Bitcoin continues to float in uncertain territory. He can see the US dollar tumbling in the distance, hitting 20-year highs. Meanwhile, IoT crypto Helium (HNT) is deflating.
The crypto is not without its major positive stories, although the Ethereum merger will want to be, at the very least, a technical success when it finally begins to merge this month, lest it contribute to a new drop in sentiment.
But at the moment, for the short-term price concerned, any small pump seems well kept at bay by the surging US Dollar Index, which has broken through some resistance at its 109 mark and seems in the mood. to storm another door.
Here’s crypto analyst Justin Bennett’s take…
The argument against a recovery of risky assets is the $DXYwhich today exceeds 109.30.
— Justin Bennett (@JustinBennettFX) September 1, 2022
And then there’s that too, of course…
I do not think that #Feed is about to save risky markets by turning on the money printers. Clearly they want these assets to fall to help curb inflation.
Don’t fight the Fed.
—Benjamin Cowen (@intocryptoverse) September 1, 2022
One thing, however, the S&P 500 and the Dow Jones both managed to close in the green on the first day of September. Maybe the insomniac crypto market can pick up the slack before the weekend…
Overview of the top 10
With the overall crypto market capitalization at US$1.03 trillion and up around 0.5% since yesterday, here is the current state of affairs among the top 10 tokens – according to CoinGecko.
Bitcoin (BTC) was, for most of the day, sitting in its car waiting for the opportunity to step foot in your door and deliver its US$20,000 sales pitch. He’s doing it now, but he’ll want to be pretty convincing.
Maybe that can turn that Plan B info into another bright spot… “Say, look at that graph – see those blue dots? Blue dots mean it’s the perfect time to buy…”
— PlanB (@100billionUSD) September 1, 2022
Highs and lows: 11–100
Sweeping a market cap range of around US$8.2 billion to around US$423 million across the rest of the top 100, let’s take a look at some of the biggest 24-hour winners and losers as of press time. (Stats accurate at time of publication, based on data from CoinGecko.com.)
• Celsius Network (CEL), (market capitalization: 589 million USD) +25%
• EOS (EOS), (mc: USD 1.52 billion) +10%
• Evmos (EVMOS), (mc: US$727 million) +7%
• Litecoin (LTC), (mc: 4.1 billion USD) + 6%
• Hub Cosmos (ATOM), (mc: 3.7 billion USD) +6%
DAILY SLUMPERS: Helium out of gas
• Helium (HNT), (market cap: USD 609 million) -10%
• LEO token (LEO), (mc: USD 5.17 billion) -5%
• Chiliz (CHZ), (mc: USD 1.14 billion) -3%
• Synthetix Network (SNX), (mc: USD 690 million) -3%
• NEXO (NEXO), (mc: USD 589 million) -3%
So why has helium (HNT) deflated in recent days? First of all, what is it? Stockhead took a look at it last year and you can find out more here. But if you want the fast, squeaky, high-pitched voice version… it’s a blockchain network in the IoT (Internet of Things) sector of crypto, and it uses nodes as access points to connect wireless devices to its network.
It is currently trending down due to a fairly large drop announcement its developers did on Tuesday. Essentially, they presented a proposal (HIP-70) that would remove its own blockchain network and transfer the project to Ethereum’s main Layer 1 competitor, Solana (SOL).
bound to helium pic.twitter.com/tS1lfi6SGB
— ᴳᵃˢᵒˡⁱⁿᵉ🦊 (@masterkey525) September 1, 2022
This clearly took HNT investors by surprise. And symbolic prices do not always create surprises. As a result, HNT is now down around 28% on the week.
Still, the developers believe this will ultimately be a net benefit to the overall speed, security, and scalability of the ambitious project, with potentially more HNT reward tokens distributed to the pool of node operators.
By the way, Solana’s SOL token might somehow care less about this news for now. In the last 24 hours, he seems to be aiming for his personal best of 0% boards.
around the blocks
A selection of chance and relevance that marked us during our morning trips through the Crypto Twitterverse…
💥NEW: Indonesia will launch a “crypto-exchange” exchange by the end of 2022. 🤔
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) September 1, 2022
— Pump Podcast (@PompPodcast) August 31, 2022
Growing Confident, Daily Crypto Hit Low
it was fun, the third cycle of the cat, let’s go
-CL (@CL207) September 1, 2022
serious question what is the value of funding another alt L1 if block space is already cheap and becomes 10-100x cheaper via ETH scaling in the next 12 months pic.twitter.com/4WjCsbmx0R
— Vance Spencer (@pythianism) September 2, 2022
THE ENTIRE World Economic Forum plan EXPOSED in just 60 seconds – This is what the attacks on Dutch farmers REALLY are about… pic.twitter.com/RDIOeovSEb
— Benny Johnson (@bennyjohnson) August 31, 2022
Of course, that seems over 5%!
— Elon Musk (@elonmusk) September 1, 2022
On July 27, Paul Pelosi sold 25,000 shares of Nvidia.
Less than a week later, Nancy Pelosi and the rest of Congress announced that they were banning chip exports to China.
Nothing to see here. To advance.
—Alex Reid (@WealthPin) September 1, 2022