Morning Minute: Bitcoin Breaks to $124k & New All-Time Excessive – Decrypt

Morning Minute is a day by day publication written by Tyler Warner. The evaluation and opinions expressed are his personal and don’t essentially replicate these of Decrypt. Subscribe to the Morning Minute on Substack.

GM!

As we speak’s high information:

• Crypto majors soar after which retrace forward of PPI
• BTC hits new ATH of $124,128 in a single day
• ETH reaches $4,780 on 2nd-biggest day of ETF inflows on report
• MetaMask companions with Stripe for stablecoin, might debut right this moment
• Google Play Retailer revises coverage requiring licenses for non-custodial wallets

🚀 Bitcoin Breaks to New All-Time Excessive

Now we have a smashing new BTC ATH on the books.

And it might be time for Bitcoin to shine.

📌 What Occurred

Bitcoin simply printed a brand new all-time excessive, topping $124,128 and breaking previous its July report.

Ethereum is charging increased too, now inside lower than 4% of its 2021 ATH, buying and selling above $4,780 at peak in a single day.

Different majors and alts are hovering as nicely, together with SOL which is now again over $200.

So what’s driving this uptrend?

• ETF inflows have stayed scorching, with BTC merchandise pulling regular institutional demand even by means of the summer season lull
• Macro tailwinds and expectations for a Fed charge minimize in September (now at 99% chance) are including gas, with merchants rotating into danger property
• World liquidity backdrop, with easing in Asia and contemporary capital in rising markets are giving risk-on sentiment extra legs.

Notably, Bitcoin dominance has dropped to 59% amidst the brand new ATH, signifying the potential for an ETH + ALT SZN.

🗣️ What They’re Saying

“In case you purchased #Bitcoin every single day just like the El Salvador authorities, you’d have a 115% return! Since Nov 18, 2022, El Salvador has been shopping for 1 $BTC per day — shopping for 1,000 $BTC (price $57.29M, now value $124M) at a mean value of $57,793, with an unrealized revenue of $66M(+115%).” – Analytics account lookonchain, on X

🧠 Why It Issues

Legendary crypto dealer Cobie altering his PFP to the “up solely” model with Bitcoin glasses was simply the icing on the cake.

The crypto bull market is in full swing.

And that is the place issues can get just a little nutty – new ATHs every single day, god candles and rotations down the chance curve to attempt to catch the following quickest horse.

However don’t lose the plot – this cycle might very nicely be totally different from previous cycles.

The bid is basically pushed by ETFs and Establishments (TreasuryCos). Which means much less onchain rotation is probably going.

Good for BTC and ETH for positive, for different alts – a bit much less clear.

There’s an actual situation right here the place BTC and ETH dominate the bull run and rotating to alts is a silly technique.

With that stated, there might be pockets of outperformance for positive. And certain loads of surprises nonetheless left in retailer for us.

For now, it’s time to respect the pump,

Let ‘Up Solely’ SZN start…

🌎 Macro Crypto and Memes

A couple of Crypto and Web3 headlines that caught my eye:

• Crypto majors rallied laborious then bought off this morning forward of PPI; BTC +1% at $120,800, ETH +1% at $4,710, XRP -2% at $3.21, SOL +1% at $203
• ADA (+11%), ARB (+10%), KAIA (+9%) and RAY (+6%) led high movers
• BTC hit a brand new ATH at $124,128 in a single day earlier than retracing
• The ETH ETFs noticed $729.1M in web inflows on Wednesday, the 2nd largest day on report ($86.9M for BTC)
• MetaMask is reportedly partnering with Stripe to launch a stablecoin mmUSD, debuting as quickly as right this moment
• Customary Chartered has considerably raised its Ethereum value goal, now $7,500 by finish of 2025, and an formidable $25,000 by 2028
• Bullish, a crypto trade backing establishments, had a curler coaster IPO debut, hovering 3x from its IPO of $37 to $100+ earlier than settling at $67
• Paradigm’s Matt Huang will grow to be the CEO of Stripe’s ‘Tempo’ L1 blockchain mission
• Anchorage Digital introduced it’ll custody HYPE, bringing “institutional-grade safety to HyperEVM”
• The Google Play Retailer briefly launched a coverage to require licenses for crypto wallets earlier than reversing the coverage simply hours later, stating it might solely impression custodial pockets apps (these from exchanges)

In Company Treasuries

In Memes

• Memecoin leaders are largely pink on the day; DOGE -3%, Shiba -2%, PEPE -4%, PENGU -6%, BONK -3%, TRUMP -1%, SPX -6%, and FARTCOIN -1%
• USELESS jumped 33% to $280M after Coinbase added it to its itemizing roadmap
• BROWNHOUSE (+36x) and STUPID (+450%) have been high new onchain movers; KORI (+37%) and GP (+39%) additionally notable movers

💰 Token, Airdrop & Protocol Tracker

This is a rundown of main token, protocol and airdrop information from the day:

🤖 AI x Crypto

Part devoted to headlines within the AI sector of crypto:

• General market cap up 3% to $13.6B, leaders have been combined
• FARTCOIN (-1%), VIRTUAL (-6%), TIBBIR (+3%), ai16z (-5%) & AIXBT (-6%)
• BUZZ (+40%) and FOREST(+20%) led high movers
• TIBBIR briefly hit a brand new ATH at $250M earlier than pulling again (now $228M)

🚚 What is going on in NFTs?

Right here is the checklist of different notable headlines from the day in NFTs:

• ETH NFT leaders have been pink and correcting extra after the ETH rally; Punks -2% at 51.5 ETH, Pudgy -6% at 13.6, BAYC -6% at 12.2 ETH
• V1 CryptoPunks (+22%) and Captainz (+10%) have been notable high movers
• Bitcoin NFTs have been largely pink, led by Cents +15%
• Summary NFTs have been additionally largely pink, no notable movers
• Azuki launched a brand new collab with Moser & Cie, providing $25k and $75k watches