Welcome fren,

State of the Market. Will the Market Crack $70K or Face a Sudden Chill? 🐣

Looks like Bitcoin is back on the FOMO express 🚂, and this time it’s giving off some serious Game of Thrones vibes: "Winter is coming," but in crypto terms, winter means a storm of buyers in a frenzy to grab BTC before it shoots past $70,000. A surge in stablecoin minting has thrown liquidity at the market like confetti at a wedding 🎉.

The trigger? Oh, just your standard-issue Fed rate cuts and China’s stimulus flooding the economy. And if that wasn't enough to keep the excitement level higher than a Breaking Bad plot twist, Chinese mining pools are back in action, like the Night King’s army, fueling a Q4 rally that could send us all into FOMO-induced euphoria.

Danger zone! Bitcoin might just pull a Ted Lasso and hit a short-term “believe” hiccup. There’s a bearish divergence on the 4-hour chart, meaning BTC could take a detour down to $62,300. And let’s not forget the skewed sell-side orderbook, that suggests a potential dip. Open interest is sitting pretty at $35 billion, but traders are acting as indecisive as Ross and Rachel’s relationship on Friends 🙄.

And if things really go south, expect a descent to the $59,500-$61,000 range—a drop so dramatic. A daily close below $60K could be the final plot twist that jeopardizes the bullish momentum we’re all banking on for Q4. 🧨

Have you looked at BNB lately? CZ is back, baby.

Chart of the Day. Hold onto your wallets, folks! ⚠️

On Sept. 27, a phishing attack so sophisticated it could have been scripted by a Christopher Nolan film (because who doesn't love a mind-bender?) left a hefty 12,083 Spark Wrapped Ethereum (spWETH) worth a cool $32 million swimming with the fishes. 🐠 The unfortunate wallet, which we’ll refer to as "e57" (because, you know, creativity in naming isn’t a thing), got cleaned out faster than a college dorm at the end of the semester. 🧹

And if you thought phishing attacks were just a passing trend like fidget spinners, think again! In August 2024, these sneaky scams saw a whopping 215% increase, racking up over $66 million in losses. That’s like someone set off a fire alarm at a Black Friday sale—total chaos! 🛒🔥

Most Important News of the Day.

Regulatory Challenges and Legal Developments

Well, well, well! Mango DeFi platform is getting a “thanks for playing” award from the SEC, complete with a $700K penalty. And just like that, they’re also required to destroy MNGO tokens—because who doesn’t love a little destruction with their crypto? 💸💣

FTX is playing Santa Claus for shareholders, while creditors are left with nothing but coal in their stockings. “Thanks for your patience!” they say as bankruptcy proceedings unfold like a bad soap opera. 🎭🎁

On FTX side, the bankruptcy estate just confirmed that payments are about as real as that mythical unicorn you were promised. Total claims hit $11 billion, and the creditors are over here like, “Can we get a refund on this dream?” 🦄🚫

Industry Leaders and Institutional Moves

CZ is back, folks! Fresh out of his “how to avoid jail” seminar, he’s now ready to focus on education and charity initiatives—because nothing says “I’ve learned my lesson” like planning to give back. 📚✨

Howard Lutnick thinks Bitcoin should be treated like gold and oil. He’s not wrong, but let’s just say the regulators are still trying to figure out if Bitcoin is a friend or a foe—kind of like your weird uncle at Thanksgiving. 🦃💰

Meanwhile, BlackRock’s Spot Ethereum ETF is doing the cha-cha past the $1 billion milestone. Just two months in, and it’s already out here flexing harder than your friend who just got a gym membership. 💪💵

Global Crypto Policies and Market Trends

The former Chinese Finance Minister is like, “Hey, China! Get your act together!” as the US flexes its Bitcoin ETF muscles. Talk about sibling rivalry in the crypto world! 🥊🇨🇳

Looks like Bitcoin is making a comeback, and Coinbase is rising in app rankings like a contestant on The Bachelor hoping for that rose. 💖📈

Post-Prison Plans and Industry Futures

After his release, CZ is all about charity, education, and blockchain events. Let’s just hope he doesn’t get a “World’s Best Boss” mug—it’s a slippery slope from here! ☕🎉

Our Daily Pick. Immutable X: The NFT MVP Assemble! 🦸‍♂️

Think of Immutable X as a layer-2 scaling solution for NFTs on Ethereum, designed to give those slow and sluggish transactions a serious kick in the behind. 🚀

Who is backing it up?
Immutable X isn’t just any project; it’s backed by big names like Coinbase, Naspers, and Galaxy Digital. You could say they have more connections than a popular kid in high school! 📈

How much have they raised and valued?
They’ve raised a whopping $410 million. Their Series C round in 2022 valued them at $2.5 billion. Talk about a glow-up! 💰✨

Tokenomics—Because Why Not?

• Circulating Supply: 1,605,299,431 IMX

• Total Supply: 2,000,000,000 IMX

• Market Cap: $2,899,293,934 ranked at #34

What are Immutable X’s superpowers?

1. Zero Gas Fees: Minting NFTs feels like finding a five-dollar bill in your coat pocket—unexpected and delightful!

2. Instant Trading: Faster than you can say “blockchain,” transactions are processed almost immediately.

3. Massive Scalability: Think of it as the Hulk of NFT platforms—big, strong, and ready to handle whatever comes its way!

4. Security: It borrows Ethereum’s security, so your assets are as safe as a secret recipe locked in a vault. 🔒

What problem does it solve?
Immutable X swoops in to save the day by tackling Ethereum’s scalability and high transaction costs. It’s like having a superhero that not only fights crime but also makes sure you get a discount on your latte!

Core Concepts:

• Layer-2 Scaling: Offloads the heavy lifting from Ethereum so transactions are quicker than a caffeinated squirrel. 🐿️

• ZK Rollups: No, that’s not a new dance move! It’s a fancy way of verifying transactions off-chain to keep things speedy.

• Shared Global Order Book: All marketplaces can tap into the same liquidity pool, making it easier to find trading partners than it is to find a WiFi signal at a coffee shop.

Final Thoughts:
Immutable X is like the cool kid in school who’s not just smart but also knows how to throw an epic party. It’s poised to revolutionize the NFT market while keeping things fun and user-friendly. Just remember, as with any superhero story, there are risks and villains lurking around every corner! 🦹‍♂️💥