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Bitcoin Teases Rebound, Altcoins Pop: Crypto Daybook Americas

By Omkar Godbole
The bearish sentiment that followed Friday’s disappointing U.S. nonfarm payroll data quickly ran out of steam over the weekend. That has allowed a few coins, including Ethena’s ENA, worldcoin (WLD), hyperliquid (HYPE) and dogecoin (DOGE), to post impressive gains in the last 24 hours.
Bitcoin (BTC), which dropped below the key support level of $112,000 after the report, now appears to be forming a bullish inverse head-and-shoulders pattern, often a precursor to a strong rally. BTC’s mining difficulty hit a new high and Strategy (MSTR) Executive Chairman Michael Saylor hinted at additional BTC purchases.
On-chain indicators, however, paint a more nuanced picture for the largest cryptocurrency: The proportion of illiquid supply has surged to record highs, signaling holder conviction. Yet, as CryptoQuant points out, whales are offloading coins at the fastest pace since 2022.
Meanwhile, a lively debate unfolded on X regarding the health of the Ethereum blockchain. One observer pointed to August’s revenue of $39.2 million, the fourth-lowest since 2021, proclaiming, “Ethereum is dying.”
In response, Tom Dunleavy, a senior research analyst at Messari, pushed back strongly, noting that Ethereum and Solana are thriving in terms of total value locked (TVL), active addresses, transaction volume, application revenue and stablecoin activity. He emphasized that revenue alone is a misleading metric for blockchain networks, as it contradicts their fundamental goal of enabling low-friction, decentralized financial activity and could ultimately hinder ecosystem growth.
Ethena’s governance token, ENA, surged to three-week highs after StablecoinX, a treasury company linked to a synthetic dollar issuer planning a Nasdaq listing, raised $530 million saying it intended to buy the tokens. The protocol’s robust fundamentals, highlighted by seven-day revenues of $53 million — more than double those of Hyperliquid — combined with anticipated benefits from StablecoinX’s Nasdaq listing and potential Federal Reserve interest-rate cuts, position ENA as a compelling investment opportunity, according to pseudonymous observer Crypto Stream.
Speaking of Hyperliquid, the layer-1 blockchain and decentralized exchange’s plans to launch its own USDH stablecoin sparked a governance battle, with the community facing backlash over a proposal tied to Stripe’s Bridge platform’s centralized influence.
On the macro front, the yen held steady against the dollar, shrugging off Prime Minister Shigeru Ishiba’s resignation. France, meanwhile, seemed headed toward government collapse.
In the U.S., the Bureau of Labor Statistics (BLS) will release annual benchmark revisions on Tuesday, which are expected to show significantly weaker job growth earlier in the year, with some surveys suggesting that between 500,000 and 1 million jobs could be revised away. Stay alert!
What to Watch
- Crypto
- Sept. 9: Shares of SOL Strategies (HODL), a Canadian company focused on investing in and providing infrastructure for Solana’s ecosystem, are expected to start trading on the Nasdaq Global Select Market under the ticker symbol STKE. OTCQB trading as CYFRF will end, and shares will continue on the Canadian Securities Exchange as HODL.
- Sept. 10, 9:15 a.m.: Comptroller of the Currency Jonathan V. Gould will talk about digital assets at the CoinDesk: Policy & Regulation Conference in Washington.
- Macro
- Sept. 9, 8 a.m.: Mexico’s National Institute of Statistics and Geography releases August consumer price inflation data.
- Core Inflation Rate MoM Prev. 0.31%
- Core Inflation Rate Prev. 4.23%
- Inflation Rate MoM Prev. 0.27%
- Inflation Rate YoY Prev. 3.51%
- Sept. 9, 10 a.m.: The U.S. Bureau of Labor Statistics releases preliminary annual benchmark revision to employment data.
- Nonfarm Payrolls Annual Revision Prev. -818K
- Sept. 10, 8 a.m.: The Brazilian Institute of Geography and Statistics (IBGE) releases August consumer price inflation data.
- Inflation Rate MoM Prev. 026%
- Inflation Rate YoY Prev. 5.23%
- Sept. 10, 8:30 a.m.: The U.S. Bureau of Labor Statistics releases August producer price inflation data.
- Core PPI MoM Est. 0.3% vs. Prev. 0.9%
- Core PPI YoY Prev. 3.7%
- PPI MoM Est. 0.3% vs. Prev. 0.9%
- PPI YoY Prev. 3.3%
- Sept. 9, 8 a.m.: Mexico’s National Institute of Statistics and Geography releases August consumer price inflation data.
- Earnings (Estimates based on FactSet data)
- Sept. 9: GameStop (GME), post-market, $0.19
Token Events
- Governance votes & calls
- Lido DAO is voting on a proposal to migrate Nethermind’s ~7,000 Ethereum validators to infrastructure operated by Twinstake, a staking provider co-founded by Nethermind. Voting ends Sept. 8.
- Uniswap DAO is voting to establish “DUNI,” a Wyoming DUNA as its legal entity, preserving decentralized governance while enabling off-chain operations and liability protections, with $16.5M in UNI for legal/tax budgets and $75K UNI for compliance. Voting ends Sept. 8.
- Uniswap DAO is voting on an updated Unichain-USDS Growth Plan to accelerate adoption through performance-based incentives and DAO-guided distribution. The proposal introduces minimum KPIs, a “no result, no reward” model. Voting ends Sept. 9.
- Hyperliquid to vote on who issues its USDH stablecoin. Major contenders include Paxos, Frax and a coalition involving Agora and MoonPay. Voting takes place Sept. 14.
- Unlocks
- Sept. 9: Sonic (S) to unlock 5.02% of its circulating supply worth $46.02 million.
- Sept. 11: Aptos (APT) to unlock 2.2% of its circulating supply worth $48.86 million.
- Sept. 15: Starknet (STRK) to unlock 5.98% of its circulating supply worth $15.66 million.
- Sept. 15: Sei (SEI) to unlock 1.18% of its circulating supply worth $16.01 million.
- Sept. 16: Arbitrum (ARB) to unlock 2.03% of its circulating supply worth $46.05 million.
- Token Launches
- Sept. 8: Openledger (OPEN) to be listed on Binance Alpha, MEXC and others.
- Sept. 8: OlaXBT (AIO) to be listed on Binance Alpha and others.
Conferences
The CoinDesk Policy & Regulation Conference (formerly known as State of Crypto) is a one-day boutique event held in Washington on Sept. 10 that allows general counsels, compliance officers and regulatory executives to meet with public officials responsible for crypto legislation and regulatory oversight. Space is limited. Use code CDB15 for 15% off your registration.
- Day 2 of 4: Future Proof Festival (Huntington Beach, California)
- Sept. 9-10: Fintech Week London 2025
- Sept. 9-10: WOW Summit Hong Kong 2025
- Sept. 9-13: Boston Blockchain Week (Quincy, Massachusetts)
- Sept. 10: CoinDesk Policy & Regulation Conference (New York)
- Sept. 10: Future of Finance (New York)
- Sept. 12: Independent Investor Summit (New York)
- Sept. 12-15: ETHTokyo 2025
- Sept. 15: TGE Summit 2025 (New York)
Token Talk
By Oliver Knight
- Memecoins are showing fresh signs of life after months in the doldrums, with several popular tokens posting gains on Monday. The rally comes despite lingering skepticism following a string of celebrity-linked launches that flamed out earlier this year.
- Bonk (BONK), a Solana-based, dog-themed token, led the charge with a nearly 7% daily gain. Dogecoin (DOGE), the original memecoin, also climbed more than 7%, reaching $0.2335, while newer entrants like spx6900 (SPX) and pump.fun (PUMP) each outperformed the wider altcoin market.
- The CoinDesk Meme Index (CDMEME) has gained 2.20% in the past 24 hours, outpacing the broad market CoinDesk 20 Index measure, which added 1.27%.
- Other speculative assets, including the irreverently named fartcoin (FARTCOIN), also found buyers, adding to the sense of momentum across the sector. The rally suggests renewed appetite among retail traders for high-risk, high-reward bets after weeks of sideways action in the broader crypto market.
- The rally marks a sharp turnaround for the sector, which has been depressed for months. A series of celebrity-driven launches, including TRUMP and MELANIA coins, drew headlines in recent months but quickly collapsed under the weight of poor liquidity, questionable tokenomics, and investor fatigue.
- Layer-1 blockchain MemeCore (M), which is designed to cater to the memecoin sector, ignited the fuse last week, climbing 164% over a seven day period.
- The wider crypto market cap is up 0.57% to $3.84 trillion as majors bitcoin (BTC) and ether (ETH) began to lift themselves away from a critical level of support, suggesting renewed strength for the altcoin and memecoin markets as a result.
Derivatives Positioning
By Omkar Godbole
- DOGE, SUI and HYPE have seen double-digit gains in futures open interest over the last 24 hours, significantly outpacing other top cryptocurrencies.
- Dogecoin OI surged to 16.88 billion DOGE, the highest since July 31, validating the 7.5% surge in the cryptocurrency’s price. The token has broken out of a descending trendline characterizing the pattern of lower highs since mid-July.
- BTC’s OI in USDT and USD-denominated perpetuals on major exchanges continues to hover in the recent range of 270K-290K BTC. An increase above 290K may be a harbinger of renewed price volatility.
- On the CME, BTC’s standard futures OI remains at April lows while the ETH futures OI has pulled back to 1.87 million ETH from the record high of 2.2 million ETH, indicating capital outflows.
- On Deribit, XRP and SOL calls trade at a premium to puts across all tenors, indicating a bullish bias. Meanwhile, BTC and ETH options signal lingering downside concerns.
Market Movements
- BTC is up 0.39% from 4 p.m. ET Friday at $112,087.64 (24hrs: +0.8%)
- ETH is up 0.26% at $4,328.09 (24hrs: +0.54%)
- CoinDesk 20 is up 1.25% at 4,079.43 (24hrs: +1.92%)
- Ether CESR Composite Staking Rate is down 9 bps at 2.81%
- BTC funding rate is at 0.0091% (9.9634% annualized) on Binance
- DXY is unchanged at 97.73
- Gold futures are unchanged at $3,651.60
- Silver futures are up 0.66% at $41.83
- Nikkei 225 closed up 1.45% at 43,643.81
- Hang Seng closed up 0.85% at 25,633.91
- FTSE is up 0.10% at 9,217.42
- Euro Stoxx 50 is up 0.49% at 5,344.27
- DJIA closed on Friday down 0.48% at 45,400.86
- S&P 500 closed down 0.32% at 6,481.50
- Nasdaq Composite closed unchanged at 21,700.39
- S&P/TSX Composite closed up 0.47% at 29,050.63
- S&P 40 Latin America closed up 1.14% at 2,801.75
- U.S. 10-Year Treasury rate is unchanged at 4.086%
- E-mini S&P 500 futures are up 0.19% at 6,502.25
- E-mini Nasdaq-100 futures are up 0.34% at 23,764.75
- E-mini Dow Jones Industrial Average Index are up 0.11% at 45,510.00
Bitcoin Stats
- BTC Dominance: 58.47% (unchanged)
- Ether-bitcoin ratio: 0.03853 (-0.56%)
- Hashrate (seven-day moving average): 973 EH/s
- Hashprice (spot): $51.88
- Total fees: 3.23 BTC / $358,958
- CME Futures Open Interest: 134,065 BTC
- BTC priced in gold: 30.8 oz.
- BTC vs gold market cap: 8.72%
Technical Analysis
- DOGE’s two-day price rise has taken it past the trendline characterizing the decline from July 21’s high of 28.7 cents.
- Prices now look to be crossing into bullish territory above the Ichimoku cloud, a widely tracked momentum indicator.
- That would shift the focus to 25.58 cents, the Aug. 14 high.
Crypto Equities
- Coinbase Global (COIN): closed on Friday at $299.07 (-2.52%), +0.81% at $301.50 in pre-market
- Circle (CRCL): closed at $114.56 (-2.49%), +0.7% at $115.35
- Galaxy Digital (GLXY): closed at $23.49 (+2.53%), -0.38% at $23.40
- Bullish (BLSH): closed at $52.35 (+6.81%), -0.78% at $51.98
- MARA Holdings (MARA): closed at $15.19 (+0.53%), +0.33% at $15.24
- Riot Platforms (RIOT): closed at $13.29 (+0.99%), +0.3% at $13.33
- Core Scientific (CORZ): closed at $13.62 (0%), +1.32% at $13.80
- CleanSpark (CLSK): closed at $9.24 (+1.76%), +0.54% at $9.29
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $29.45 (+0.96%)
- Exodus Movement (EXOD): closed at $24.03 (-1.15%)
Crypto Treasury Companies
- Strategy (MSTR): closed at $335.87 (+2.53%), -2.02% at $329.10
- Semler Scientific (SMLR): closed at $28.12 (+0.11%)
- SharpLink Gaming (SBET): closed at $14.94 (-3.21%), -0.37% at $14.88
- Upexi (UPXI): closed at $6.04 (-4.58%), +2.65% at $6.20
- Mei Pharma (MEIP): closed at $4.23 (-0.94%), -20.33% at $3.37
ETF Flows
Spot BTC ETFs
- Daily net flows: -$160.1 million
- Cumulative net flows: $54.47 billion
- Total BTC holdings ~1.29 million
Spot ETH ETFs
- Daily net flows: -$446.8 million
- Cumulative net flows: $12.74 billion
- Total ETH holdings ~6.42 million
Source: Farside Investors
Chart of the Day
- The chart shows that companies have significantly slowed their purchases of BTC in recent months.
- In August, Strategy and other firms cumulatively added 3,700 BTC to their stash, down from 134,000 BTC in November last year.
- The slowdown in buying helps explain BTC’s stalled price rally.
While You Were Sleeping
- EasyJet Founder Adds Crypto Trading to His Cut-Price Empire (Bloomberg): Stelios Haji-Ioannou will launch easyBitcoin this month with Uphold, saying President Trump’s election pushed crypto into the mainstream and promising lower-cost bitcoin and ether trading under his expanding “easy” brand.
- Hyperliquid Faces Community Pushback Against Stripe-Linked USDH Proposal (CoinDesk): Hyperliquid’s plan to replace USDC with a native stablecoin has drawn bids from Stripe, Paxos, Frax and an Agora–MoonPay coalition, with validators set to choose the USDH issuer Sept. 14.
- Crypto Exchange HashKey Plans $500M Digital Asset Treasury Fund (CoinDesk): The Hong Kong–based exchange is launching a $500 million fund targeting digital asset treasury projects, starting with bitcoin and ether, to build an institutional bridge between traditional financial capital and on-chain assets.
- Russia Unleashes Largest Drone Assault of War, Setting Government Building Ablaze (The New York Times): 805 drones and 13 missiles reached Ukraine on Sunday, with 60 drones and nine missiles getting through. Debris from a downed drone set Kyiv’s Cabinet of Ministers building on fire.
- Japanese Lawmakers Launch Leadership Bids After PM Resigns, Yen Sinks (Reuters): Japan’s ruling party will choose a new leader Oct. 4 after Shigeru Ishiba’s Sunday resignation, fueling expectations of looser fiscal policy and a delay to Bank of Japan rate hikes.
- Javier Milei Suffers Stinging Setback in Buenos Aires Polls (Financial Times): A Peronist coalition beat Javier Milei’s grouping in Argentina’s largest province as voter anger over soaring living costs and a corruption scandal tied to his sister Karina eroded his support before October’s congressional midterms.
In the Ether
Uncategorized
AI, Mining News: GPU Gold Rush: Why Bitcoin Miners Are Powering AI’s Expansion

When Core Scientific signed a $3.5 billion deal to host artificial intelligence (AI) data centers earlier this year, it wasn’t chasing the next crypto token — it was chasing a steadier paycheck. Once known for its vast fleets of bitcoin mining rigs, the company is now part of a growing trend: converting energy-intensive mining operations into high-performance AI facilities.
Bitcoin miners like Core, Hut 8 (HUT) and TeraWulf (WULF) are swapping ASIC machines — the dedicated bitcoin mining computer — for GPU clusters, driven by the lure of AI’s explosive growth and the harsh economics of crypto mining.
Power play
It’s no secret that bitcoin mining requires an extensive amount of energy, which is the biggest cost of minting a new digital asset.
Back in the 2021 bull run, when the Bitcoin network’s hashrate and difficulty were low, miners were making out like bandits with margins as much as 90%. Then came the brutal crypto winter and the halving event, which slashed the mining reward in half. In 2025, with surging hashrate and energy prices, miners are now struggling to survive with razor-thin margins.
However, the need for power—the biggest input cost—became a blessing in disguise for these miners, who needed a different strategy to diversify their revenue sources.
Due to rising competition for mining, the miners continued to procure more machines to stay afloat, and with it came the need for more megawatts of electricity at a cheaper price. Miners invested heavily in securing these low-cost energy sources, such as hydroelectric or stranded natural gas sites, and developed expertise in managing high-density cooling and electrical systems—skills honed during the crypto boom of the early 2020s.
This is what captured the attention of AI and cloud computing firms. While bitcoin relies on specialized ASICs, AI thrives on versatile GPUs like Nvidia’s H100 series, which require similar high-power environments but for parallel processing tasks in machine learning. Instead of building out data centers from scratch, taking over mining infrastructure, which already has power ready, became a faster way to grow an increasing appetite for AI-related infrastructure.
Essentially, these miners aren’t just pivoting—they’re retrofitting.
The cooling systems, low-cost energy contracts, and power-dense infrastructure they built during the crypto boom now serve a new purpose: feeding the AI models of companies like OpenAI and Google.
Firms like Crusoe Energy sold off mining assets to focus solely on AI, deploying GPU clusters in remote, energy-rich locations that mirror the decentralized ethos of crypto but now fuel centralized AI hyperscalers.
Terraforming AI
Bitcoin mining has effectively «terraformed» the terrain for AI compute by building out scalable, power-efficient infrastructure that AI desperately needs.
As Nicholas Gregory, Board Director at Fragrant Prosperity, noted, «It can be argued bitcoin paved the way for digital dollar payments as can be seen with USDT/Tether. It also looks like bitcoin terraformed data centres for AI/GPU compute.»
This pre-existing «terraforming» allows miners to retrofit facilities quickly, often in under a year, compared to the multi-year timelines for traditional data center builds. Firms like Crusoe Energy sold off mining assets to focus solely on AI, deploying GPU clusters in remote, energy-rich locations that mirror the decentralized ethos of crypto but now fuel centralized AI hyperscalers.
Higher returns
In practice, it means miners can flip a facility in less than a year—far faster than the multi-year timeline of a new data center.
But AI isn’t a cheap upgrade.
Bitcoin mining setups are relatively modest, with costs ranging from $300,000 to $800,000 per megawatt (MW) excluding ASICs, allowing for quick scalability in response to market cycles. Meanwhile, AI infrastructure demands significantly higher capex due to the need for advanced liquid cooling, redundant power systems, and the GPUs themselves, which can cost tens of thousands per unit and face global supply shortages. Despite the steeper upfront costs, AI offers miners up to 25 times more revenue per kilowatt-hour than bitcoin mining, making the pivot economically compelling amid rising energy prices and declining crypto profitability.
A niche industry worth billions
As AI continues to surge and crypto profits tighten, bitcoin mining could become a niche game—one reserved for energy-rich regions or highly efficient players, especially as the next in 2028 could render many operations unprofitable without breakthroughs in efficiency or energy costs.
While projections show the global crypto mining market growing to $3.3 billion by 2030, at a modest 6.9% CAGR, the billions would be overshadowed by AI’s exponential expansion. According to KBV Research, the global AI in mining market is projected to reach $435.94 billion by 2032, expanding at a compound annual growth rate (CAGR) of 40.6%.
With investors already seeing dollar signs in this shift, the broader trend suggests the future is either a hybrid or a full conversion to AI, where stable contracts with hyperscalers promise longevity over crypto’s boom-bust cycles.
This evolution not only repurposes idle assets but also underscores how yesterday’s crypto frontiers are forging tomorrow’s AI empires.
Uncategorized
Bitcoin Climbs as Economy Cracks — Is it Bullish or Bearish?

Bitcoin (BTC) is about 4% higher than it was a week ago—good news for the digital asset but bad news for the economy.
The recent negative tone of the economic data points from last week raised expectations that the Federal Reserve will cut interest rates on Wednesday, making riskier assets such as stocks and bitcoin more attractive.
Let’s recap the data that backs up that thesis.
The most important one, the U.S. CPI figures, came out on Thursday. The headline rate was slightly higher than expected, a sign inflation might be stickier than anticipated.
Before that, we had Tuesday’s revisions to job data. The world’s largest economy created almost 1 million fewer jobs than reported in the year ended March, the largest downward revision in the country’s history.
The figures followed the much-watched monthly jobs report, which was released the previous Friday. The U.S. added just 22,000 jobs in August, with unemployment rising to 4.3%, the Bureau of Labor Statistics said. Initial jobless claims rose 27,000 to 263,000 — the highest since October 2021.
Higher inflation and fewer jobs are not great for the U.S. economy, so it’s no surprise that the word «stagflation» is starting to creep back into macroeconomic commentary.
Against this backdrop, bitcoin—considered a risk asset by Wall Street—continued grinding higher, topping $116,000 on Friday and almost closing the CME futures gap at 117,300 from August.
Not a surprise, as traders are also bidding up the biggest risk assets: equities. Just take a look at the S&P 500 index, which closed at a record for the second day on the hope of a rate cut.
So how should traders think about BTC’s price chart?
To this chart enthusiast, price action remains constructive, with higher lows forming from the September bottom of $107,500. The 200-day moving average has climbed to $102,083, while the Short-Term Holder Realized Price — often used as support in bull markets — rose to a record $109,668.
Bitcoin-linked stocks: A mixed bag
However, bitcoin’s weekly positive price action didn’t help Strategy (MSTR), the largest of the bitcoin treasury companies, whose shares were about flat for the week. Its rivals performed better: MARA Holdings (MARA) 7% and XXI (CEP) 4%.
Strategy (MSTR) has underperformed bitcoin year-to-date and continues to hover below its 200-day moving average, currently $355. At Thursday’s close of $326, it’s testing a key long-term support level seen back in September 2024 and April 2025.
The company’s mNAV premium has compressed to below 1.5x when accounting for outstanding convertible debt and preferred stock, or roughly 1.3x based solely on equity value.
Preferred stock issuance remains muted, with only $17 million tapped across STRK and STRF this week, meaning that the bulk of at-the-money issuance is still flowing through common shares. According to the company, options are now listed and trading for all four perpetual preferred stocks, a development that could provide additional yield on the dividend.
Bullish catalysts for crypto stocks?
The CME’s FedWatch tool shows traders expect a 25 basis-point U.S. interest-rate cut in September and have priced in a total of three rate cuts by year-end.
That’s a sign risk sentiment could tilt back toward growth and crypto-linked equities, underlined by the 10-year U.S. Treasury briefly breaking below 4% this week.
Still, the dollar index (DXY) continues to hold multiyear support, a potential inflection point worth watching.
Uncategorized
Fed’s Sept. 17 Rate Cut Could Spark Short-Term Jitters but Supercharge Bitcoin, Gold and Stocks Long Term

Investors are counting down to the Federal Reserve’s Sept. 17 meeting, where markets expect a quarter-point rate cut that could trigger short-term volatility but potentially fuel longer-term gains across risk assets.
The economic backdrop highlights the Fed’s delicate balancing act.
According to the latest CPI report released by the U.S. Bureau of Labor Statistics on Thursday, consumer prices rose 0.4% in August, lifting the annual CPI rate to 2.9% from 2.7% in July, as shelter, food, and gasoline pushed costs higher. Core CPI also climbed 0.3%, extending its steady pace of recent months.
Producer prices told a similar story: per the latest PPI report released on Wednesday, the headline PPI index slipped 0.1% in August but remained 2.6% higher than a year earlier, while core PPI advanced 2.8%, the largest yearly increase since March. Together, the reports underscore stubborn inflationary pressure even as growth slows.
The labor market has softened further.
Nonfarm payrolls increased by just 22,000 in August, with federal government and energy sector job losses offsetting modest gains in health care. Unemployment held at 4.3%, while labor force participation remained stuck at 62.3%.
Revisions showed June and July job growth was weaker than initially reported, reinforcing signs of cooling momentum. Average hourly earnings still rose 3.7% year over year, keeping wage pressures alive.
Bond markets have adjusted accordingly. The 2-year Treasury yield sits at 3.56%, while the 10-year is at 4.07%, leaving the curve modestly inverted. Futures traders see a 93% chance of a 25 basis point cut, according to CME FedWatch.
If the Fed limits its move to just 25 bps, investors may react with a “buy the rumor, sell the news” response, since markets have already priced in relief.
Equities are testing record levels.
Equities are testing record levels. The S&P 500 closed Friday at 6,584 after rising 1.6% for the week, its best since early August. The index’s one-month chart shows a strong rebound from its late-August pullback, underscoring bullish sentiment heading into Fed week.
The Nasdaq Composite also notched five straight record highs, ending at 22,141, powered by gains in megacap tech stocks, while the Dow slipped below 46,000 but still booked a weekly advance.
Crypto and commodities have rallied alongside.
Bitcoin is trading at $115,234, below its Aug. 14 all-time high near $124,000 but still firmly higher in 2025, with the global crypto market cap now $4.14 trillion.
Gold has surged to $3,643 per ounce, near record highs, with its one-month chart showing a steady upward trajectory as investors price in lower real yields and seek inflation hedges.
Gold has climbed steadily toward record highs, while bitcoin has consolidated below its August peak, reflecting ongoing demand for alternative stores of value.
Historical precedent supports the cautious optimism.
Analysis from the Kobeissi Letter — reported in an X thread posted Saturday — citing Carson Research, shows that in 20 of 20 prior cases since 1980 where the Fed cut rates within 2% of S&P 500 all-time highs, the index was higher one year later, averaging gains of nearly 14%.
The shorter term is less predictable: in 11 of those 22 instances, stocks fell in the month following the cut. Kobeissi argues this time could follow a similar pattern — initial turbulence followed by longer-term gains as rate relief amplifies the momentum behind assets like equities, bitcoin, and gold.
The broader setup explains why traders are watching the Sept. 17 announcement closely.
Cutting rates while inflation edges higher and stocks hover at records risks denting credibility, yet staying on hold could spook markets that have already priced in easing. Either way, the Fed’s message on growth, inflation, and its policy outlook will likely shape the trajectory of markets for months to come.
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