☄️Brent Oil Falls Below $69 – To Lows Since 2021

🔽The price of Brent oil futures fell below $69 per barrel, to its lowest level since 2021. Oil resumed its downtrend on Tuesday, falling more than 3% after oil alliance OPEC cut its forecast for demand growth in 2024 and 2025.

⚠️In its monthly report, OPEC said it expects oil demand to rise by about 2.0 million barrels per day in 2024, down 80,000 barrels from its previous estimate. The oil alliance also slightly lowered its growth forecast for 2025.

💸China was one of the main drivers of the downward revision. The country faces economic difficulties amid a housing crisis. It is also increasingly turning to natural gas, which is cheaper and considered cleaner than oil, as part of its energy transition.

🔴Wall Street analysts have turned gloomier on crude oil, cutting their price targets for the commodity in part due to weak Chinese demand. Growing signs of economic difficulty in the US and Europe, where the summer driving season is coming to an end, have also weighed on prices.

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🕯 Most Volatile Stocks / 09.09.2024

🔼Palantir and Dell rally after S&P 500 inclusion announcement. Palantir and Dell rallied 14% and 5%, respectively, after an announcement Friday after the market closed that the stocks would join the S&P 500 index. The move takes effect Sept. 23. Palantir will replace American Airlines, while Dell will replace Etsy. To join the S&P 500, a company must have reported positive earnings in the most recent quarter and year, among other criteria.

🔼Shares of Summit Therapeutics rocketed as high as 75.2% Monday, before settling into a 57.5% gain. The biotech firm released the results of a Phase III study on Sunday at the 2024 World Conference on Lung Cancer in San Diego. The data showed its lung cancer treatment Ivonescimab outperformed Pembrolizumab, also known as Keytruda, the current standard of care from Merck. An early-stage biotech, a potential blockbuster drug would be a huge deal to Summit. Meanwhile, Merck's shares were down marginally in Monday's trading, with Merck being a large-cap, more diversified company.

🔼Boeing gains after reaching labor deal. Boeing stock added 4% after the aerospace stalwart reached a deal with a union that represents 33,000 of its employees on the West Coast, potentially averting a strike scheduled for this Friday. The agreement provides raises totaling 25% over the four-year life of the contract, “the largest-ever general wage increase,” Boeing said in a press release. The deal also improved contributions to 401(k) plans, lowered employee contributions for health insurance, and provided more time off.

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📉Copper Prices Fall Due To Economic Problems

📊Copper prices fell on Monday after weaker-than-expected US employment data fueled concerns about the health of the world's largest economy. Three-month copper futures on the London Metal Exchange CMCU3 fell 0.5% to $8,951 a tonne, having lost 2.6% last week, their biggest weekly fall since July.

⚠️Employment data released Friday showed the labor market slowed more than expected, raising fears of a recession in the United States. This has led to a fall in the prices of risky assets, including copper, which is often seen as an economic indicator.

🔜The data confirmed market expectations that the Federal Reserve will cut interest rates in September, but its size and speed remain unclear. Investors are awaiting more data this week, including trade data from China, the world's largest consumer of metals.

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💰 BlackRock calls Bitcoin a ‘unique diversifier’ in document sent to clients

Asset manager BlackRock sent a 9-page document to its clients on Sept. 18 that portrays Bitcoin (BTC) as a “unique diversifier” for portfolios. The document highlighted the characteristics that make Bitcoin distinct from traditional asset classes on any long-term basis and suggested a “modest allocation.”

Source

@Bitcoin_Ethereum_Altcoins

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🔥 BREAKING: 🇺🇸 Federal Reserve cuts interest rates by 50bps for the first time in 4 years.

🤝 @Cryptocurrency_Inside ✅

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💰 BTC Miner Cathedra Shifts Focus to Bitcoin Acquisition Strategy

Cathedra Bitcoin Inc. has announced a significant shift in its corporate strategy, moving away from bitcoin mining to focus on growing its bitcoin holdings. The company aims to increase its shareholders’ bitcoin per share through a strategy similar to that of Microstrategy, which has gained recognition for its bitcoin acquisition policy.

Source

@Bitcoin_Ethereum_Altcoins

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💰 Bitcoin exchange reserves drop to 2018 levels

The number of Bitcoin held on exchanges significantly declined in September, dropping to levels last seen in mid-November 2018. Since the beginning of the month, Bitcoin exchange reserves have dropped from approximately 2.62 million BTC to 2.58 million BTC. This decline of nearly 38,000 BTC in just over two weeks follows a continued trend of Bitcoin flowing out of exchanges at an accelerated pace.

Source

@Bitcoin_Ethereum_Altcoins

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💰 92% of Bitcoin exchange inflows come from short-term holders

In the past month, the majority of Bitcoin exchange inflows have come from short-term holders, based on CryptoQuant data. According to the data, addresses that held BTC for less than three months made up over 92% of the total exchange inflows on Sep. 12. Over 83% of exchange inflows came from coins held for less than a week.

Source

@Bitcoin_Ethereum_Altcoins

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💰 Standard Chartered: #Bitcoin Could Hit $125K Under Trump, $75K Under Harris

Standard Chartered has reaffirmed its projection that bitcoin will hit new all-time highs by the end of 2024, regardless of the U.S. election outcome. The bank’s digital assets head predicts bitcoin could reach $125,000 under Trump or $75,000 under Harris, with temporary drops under a Harris presidency. Regulatory concerns loom, but other factors, like U.S. Treasury curve movements, provide a positive outlook.

Source

@Bitcoin_Ethereum_Altcoins

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💰 Bitcoin mining CEOs agree on $250k price target for 2028 halving

Bitcoin mining executives from top firms gathered at the HC Wainwright Bitcoin Mining Panel on Sept. 10 to discuss industry trends, challenges, and the future of Bitcoin. The panel, moderated by Anthony Scaramucci of SkyBridge Capital, featured CEOs from prominent mining companies, including Bit Digital, Bitfarms, CleanSpark, Core Scientific, and Marathon Digital Holdings.

Source

@Bitcoin_Ethereum_Altcoins

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