Happy Friday all!
If you missed the past 24 hours in crypto and stocks, here's your full recap:
🚨 Major Headlines & Market Moves 🚨
- The Strategic Bitcoin Reserve bill advanced in the House Financial Services Committee, with Charles Schwab saying the move could be a huge first step toward enacting it into law.
- Jpmorgan said Bitcoin could outperform gold if ETF hedging demand eases, while Bloomberg ETF analyst Eric Balchunas said Bitcoin ETFs should ultimately triple gold in assets as younger investors treat Bitcoin as their store of value.
- Ric Edelman, founder of a $337 billion asset manager, predicted Bitcoin will reach $500,000 by 2030 and compared buying Bitcoin today to buying Amazon in 1999.
- Cryptoquant said fewer $BTC holders are underwater, making a return to a bear market increasingly unlikely.
- The U.S. Treasury bought back $2.385 billion of its own debt.
- Markets are pricing a tighter Fed path: 22 of 25 major banks expect another hike, Goldman Sachs expects a 25 bps increase in October, and Kalshi traders put the odds of a 25 bps October hike at 46%.
- Global central banks split: Hong Kong hiked 25 bps to 4.25%, Saudi Arabia hiked 25 bps to 4.50%, and Brazil cut 25 bps to 13.75%.
- U.S. gas prices hit $4.43 a gallon, the highest ever for this point in September, while retail diesel reached an all-time high of $6.40. Food and energy prices remain under pressure.
- The average 30-year U.S. mortgage rate rose to 6.95%, the highest since January 2025.
- Stocks bounced, with the Nasdaq up 1.7% and the S&P 500 up 1.1%. Semiconductors led the rebound: $ARM +8.6%, $INTC +7.7%, $AMD +6.5%, and $MU +5.5%.
- Nvidia CEO Jensen Huang said the company expects to sell twice as many chips next year.
- The U.S. House passed a bill aimed at protecting Americans from higher electric bills tied to AI data centers.
- The Sec approved a temporary, conditional “innovation exemption” allowing limited on-chain trading of tokenized Nms stocks. Chair Paul Atkins said approving tokenized stock trading would help keep America the global leader in financial infrastructure.
- Nyse is working on 24/7 on-chain stock trading through an in-development Ats platform and said Avalanche checks a lot of boxes for that build.
- The Cftc said developers can build passive trading software, including for crypto markets, without registering as brokers, subject to conditions.
- Democrats said they remain committed to passing the Crypto Clarity Act.
- The U.S. sanctioned BitBank for supporting the Iranian government.
- Spot silver extended gains, last up 5% at $66.13 an ounce.
- Coreweave fell about 5% despite the AI rebound after announcing a $3 billion convertible note offering and a program to sell up to 35 million shares.
- Nokia jumped after expanding its Microsoft partnership around AI-driven telecom automation, while Generac surged after a long-term deal to supply Amazon data centers with backup generators, with initial deliveries expected at $2.4 billion in 2027–28.
- Polymarket put Democrats at 60% to take the Senate and 90% to take the House in the midterms, the highest odds to date.
- The Ft reported that researchers used Anthropic models to hack Openai.
đź“Š Altcoin Market Updates đź“Š
- Ripple now supports AI agent payments with $XRP and $RLUSD using a payments standard co-created by Stripe and Tempo.
- Kevin O’Leary said he was wrong to think Ethereum would become the standard across sectors.
- $ZEC surpassed $1,500.
- Hyperliquid flipped Solana in total circulating $USDC.
- Insomniac, the team behind some of the world’s largest festivals, is bringing fan loyalty on-chain with Avalanche in partnership with Rain.
- $ROBDOG on Robinhood Chain rallied 300% in 24 hours.
- Maye Musk quoting a post about her dog-themed coin $CALI fueled speculation around the token.
If you enjoyed this daily roundup, make sure to follow me, I'll see you tomorrow!
$BTC $SPY $QQQ $OIL $SMH
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Written by Timothy Assi, an Elite Popular Investor on eToro.
Not investment advice. eToro is a multi-asset investment platform. Your capital is at risk. For information and educational purposes only.
Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.
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