Stop! Stop! Ethereum's already dead

While we're only one week into September, this chart from a couple of weeks ago about Bitcoin's historical price performance going back to 2014, so far looks directionally right for September. As current price action would indicate, spot bitcoin and ether ETFs started September with outflows.

Ethereum vibes continue to worsen. It was pointed out that holding U.S. Treasury bills, a short-term sovereign bond, have outperformed holding Ethereum, which some have described as an "internet bond." These past few months have had an increasing number of podcasts bemoaning Ethereum's poor performance. A new low in podcast sentiment was reached when Kyle Samani appeared on Ethereum super bull podcast Bankless to flagellate the Ethereum acolytes in an episode titled, "Why is ETH down so bad this cycle?" A great episode, best summed up by a hilarious post on X. All of this and more brings to mind the Simpsons meme, "Stop! Stop! He's already dead." On a slight tangent, the best memes come during consistently negative price action! As a massive ETH bag holder, the memes ease the pain.

Finally, some food for thought: A prevailing view on the U.S. presidential election has been that a Harris victory would be good for crypto (via dollar debasement) and a Trump victory would be great (via open acceptance). However, Corbin Fraser, CEO of Bitcoin.com, said on Token Narratives that he was on a call where everyone was worried that a Harris administration could be highly antagonistic towards crypto, smothering this cycle. Yikes.

-David Sencil

Sponsored by Bitcoin.com

Bitcoin.com's first airdrop of VERSE tokens is now live!

If you are an active Ethereum user of the Bitcoin.com Wallet app, there's a good chance you are eligible to claim VERSE tokens right now.

Check your eligibility and claim your tokens: Verse Airdrop dApp.

In the news

A deep dive into the top 10 L1 chains by daily transfer records

In Sept. 2024, data revealed that the top ten layer one (L1) blockchains hold a combined value of $1.66 trillion, a significant chunk of the $2.03 trillion crypto economy.

This year, Bitcoin and Ethereum, the two biggest L1 chains, hit all-time highs in daily confirmed transactions.

Analyst examines airdrop performance of Hamster Kombat token

Vladislav Antonov, a financial analyst at Bitriver, one of Russia's largest mining data center operators, believes that post-airdrop interest in Hamster Kombat, the popular tap-to-earn game, will grow quickly.

However, if the game fails to evolve from its current 'clicker' state, this interest might wane, and users may migrate to other similar projects.

Bilateral settlement between China and Russia worsens
The payment flow between China and Russia is being disrupted once again due to the enactment of a new package of sanctions that includes 46 Chinese companies allegedly assisting the Russian war effort.

This has affected imports of dual-use products, which can be used for both military and civilian purposes, as well as other merchandise.

India's HDFC Bank launches new UPI and CBDC features
HDFC Bank, a leading private sector bank in India, has introduced new features for Unified Payments Interface (UPI) and central bank digital currency (CBDC) to enhance digital banking for its customers.

Announced at the Global Fintech Fest 2024 in Mumbai, India, these innovations, developed in partnership with fintech companies like Kreditpe, Tonetag, and Payu, aim to improve convenience, security, and accessibility in digital transactions.

Bitcoin halving events no longer drive BTC price, report says
Outlier Ventures' new report claims the four-year Bitcoin halving cycle "is dead," arguing that halving events no longer significantly impact bitcoin's price due to a maturing crypto market.

The report suggests the influence of halvings diminished after 2016, with recent price movements driven more by Bitcoin ETFs and macroeconomic factors, such as the post-Covid capital injection in 2020, rather than the halvings.