bears’
Tyr Capital’s Chief Investment Officer, Ed Hindi, believes that despite Bitcoin’s typical negative performance in September, factors like a U.S. Federal Reserve rate cut and a strong economy could lead to a price surprise. Hindi suggests Bitcoin is more likely to close September above $60,000 than below it, countering the usual bearish narrative.


Here's What Happened in Crypto
A new version of the infamous crypto drainer, AngelX, is wreaking havoc by deploying over 300 malicious decentralized apps (DApps) in just four days. Meanwhile, the U.S. Commodity Futures Trading Commission (CFTC) charged Uniswap with illegal derivatives trading. Bitcoin’s price dipped below $60,000, pulling the global crypto market cap under $2 trillion.


Why Is the Crypto Market Down Today?
The cryptocurrency market saw a sharp decline on September 3, with the total market capitalization dropping by over 1.5% to around $2.03 trillion. This downturn is primarily driven by weak U.S. manufacturing data and a subsequent sell-off in the stock market, raising concerns about how much longer this correction may last.


Arthur Hayes Explains Why Fed Rate Cuts Aren’t Boosting Bitcoin
Arthur Hayes, co-founder of BitMEX, has shared his insights on why Federal Reserve rate cuts may not be helping Bitcoin prices. Hayes points to the shift of money into higher-yielding reverse repurchase agreements (RRPs) rather than riskier assets, such as Bitcoin, as a key reason for the cryptocurrency’s recent struggles.

