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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.

• Main Points:

  • AngelX Crypto Drainer Returns: Over 300 malicious DApps targeting users on new blockchains like TON and Tron.

  • CFTC Charges Uniswap: The regulator hit Uniswap Labs with a $175,000 penalty for illegal leveraged trading.

  • Bitcoin Drops Below $60K: Crypto market cap falls below $2 trillion as analysts forecast a potential BTC reversal below $54,000.

• Detailed Insights:

  • AngelX Crypto Drainer Returns: AngelX, an upgraded version of the infamous crypto phishing tool Angel Drainer, has deployed over 300 malicious DApps in just four days, according to blockchain security firm Blockaid. These apps are designed to steal digital assets from unsuspecting users, particularly on newer blockchains like The Open Network (TON) and Tron, which have fewer security tools. Blockaid detected 150 new scams since the system launched on August 31, raising concerns about the increasing sophistication of crypto-related phishing attacks.

  • CFTC Charges Uniswap: The U.S. Commodity Futures Trading Commission (CFTC) charged Uniswap Labs with illegally offering leveraged crypto trading to U.S. retail investors. Uniswap agreed to pay a $175,000 fine as part of a settlement. Despite the fine, there was division within the CFTC, with Commissioner Summer Mersinger opposing the action, citing a lack of clear guidance for DeFi protocols. Uniswap currently holds over $4 billion in assets, according to DefiLlama.

  • Bitcoin Drops Below $60K: The global crypto market cap sank below $2 trillion after a 3.46% drop, with Bitcoin slipping below the psychological $60,000 level. Analysts are eyeing a potential BTC price reversal at $54,000, as September has historically been a bearish month for Bitcoin. According to CoinGlass data, the average return for Bitcoin in September is -4.69%, making it the most volatile and bearish month on record.

Related: Why Is the Crypto Market Down Today?

With regulatory challenges and increasing market volatility, the crypto landscape remains unpredictable, but investors are keeping a close watch on market moves and potential recoveries.

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Why the Fed Rate Cut is Bearish for Bitcoin Over the Next Two Weeks

BitMEX co-founder Arthur Hayes warns that despite the Federal Reserve’s rate cut plans, liquidity constraints could lead Bitcoin to “slowly leak lower” over the next two weeks. As funds shift from Treasury bills to the Federal Reserve’s Reverse Repo Program (RRP), Bitcoin’s price could trend toward $50,000.

• Main Points:

  • Fed Rate Cut Announcement: Rate cuts are expected, but they won’t improve liquidity until after September 18.

  • RRP Yields Impacting Liquidity: The Reverse Repo Program (RRP) is offering a higher yield than Treasury bills, pulling liquidity away from the market.

  • Bitcoin’s Sensitivity to Liquidity: As liquidity tightens, Bitcoin could decline toward $50,000 in the short term.

• Detailed Insights:

  • Fed Rate Cut Announcement: Last month, Federal Reserve Chair Jerome Powell announced that rate cuts are coming. While many investors expect rate cuts to boost liquidity and favor Bitcoin, Arthur Hayes suggests this is unlikely to benefit the crypto market immediately. Instead, the next two weeks could be challenging, as the liquidity boost will only be felt after September 18 when the rate cut takes effect.

  • RRP Yields Impacting Liquidity: The RRP, a tool the Fed uses to control liquidity, is now offering a 5.3% yield, which is higher than that of Treasury bills after Powell’s rate cut announcement. This has incentivized banks and institutions to move their funds into the RRP, pulling liquidity out of the market. Since these funds remain “sterilised” and do not circulate in the broader financial system, market liquidity is shrinking, affecting Bitcoin and other risk assets. Hayes highlights that the RRP holdings surged by $120 billion, rising to $433 billion since Powell’s speech, further tightening liquidity.

  • Bitcoin’s Sensitivity to Liquidity: Hayes emphasizes that Bitcoin is extremely sensitive to changes in fiat liquidity conditions. With funds moving out of T-bills and into the RRP, Bitcoin has already started to feel the effects, with its price trending downward. Hayes believes that, until the rate cut officially reduces the yield on the RRP, Bitcoin will likely remain under pressure, possibly falling as low as $50,000.

Related: Bitcoin Price Targets $50K as Nvidia Crash Shakes Markets

Investors should brace for potential short-term volatility as liquidity continues to tighten ahead of the Federal Reserve’s anticipated rate cut on September 18.

Bitcoin Bull Run Is Cancelled and Altseason Will Never Happen

Crypto analyst Nick, also known as "Crypto Crusader," has issued a stark warning about the state of the cryptocurrency market, declaring that the Bitcoin bull run has been canceled and that altseason will never happen. This sentiment reflects the growing skepticism among investors as the market faces prolonged downturns and volatility.

• Main Points:

  • Market Sentiment Shift: Earlier optimism has faded as retail investors face the harsh reality of market corrections.

  • Lessons from Past Cycles: Despite past downturns, the market has rebounded, suggesting that current pessimism might be temporary.

  • Investor Patience Needed: Successful investors must remain disciplined during challenging market cycles, as sentiment can shift unpredictably.

• Detailed Insights:

  • Market Sentiment Shift: Crypto Crusader notes a stark contrast between the current bearish outlook and the euphoria seen earlier this year. When Bitcoin was trading above $70,000, and meme coins were surging, investors were bullish, anticipating massive gains. Now, skepticism has set in, with even the idea of a 5x gain on an altcoin being met with disbelief. The market is dominated by retail investors, many of whom lack the experience to weather such volatility, leading to growing pessimism.

  • Lessons from Past Cycles: Despite the current negative sentiment, Nick points out that this isn’t the first time the crypto market has faced a downturn. He references November 2022, when market sentiment was at a low point, and altcoins were decimated. Yet, the market eventually rebounded, catching many by surprise. This historical perspective serves as a reminder that extreme sentiment, whether overly bullish or bearish, is not always a reliable indicator of what’s to come.

  • Investor Patience Needed: Nick advises that navigating these market conditions requires patience and discipline. Investors who can withstand the emotional rollercoaster of market cycles are more likely to succeed in the long term. While current conditions are tough, market cycles are a natural part of the cryptocurrency space, and those who stay the course may be rewarded when sentiment shifts once again.

Related: Bitcoin (BTC) Golden Cross Confirmed: What This Means for the Market

Nick’s analysis serves as a cautionary yet optimistic reminder that while the market may be in a downturn, history shows that rebounds are possible. Investors should remain cautious but open to the possibility of future market recoveries.

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results