Tomorrow minute: Bitcoin breaks to $ 124k & new all time high

Morning Minute is a daily newsletter written by Tyler Warner. The presented analysis and opinions are of him and do not necessarily reflect those of Decrypt. Subscribe to the morning minute substitute.

GM!

The best news of today:

• Crypto Majors rise and then return for PPI
• BTC is hitting new ATH from $ 124,128 overnight
• ETH reaches $ 4,780 on the 2nd largest day of ETF inflow on record
• Metamask works together with Stripe for Stablecoin, can debut today
• Google Play Store reudlays the policy that requires licenses for non-required portfolios

🚀 Bitcoin breaks to new all time high

We have a brute new BTC ATH on the books.

And it can be time for Bitcoin to shine.

📌 What happened

Bitcoin has just printed a new of all time, topping $ 124,128 And break his record in July.

Ethereum also charges higher, now within less than 4% of the ATH 2021, which is traded above $ 4,780 at night.

Other Majors and Alts also rise, including Sol that is now more than $ 200.

So what drives this upward trend?

• ETF -Inflow have remained warm, with BTC products that draw a steady institutional demand, even during the summer silence
• Macro -tail wind and expectations for an acceleration of the FED rate in September (now with 99% probability) add fuel, in which traders in risk assets rotate
• Global liquidity backgroundWith relaxing in Asia and fresh capital in emerging markets, risk-on sentiment give more legs.

Bitcoin Dominance in particular has fallen to 59% in the midst of the new Ath, which means the potential for an ETH + alt SZN.

🗣️ What they say

‘If you have bought #Bitcoin Every day like the government of El Salvador, you would have a return of 115%! Since November 18, 2022, El Salvador has purchased 1 1 $ BTC per day – buy 1,000 $ BTC (costs $ 57.29 million, now $ 124 million) for an average price of $ 57,793, with a non -realized profit of $ 66 million (+115%). “ – Analytics account lookonchainon X

🧠 Why it matters

The legendary crypto trader Cobie who turned his PFP into the “only” version “with a Bitcoin glasses was just the icing on the cake.

The crypto bull market is in full swing.

And this is where things can become a bit nutty – every day new aths, god candles and rotations through the risk curve to try to catch the next fastest horse.

But do not lose the plot – this cycle can vary very well from earlier cycles.

The bid is largely powered by ETFs and settings (treasurycos). That means that there is less unchain rotation probably.

Good for BTC and ETH for sure, for other alts – slightly less clear.

There is a real scenario here where BTC and ETH dominate the bullrun and which running on alts is a foolish strategy.

That said, there will certainly be outperformance bags. And probably many surprises for us still in store.

For now it is time to respect the pump,

Let ‘only start’ szn …

🌎 macro crypto and memes

A few crypto and web3 headlines that caught my attention:

• Crypto Majors collected hard and sold this morning for 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 Top Movers
• BTC Save a new ATH $ 124,128 at night before you recover
• ETH ETFs Saw $ 729.1 million in net entry on Wednesday, the 2nd largest day on record ($ 86.9 million for BTC)
• Metamasker He is said to work with Stripe to launch a Stablecoin Mmusd and are already debuting today
• Standard chartered has considerably increased The Ethereum course goal, now $ 7,500 by the end of 2025, and an ambitious $ 25,000 by 2028
• Bullish, A crypto exchange support settings, had an IPO debut from the roller coaster, which rose 3x from his IPO of $ 37 to $ 100+ before he settled at $ 67
• Paradigm’s Matt Huang becomes the CEO of the ‘Tempo’ L1 Blockchain project from Stripe
• Anchorage Digital announced that it will be the custody of hypebringing “Institutional safety security to HyperevM”
• The Google Play Store In short, a policy introduced to require licenses for crypto portfolios before the policy is only reversed a few hours later, stating that it would only have influence

In business treasury

In memes

• Memecoin -Leiders are usually red in the day; Doge -3%, Shiba -2%, Pepe -4%, Pengu -6%, Bonk -3%, Trump -1%, SPX -6%and Fartcoin -1%
• USELESS jumped 33% to $ 280 million after Coinbase had added the route map to the mention
• Brownhouse (+36x) and Dom (+450%) were best new Onchain movers; Kori (+37%) and GP (+39%) Also remarkable movers

💰 Token, AirDrop & Protocol Tracker

Here is an overview of major token, protocol and airdrop news of the day:

🤖 Ai x crypto

Section dedicated to headlines in the AI sector of Crypto:

• General market capitalization 3% to $ 13.6 billion, leaders were mixed
• Crooked (-1%), Virtual (-6%), Tibbir (+3%), AI16Z (-5%) & AixBT (-6%)
• Buzz (+40%) and forest (+20%) LED Top Movers
• Tibbir Briefly save a new ATH for $ 250 million before withdrawing (now $ 228 million)

🚚 What happens in NFTs?

Here is the list of other remarkable headlines of the day in NFTS:

• ETH NFT leaders were red and corrected more 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%) were remarkable top movers
• Bitcoin NFTS were usually red, led by cent +15%
• Abstract NFTs were also usually red, no remarkable movers
• Azuki introduced a new collaboration With Moser & Cie, with $ 25k and $ 75k watches