The on-chain vibes are shifting hard as Glassnode’s Altcoin Cycle Signal just flipped from Bitcoin season straight into altcoin season this week. 🖤 This came after that August pump which kinda skipped over alts but now we’re seeing broader market action yay.

Market Just Got Wider And Wilder 🌀

The signal checks BTC against a market-cap-weighted basket of the top 250 altcoins minus stables. High readings mean alts are outperforming while low ones show BTC leading the pack. Plus the chart color switches to orange for Bitcoin season and blue for altcoin season. The primary crypto rallied mid-August with the signal staying orange then it switched to blue today as BTC blasted past $87,000. The first rally in August saw altcoins stay relatively flat while BTC moved however today’s rally has ignited the full breadth of the altcoin market. In another post the analytics platform noted Bitcoin was trading above both the True Market Mean and the short-term holder cost basis levels that have historically defined a sustained uptrend when price holds above them. The Elliott wave count also has BTC nearing the target for a fifth wave with the daily RSI diverging from price a setup analyst Darkfost says could be foreshadowing a pullback toward $74,500 before the asset goes up any higher. Bitcoin itself was changing hands above $85,000 at the time of writing up 5% in 24 hours and more than 10% across the week after breaching $87,000 on Monday the first time it had hit that level since the end of January. ETH also boasted a 10% climb of its own in one week that has taken it past $2,700. Elsewhere BNB crossed $800 for the first time since late January XRP jumped from around $1.40 to above $1.50 and Dogecoin led the larger-cap alts with a 24-hour gain above 15%. All that winning pushed the total market cap 3.6% to over $3 trillion per CoinGecko with Bitcoin’s share sitting at 57%.

A Rally Built On A Rough Week 💀

Last week brought several macro headwinds including the Senate voting against advancing the CLARITY Act and the Federal Reserve raising interest rates for the first time since July 2023 pushing BTC down to a multi-week low near $75,000 before it reclaimed its 50-week moving average and climbed back above $80,000. You can watch the video below for more on how the market reacted when the Fed raised interest rates. Meanwhile ETH’s move past $2,700 has split opinion with analyst DANNY not convinced. They called the setup a trap and expect a slide toward $1,500 before any real breakout. But on the other hand Fundstrat’s Tom Lee has said that all the ingredients are there for a face ripper rally this month with the price of oil cooling and rates behaving.

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Just another echo from the void by iconofsin.eth 💖

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Hayden Adams spilled the tea that Sam Bankman-Fried dropped seven figures on Uniswap.com after Uniswap Labs already turned down the seller’s ask. Sbf snagged it anyway just to flex and troll the crew by pointing it at a Uniswap fork. That move felt super shady and it kicked off a whole WIPO mess later on.

Spilling Tea On The Uniswap.com Domain Drama 🦇

Wipo’s ruling shows Uniswap Labs filed their complaint on May 18, 2021 against whoever held Uniswap.com back then. The domain itself dates way back to July 30, 2000 yet the buyer only grabbed it on April 7, 2021 after trademarks were locked in. It was busy redirecting straight to a Sushiswap page at the time which totally overlapped Uniswap’s space so the panel called it out as shady vibes. Later it flipped to some sea urchin promo using the Japanese word uni but that came after the complaint dropped. They denied knowing anything about the team yet evidence proved they saw Uniswap as a rival and nabbed it on purpose. Archives from the Wayback Machine confirm the Sushiswap redirect was live around the filing date and Wipo ruled the whole setup created confusion plus bad faith moves all around. Four months on the domain got handed over to Uniswap Labs though the ruling never names Sbf as the owner or buyer. Check the full case here.

Sbf’s Early SushiSwap Plays Revealed 🌑

Sushiswap started as a straight Uniswap fork back in the wild DeFi boom of 2020 and Sbf jumped in months before this domain drama. Chef Nomi handed the whole project over to him during a governance meltdown in September after pulling tokens from the dev fund. Sbf then helped steer the migration and it slowly moved toward a multisig setup instead. This whole saga shows how cursed domain flexes can get in crypto fr. 🖤💀🔮🌸👾✨🕸️🦇

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Just another echo from the void by iconofsin.eth 💖

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Bitcoin’s price is closing in on $87,000 after this explosive rally that just wrecked over $1 billion in liquidations across crypto derivatives rn. 🖤

The cryptocurrency hit an intraday high at exactly $87,000 with its total market cap climbing toward $1.8 trillion. 🌙

This move extends Bitcoin’s impressive recovery from around $75,000 last week and pushed it to the highest price since January. 🦇

Shorts Get Crushed as BTC Rallies Higher 💥

The sharp move caught leveraged traders who were betting on more downside. 🔥

Data from CoinGlass shows roughly $1 billion worth of positions got liquidated with $900 million being shorts. More than 139,000 traders saw their positions force-closed and the single largest one happened on Hyperliquid at slightly over $20 million. 😈

This massive imbalance means forced short closures added extra momentum as BTC cleared several resistance levels in quick succession. ✨

This is basically a short squeeze turning into a full liquidation cascade. 📈

What Happens Next for Bitcoin? 🔮

Eyes are shifting fast toward the $88,000 area and beyond to $90K. 🌹

Some analysts highlighted Bitcoin reclaiming its 50-week moving average near $78,700 as a super important technical shift with $88K as the next target. 💀

Other views point to a major bearish block around this zone so a sustained break above $88K could unlock $90K or even $95K while $80K and $82K flipped into key support. 🕸️

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Just another echo from the void by iconofsin.eth 💖

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Brian Armstrong, the ceo over at coinbase, thinks the senate flopping on the clarity act could lowkey be a vibe for his exchange rn because it keeps those wall street giants from crashing our defi party under some fresh rules 🖤.

The crypto exec still pushed that the bill would’ve boosted the whole space tho, even while admitting coinbase might dodge some heat without all that extra comp.

A Bill Passing Wouldve Spelled Way More Rivals 🎲

In a september 20 chat with scott melker the coinbase boss explained how the bill flop could hit mixed notes for the crew. Clear rules might pull in traditional finance heavy hitters to crypto but it would also flood the gate with fresh rivals 💀.

Every major financial services company in the world would have started integrating crypto with regulatory clarity. We would have had tons more competition armstrong noted. So in a way honestly it arguably could even be better for us to go under this path because were one of the few companies whos willing to go through that.

The big guy also looped back on coinbases gripes with an older draft of the bill. That january version had issues around tokenized stocks fines for defi devs the cftcs grip on spot markets and stablecoin rewards 🌙.

He kept saying those four spots got fixed in the latest senate version so those old objections are now ghosts.

Coinbase Pivot To Regulators While Congress Freezes Up 🔮

With the bill stuck the exchanges ceo noted coinbase can just keep vibing with the sec and cftc while they cook up fresh industry rules 👀. In the short term its probably better for us in certain ways he told melker. Its a little bit more permissive to have the sec and cftc do it.

Hes treating the bill as basically dead unless it gets a revival and seven dem senators have shown they aint quitting on crypto laws yet.

Armstrong dropped these takes amid bigger fights on how rules should handle stablecoin rewards plus ties between crypto squads and old school banks. The genius act set a federal frame for payment stablecoins but bank comp questions are still buzzing around the chat.

He added that coinbase is down to team up with banks instead of seeing them as pure rivals 💅.

You can catch more on the clarity vote fail in our video below.

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Just another echo from the void by iconofsin.eth 💖

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