Daily Crypto Roundup - 29 Sep

Today’s Market Update

Bitcoin was up 3.83% at $114,094, Ethereum was up 4.13%, Solana was up 5.43%, and XRP was up 4.89% over the past 24 hours.

Strategist Joel Kruger says in note. "October has historically been the second-strongest month for the cryptocurrency, delivering an average return of 22% since 2013, he says.

November is the best performing month with average gains of an extraordinary 46% over the same period. Bitcoin recently fell as September has consistently been its weakest month since 2013, he says.

Crypto Dynamics Roundup

NYC Mayor Eric Adams, Crypto Supporter, Drops Re-election Bid Amid Financial Woes

New York City Mayor Eric Adams has paused his re-election campaign, adding uncertainty to the race for control of America’s largest city.

In a nearly nine-minute video posted on X Sunday, Adams said media speculation about his future and his campaign finance committee withholding millions in funds have crippled his ability to raise serious campaign money, but he vowed to keep fighting for the city.

Apple CEO Admits to Holding Crypto, Calls It a “Reasonable Allocation”

Apple CEO Tim Cook confirmed in an interview that he holds cryptocurrencies like Bitcoin and Ethereum. Cook views crypto as part of a diversified portfolio, saying he’s long been interested in the space and has spent time researching it. He finds cryptocurrencies intriguing.

UN: Pension Pilot Confirms Blockchain as “Ultimate” Identity Verification Tech

A recent UN white paper revealed that blockchain technology successfully revamped its pension system, hailing it as the “ultimate technology for digital identity verification.”

The pilot, a collaboration between the UN Joint Staff Pension Fund (UNJSPF) and the Hyperledger Foundation, aimed to leverage blockchain’s digital identity infrastructure to enhance the security, efficiency, and transparency of global pension processes.

OKX Exec: Government Bitcoin Reserves Could Harm Bitcoin and the Dollar

Haider Rafique, OKX’s global head of government and investor relations, warned that government Bitcoin strategic reserves could negatively impact both Bitcoin and the dollar. He argued that large government holdings could manipulate prices through sell-offs, undermining Bitcoin’s decentralized and neutral nature.

Citing Germany’s 2024 sale of 50,000 BTC, which kept prices below $60,000, Rafique noted that shifting government policies could lead to liquidation risks. While Bitcoin advocates see national reserves as a step toward global reserve currency status, Rafique cautioned that it could trigger broad macroeconomic shocks.

Analysis: Crypto Asset Reserve Companies Face Risks Similar to 2000s Dot-Com Bust

Ray Youssef, founder of peer-to-peer lending platform NoOnes, compared the rise of crypto asset reserve companies to the dot-com investment frenzy, highlighting significant market risks.

While institutional entry signals crypto’s mainstream status, Youssef believes most reserve companies will struggle to sustain operations, potentially forced to sell holdings and trigger the next bear market. Only a few may scoop up assets at a discount.

Bloomberg: Corporate Bitcoin Buying Drops 76% from Early Summer Peak

CryptoQuant data shows corporate digital asset treasuries’ Bitcoin purchases fell from 64,000 BTC in July to 12,600 in August, with just 15,500 bought in September—a 76% drop from the early summer frenzy. Bitcoin and Ethereum prices fell nearly 6% last week, reflecting short-term liquidation pressure.

Some digital asset treasury firms funded via private investment in public entities (PIPE) have seen stock prices drop up to 97% from issue prices.

Public data shows these firms raised over $44 billion this year, positioned as long-term value investors in crypto by anchoring demand through corporate holdings. However, this demand mechanism is under strain. Earlier reports noted U.S. regulators are investigating unusual trading in these firms’ stocks.