$80,000 didn’t hold.
$BTC plunged below the $80,000 mark overnight, triggering $356 million in futures liquidations. The catalyst for this drop is clear: Samsung’s disappointing earnings fueled risk aversion in tech stocks. Add to that the Fed’s 10–2 decision to pause rate hikes, which included two dissenting votes calling for further hikes, and risk assets took a collective hit. Crypto seems to be getting caught up in the anxiety over an AI bubble in US stocks.
But another set of figures is pretty interesting: On its earnings call, Visa disclosed that the annualized volume of stablecoin settlements has surpassed $25 billion—up tenfold year over year—with its network spanning 10 blockchains across five regions worldwide.
On one side, prices are plunging and leveraged positions are being liquidated in a cascade. On the other, a payments giant is quietly growing its on-chain settlement volume tenfold. This kind of divergence between price and adoption is often the signal most worth watching in a bear market. Think back to the dot-com crash in 2000: bandwidth traffic kept growing exponentially, and the companies that ultimately survived were the ones building the roads.
US September core PCE is out tonight at 20:30. Whether rates are cut in December depends on this report, and volatility will likely pick up further.
Here’s my take: I’m not too worried about a sharp drop driven by macro factors. What worries me is a slow decline as on-chain activity flatlines across the board. For now, on-chain activity is still moving, so this isn’t the worst-case scenario.
NFA DYOR
$BTC $ETH $SOL #稳定币 #Fed
$BTC plunged below the $80,000 mark overnight, triggering $356 million in futures liquidations. The catalyst for this drop is clear: Samsung’s disappointing earnings fueled risk aversion in tech stocks. Add to that the Fed’s 10–2 decision to pause rate hikes, which included two dissenting votes calling for further hikes, and risk assets took a collective hit. Crypto seems to be getting caught up in the anxiety over an AI bubble in US stocks.
But another set of figures is pretty interesting: On its earnings call, Visa disclosed that the annualized volume of stablecoin settlements has surpassed $25 billion—up tenfold year over year—with its network spanning 10 blockchains across five regions worldwide.
On one side, prices are plunging and leveraged positions are being liquidated in a cascade. On the other, a payments giant is quietly growing its on-chain settlement volume tenfold. This kind of divergence between price and adoption is often the signal most worth watching in a bear market. Think back to the dot-com crash in 2000: bandwidth traffic kept growing exponentially, and the companies that ultimately survived were the ones building the roads.
US September core PCE is out tonight at 20:30. Whether rates are cut in December depends on this report, and volatility will likely pick up further.
Here’s my take: I’m not too worried about a sharp drop driven by macro factors. What worries me is a slow decline as on-chain activity flatlines across the board. For now, on-chain activity is still moving, so this isn’t the worst-case scenario.
NFA DYOR
$BTC $ETH $SOL #稳定币 #Fed