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Hello, Hodl Heroes!

Welcome to the Hodl Report, where we summarize crypto news and events to deliver recaps and insights hotter than a GPU mining in a heatwave! 🔥💻

To recap the week, we cover:

• Macro market update 🌎

• Important headlines from the week 📰

• Crypto’s new use case 🚀

• Moves from the Hodl Report portfolio 📊

• Majestic memes 🤣

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Buckle up, because trying to predict the macro economy is like reading a crystal ball covered in fog - mysterious, mystical, and probably just as reliable as your horoscope. 🔮

But don’t worry, we’ve done our best to sort through the madness with a good news/bad news list to summarize both sides and keep the suspense going. 📃👇

First, the Good News:

We’ve survived a lot of large, recent sell-offs that would normally have us crying into our keyboards: the Mt. Gox redistribution, Germany dumping its Bitcoin stash, the Yen carry trade unwind, and even Uncle Sam’s Bitcoin fire sale. Yet, here we are, still hodling strong.

Inflation in the US just dipped to 2.5% in August, and the Fed has all but guaranteed rate cuts within the week. Stablecoins are reaching all-time high market caps, and fresh liquidity from the federal government is on the horizon. Even FTX's $16B cash pot is set to be redistributed into the market in Q4 this year, potentially fueling a nice little pump. 💸

Plus, job numbers are looking up, VC funding is ramping up and rumors are swirling that China might unban crypto and Russia is turning pro-crypto for international payments.

If gold and the S&P500 are flirting with all-time highs, why shouldn’t Bitcoin and friends get in on the action? 🚀

But Hold Up, There’s Some Bad News Too… 😬

September has historically been a bit of a dumpster fire for Bitcoin returns, and with Bitcoin often leading the market, this could spell trouble for everyone else. Some analysts are waving their “recession incoming” flags, pointing to things like the inverted yield curve and the Sahm Rule.

Japan might be hiking rates again, which could trigger another Yen carry trade unwind - just like last time when it shook up the markets. And even though Nvidia posted strong earnings, their shares still dropped, showing that investors are still pretty jittery.

Oh, and let’s not forget the elephant in the room: Bitcoin and Ethereum ETFs are seeing more net outflows lately, and banks are stacking gold like they know something we don’t. Throw in some global uncertainty and a nail-biting U.S. election where both candidates have wildly different policies, and it’s no wonder everyone’s feeling a bit on edge.

Remember whether it’s good, bad, or just plain chaotic, we’re in this for the long haul. Hodl on, friends. 💪

1. India Leads Global Crypto Adoption: India has emerged as the top country for crypto adoption in 2023, even as it maintains a ban on offshore crypto exchanges. The nation’s growing crypto use highlights strong local interest and resilience amid regulatory challenges.

2. MicroStrategy Buys More Bitcoin: Michael Saylor’s MicroStrategy has bought another 18,300 BTC for $1.11 billion. As of September 12, 2024, MicroStrategy holds 244,800 Bitcoin (currently worth about $14.2 billion), acquired at $38,585 per BTC.

3. Japanese Power Giant Explores Bitcoin Mining: TEPCO, Japan’s largest power company, is investigating green Bitcoin mining using surplus renewable energy. The initiative aims to utilize unused power for sustainable crypto mining, aligning with the company’s push towards eco-friendly practices.

4. A Top Swiss Bank Launches Bitcoin and Ether Trading: Zurich Cantonal Bank (ZKB), one of Switzerland’s largest banks, is now offering Bitcoin and Ethereum trading services to its clients. This move marks a significant step for traditional finance entering the crypto market, aiming to meet rising demand from institutional and retail investors.

5. PayPal & Venmo Embrace Human-Readable Blockchain Addresses: PayPal and Venmo will soon accept Ethereum Name Service (ENS) names, making crypto transactions simpler with human-readable addresses similar to domain names. This integration aims to streamline payments and enhance and simplify the user experience for crypto transactions.

6. Coinbase Launches Wrapped Bitcoin on Ethereum: Coinbase has introduced Coinbase Wrapped Bitcoin (cbBTC) to their layer 2 Base chain, allowing users to bring Bitcoin to the Ethereum ecosystem. This new token is fully backed by BTC held in custody by Coinbase, aiming to enhance liquidity and expand DeFi opportunities to Bitcoin holders.

7. Former Mt. Gox CEO Launches New Crypto Exchange: Mark Karpeles, former CEO of the defunct Mt. Gox exchange, has launched a new crypto trading platform called ELLIPX in Europe. The platform aims to offer secure and user-friendly trading, focusing on transparency and regulatory compliance.

8. Telegram Game Reaches 800k Paying Users in Six Months: The Telegram-based clicker game "Catizen" has attracted over 800,000 paying users within its first six months. The game's rapid growth highlights the potential of gaming within messaging apps, driven by engaging content and a potential for monetary rewards.

What’s Next for Crypto and AI?

The Bots Are Buying! 🛍️

AI is already dazzling us with text, images, music, and videos - so what's next? For AI to level up, it needs a bit of freedom to act on its own, like becoming an “AI agent.” This means interacting with other AIs, shopping online, or grabbing data tokens. Will they need a permission slip, or will they roam free?

Coinbase just tested the waters with the first-ever AI-to-AI crypto transaction. Imagine AIs unlocking new capabilities for managing their own wallets and buying digital assets without a human in sight! 🤖

Looking ahead, Armstrong urges developers to integrate crypto wallets into their AI models and suggests businesses prepare for AI-enabled checkouts. 🛒

Is this the dawn of an autonomous digital economy? While exciting, this also raises questions about control and the future role of AI in our financial systems.

Hodl Report Portfolio

Last week, we picked Solana for our trade and how did it go?

We were able to grab some Solana at $125.15 when prices dipped to $124 - score! We’re already sitting in the green, but we’re holding tight until it hits our $150 target. Once that happens, we’ll lock in some gains. Stay tuned!

This week our trade will be: RENDER

We plan to:

• Spend $2k to buy RENDER

• Buy at a price between $5.15 - $5.30 per RENDER

• Currently trading at $5.24 (we are going to buy now!)

• Plan to sell some for profits when price reaches $6.25 (about 20% return). Guessing this will take 30-60 days.

Big thanks for making it to the end of this week’s Hodl Report! 👊

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Happy Friday!

Disclaimer: The content from Hodl Report should not be taken as trading, investment or financial advice or solicitation to buy or sell any assets. This newsletter is for informational and educational purposes only. Please be careful out there and DYOR (do your own research).