🔴 Altcoins Getting Murdered. Why?

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GM, *chuckles* I’m in danger. 

Bitcoin is teasing us with a weakening breakout but still holding the primary levels around sixty-two thousand Biden dollars. 

In the past five days, altcoins have become hypersensitive—Bitcoin sneezes, and alts catch a full-blown case of market pneumonia. It would be a blessing if this dynamic improved, but we’re still staring at stubborn Bitcoin dominance that refuses to loosen its grip. So, just quickly: I will be on the watch out if Bitcoin starts showing weakness and closing dailies under sixty-two keks. 

The grand Ethereum debate rages on while the market flip-flops its bias with every one-hour candle. The latest episode is the debate on Bankless, for which many criticized the hosts for not providing enough pushback against Kyle Samani. Fortunately, here’s a reply guy gphummer.eth’s Ethereum-defensive breakdown you can dig into.

What do you guys think? Answer this email and let us know if you want to know more about Ethereum or new shiny L1s like Hyperliquid or Berachain.

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DXY 3D

DXY has been trending down since early July and took a massive dump as Powell delivered his Jackson Hole comments. A down dollar is, of course, good for our highly speculative bags. However, it is very oversold here on the 3D chart (see red circle on the RSI) and due for a bounce, likely into the weekly close on Friday.

The Nasdaq and S&P may also consolidate here for a few days, so some caution may be advisable into the end of the week. Bitcoin had a strong weekly close but looks a little weak today.

Learn more and tune in for Lucky Luke’s TA stream!

Come by the Lucky Luke Discord channel for comments, to roast my picks or to pump your own bags. All banter is welcome any time!

NFA as per usual, please always do your own research.

Aave Continues to Impress

When we discussed the potential DeFi comeback about two months ago, Aave was one of our main picks. Even though Vitalik isn’t a fan, AAVE did pretty damn well price-wise lately. 

Things just got even more interesting with a new temperature check popping up on Aave’s governance forum:

“This Temp Check proposes to build and deploy GHO Stability Module (GSM) to support reserve allocation and management features enabling third party integrations, specifically supporting integration into the BlackRock BUIDL 64 infrastructure”

BlackRock’s BUIDL cooperation, you say? It's time to watch Aave even closer…

The important bits.

• Bera Boyz (Berachain NFT) - Unveils “BeraScout: Monetized SocialHub Memecoin Launcher - read

• Maker (DeFi) - Rebrands to Sky - read

• Jupiter (DEX) - introduces Jupiter Lock - read

• Unstoppable (DeFi) - Mobile app release is nearing - read

• Core DAO (Bitcoin DeFi) - CORE token supply capped at 2.1 billion - read

• Radix (DeFi) - Radlock is now live - read

• Tari (L1)  - New Tari Airdrop game is running - read

• Hyperliquid (L1) - Leads the volume across all perp. DEXs - read

• Hermes (DeFi) - Now listed on Layer Zero scan - read
  

Even more important bits.

• Musk, Ardoino, Sun advocate to free Telegram founder - read

• Thai officials bust illegal Bitcoin mine amid power outages - read

• AI tokens gain renewed interest: What's brewing? - read

• Judge orders 'Pharma Bro' Martin Shkreli to surrender all copies of rare Wu-Tang Clan album - read

Life gets busy so here’s what you’ve missed.

What is Hyperliquid? Diving into it.

Research

We just released another updated version of our guide to the Hyperliquid ecosystem, covering new protocols building in the HL arena, what to expect for the HL token & our thoughts on what is to come.

Written by the great and powerful: LeftsideEmiri

Read More → 

To save you doom scrolling.

Let’s look at Vitalik’s polar opposite, Sergey Nazarov. Recommended listen for all DeFi / RWA bulls…

We’ve been deep in the weeds with short-term price movements in our market commentaries, but let’s not lose sight of the big picture.

But remember: all these are mainly short-term outlooks. Personally, I’m betting that Bitcoin and the broader crypto market will be significantly higher by the end of this year or early 2025.

The key here is to stay calm, collected, and not let the market chop away at your hard-earned gains…

stay safe homies,

Hix0n 🫡