**Bitcoin (BTC)** and **Ethereum (ETH)** prices have dropped due to stronger-than-expected U.S. jobs data, reducing hopes for a Federal Reserve interest rate cut in September. However, **QCP Capital**, a Singapore-based trading firm, advises investors to **buy the dip** as markets anticipate **at least one Fed rate cut in 2024**. This is because it will be difficult for the U.S. to ignore rate cuts by other central banks, including the **European Central Bank** and the **Bank of Canada**, who recently initiated an easing cycle. QCP notes bullish flows in the market, particularly in BTC, suggesting buying activity and confidence in a potential rebound.

Markets will increasingly price in at least one Fed interest-rate cut for 2024, QCP Capital said.

MarketsMarkets will increasingly price in at least one Fed interest-rate cut for 2024, QCP Capital said. By Omkar GodboleJun 10, 2024 at 8:21 a.m. UTCUpdated Jun 10, 2024 at 8:24 a.m. UTCShare on FacebookShare on LinkedInShare on X(sergeitokmakov/Pixabay)Share on FacebookShare on LinkedInShare on XBTC, ETH's post-payrolls report price drop is a good opportunity to buy the dip, QCP said.The Fed will find it difficult to ignore G7 interest-rate cuts, the trading firm added.Bitcoin (BTC) and ether (ETH) have lost steam since Friday's hotter-than-expected U.S. jobs data damped hopes for a Federal Reserve interest-rate cut in September.The post-report price swoon in the two largest cryptocurrencies offers a good opportunity to pick up bargains, according to QCP Capital, a Singapore-based trading firm.Friday's non-farm payrolls data showed the U.S. economy added 272,000 jobs in May, way more than the 185,000 estimated and well ahead of April's downwardly revised 165,000. While the jobless rate ticked higher to 4%, average hourly earnings, the sticky inflation component, rose 0.4% month-on-month, above the expectation of a 0.3% rise.Markets immediately trimmed the probability of a 25 basis-point Fed rate cut in September to 60% from 85%, sending risk assets, including cryptocurrencies, lower. JPMorgan and Citi scrapped forecasts for a Fed rate cut in July, while some observers put rate increases or additional liquidity tightening back on the agenda. Bitcoin, which looked primed for a breakout above $72,000, fell almost 3% to $68,400, according to CoinDesk data. Ether and the CoinDesk 20 index followed bitcoin's lead.QCP Capital said the Fed will have trouble keeping rates elevated while other central banks reduce borrowing costs."Strong upside surprised on NFP (272K vs 182k), higher payrolls came with higher unemployment (3.9% to 4.0%). It was confusing enough to trigger a risk-off ahead of U.S. inflation numbers and FOMC," the firm said in a market update."We agree that this is a good opportunity to buy the dip as the markets will increasingly price in at least one Fed rate cut from here. It will be difficult for the U.S. to ignore as the rest of the world continues to cut rates," QCP Capital said.The European Central Bank and the Bank of Canada cut rates last week, leading the Group of Seven (G7) to start a so-called easing cycle. According to MacroMicro, the number of central banks whose most recent moves have been rate cuts has increased this year.Other central banks, including the Fed, may soon join the fray in tit-for-tat rate reductions (often called currency wars) as a part of a strategy to manage their burgeoning public debts, inadvertently boosting demand for alternative investments like cryptocurrencies."Our desk saw bullish flows on this dip, both sellers of aggressive puts and buyers of call spreads, especially in BTC," QCP said.Edited by Sheldon Reback.DisclosurePlease note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.Omkar GodboleOmkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.Follow @godbole17 on TwitterRead more aboutBitcoinEtherMarkets

Payrolls-Led Bitcoin, Ether Price Swoon Is 'Buy the Dip' Opportunity, Crypto Trading Firm Says

Buy the Dip in Bitcoin and Ether After Payrolls Surprise, Crypto Firm Says

## Blockstream's Major Fundraising

**Blockstream**, a leading infrastructure provider for Bitcoin, has successfully raised **$210 million** through **convertible note financing** in its latest funding round. This initiative was led by **Flugur Ventures**, a venture capital firm focused on cryptocurrency. The funds will be utilized to **expand Blockstream's layer-2 solutions** and enhance its **mining operations**.

**Dr. Adam Back**, co-founder and CEO of Blockstream, emphasized that this fundraising marks a pivotal moment for the company, as it aims to further integrate Bitcoin with the broader financial ecosystem.

## Layer-2 Solutions and Achievements

As a prominent developer on the **Bitcoin network**, Blockstream provides a range of **layer-2 solutions**, including the **Liquid Network**. This network facilitates secure transactions for businesses and traders dealing with digital assets. Since its inception in **2018**, more than **$1.8 billion** in assets, such as tokenized securities and stablecoins, have been issued on Liquid.

Blockstream's technology also supports **Bitfinex's** offerings of tokenized securities and other significant blockchain products. 

## Recent Innovations

This funding round follows the launch of Blockstream's **Series 3 of Bitcoin Mining Note (BMN) 2** in September, offering investors direct exposure to its Bitcoin hash rate, which could lead to higher returns. Additionally, it comes after the rollout of the **Greenlight** integration, a scalable and non-custodial **Lightning Network** solution introduced last year.

Blockstream, a major infrastructure provider for Bitcoin, raked in millions to build out its layer-2 offerings and mining business.

Blockstream Secures $210 Million to Enhance Bitcoin Mining and Layer-2 Innovations

In the **previous installments** of this series, we explored how the **HODL culture** has undermined Bitcoin’s privacy and squandered its potential as a global medium of exchange.

### The Economic Consequences of Dormancy
Now, in Part 3, we take a closer look at the long-term consequences of discouraging real economic activity on the blockchain. When Bitcoin’s network is locked in a state of dormancy, with small blocks designed to limit usage, it doesn’t just slow growth—it cultivates a toxic ecosystem driven by **rent-seeking behavior** and **gatekeeping**. With few opportunities to create new value, the network’s dominant players become more focused on controlling the narrative, extracting fees, and consolidating power, all while strangling the very **innovation** that Bitcoin was meant to unleash.

### The New Blockchain Class System
The decision to artificially limit Bitcoin’s block size is not just a technical choice but an economic and cultural decision. By capping capacity, the network has deliberately suppressed opportunities for **value creation**, forcing stakeholders into a zero-sum game. Instead of fostering vibrant commerce, Bitcoin has become a battleground of middlemen.

1. **Influencers**: Social media personalities who act as ideological gatekeepers, setting the tone for Bitcoin’s toxic purity tests.
2. **Exchanges and liquidity providers**: These actors profit off retail traders, distorting Bitcoin’s value proposition.
3. **Full node operators and core devs**: They have evolved into a de facto governance layer, undermining Bitcoin’s **proof-of-work** principles.

### The Failure of Dormant Coins
At its core, Bitcoin was designed to be a dynamic, thriving system of commerce. Yet, the vast majority of BTC remains locked away in dormant unspent transaction outputs (UTXOs), providing no value to the network and no opportunity for wealth creation.

### A Vicious Cycle of Rent-Seeking
The toxic culture that permeates BTC today is a direct result of the failed “Hodl” economic model. When productive business activity is stifled, power struggles emerge over who controls access to the shrinking pool of opportunities.

### Proof of Work vs. Cheap Governance
The governance of Bitcoin has shifted towards a system where those with the most IP addresses influence protocol changes without the real-world energy required by miners.

### A Call for Commerce, Not Custodians
If Bitcoin is to fulfill its original promise, it must be freed from the grip of rent-seekers and gatekeepers. The network must prioritize the creation of value and real economic activity, rather than the extraction of fees. The real power of Bitcoin lies in **frictionless commerce**, identity solutions, and data integrity systems.

Watch: CoinGeek Weekly Livestream w/ Kurt Wuckert Jr. – Untangling Bitcoin Mining

![Bitcoin Mining](https://www.youtube.com/embed/oIkg9FClpkQ?si=Ra1cydI3yUp-cd7k&controls=0)

The magic of Bitcoin lies not as a store value but in its ability to spark an economic revolution by enabling frictionless commerce, identity solutions and data integrity systems.

The Hidden Costs of HODLing: How Dormant Bitcoin Hurts Economic Growth

## Bitcoin's Unique Position in the Market

Bitcoin offers **unique convexity potential**, acting as both a **store of value** and a **tech asset**. With the current macroeconomic conditions at a crossroads, it stands out as a compelling investment opportunity.

### Analyst’s Disclosure
**I/we have a beneficial long position in the shares of BTC-USD** either through stock ownership, options, or other derivatives. This article reflects my personal opinions and is not influenced by any business relationships.

### The Current Economic Climate
As the economy faces uncertainty, many investors are looking for **assets that can withstand market volatility**. Bitcoin's dual nature makes it an attractive option for those seeking both security and growth.

### The Bullish Outlook for BTC-USD
Given the unique characteristics of Bitcoin, I am **very bullish on BTC-USD**. The potential for significant returns combined with its role as a hedge against inflation makes it a valuable addition to any investment portfolio.

### Important Considerations
While Bitcoin presents opportunities, it is essential to remember that **wherever there is the potential for profit, there is also the possibility of loss**. Investors should conduct thorough research and consider their risk tolerance before investing in cryptocurrencies.

### Seeking Alpha's Disclosure
Past performance is no guarantee of future results. This article is for educational purposes only and should not be construed as investment advice. Always consult with a financial advisor before making investment decisions.

Bitcoin offers unique convexity potential, acting as both a store of value and a tech asset. Find out why I'm very bullish on BTC-USD.

Why Bitcoin is Poised to Thrive in Today's Economic Landscape

# Metaplanet's Bitcoin Treasury Reaches New Heights

Tokyo-listed **Metaplanet Inc.** has announced a significant addition to its Bitcoin treasury, investing **$6.8 million** to bring its total holdings to **$56 million** (855.478 BTC). This aggressive buying strategy has been ongoing since **April 2024**, with the company having invested around **$53 million** at an average price of **$61,663 USD** per BTC.

## A Bold Strategy
Metaplanet's approach has drawn comparisons to **MicroStrategy**, which is renowned for its substantial Bitcoin acquisitions. By positioning Bitcoin as a **long-term asset**, Metaplanet aims to enhance **shareholder value**, branding itself as **“Asia's answer to MicroStrategy.”**

Currently, MicroStrategy holds over **252,000 BTC**, making it the largest corporate holder by a significant margin. However, Metaplanet is quickly becoming a formidable player in the industry among Asian firms, particularly as it continues its buying spree.

## Unique Selling Strategy
According to **Peter Chung**, Head of Research at Presto Labs, Metaplanet stands out by employing a **sophisticated strategy** that includes selling put options alongside its Bitcoin purchases. This approach allows them to potentially capitalize on price declines, showcasing a level of sophistication not typical of other corporate buyers.

## Corporate Movement Towards Crypto
Metaplanet's investment is part of a broader trend where companies are integrating **crypto assets** into their long-term strategies. This mirrors moves made by **Tesla**, **Block Inc.**, and **PayPal**, all of which have recognized Bitcoin's potential as a long-term asset. For instance, Tesla made headlines with a **$1.5 billion** investment in Bitcoin in 2021, although it later sold part of its holdings.

## Market Reaction
On the announcement of this investment, Metaplanet's stock surged **15%**, reaching **1,105 JPY** (approximately **$7.42 USD**). This reflects growing investor confidence in the company's strategy and the potential of Bitcoin as a valuable asset class.


"Metaplanet’s strategy allows them to bottom-fish in case the BTC price declines," an analyst told Decrypt.

Metaplanet's Bitcoin Treasury Surges to $56 Million: What You Need to Know!

## Metaplanet's Aggressive Bitcoin Strategy

**Tokyo-listed investment firm Metaplanet** has made headlines by more than **doubling its Bitcoin holdings** this October, acquiring over **450 BTC** in just one month. This aggressive acquisition strategy has resulted in a **profit of approximately $581,000** from their Bitcoin investments.

![Metaplanet's Bitcoin Profit](https://cryptoslate.com/wp-content/uploads/2024/10/shinto-tori-gate-bitcoin-768x403.jpg)

On **October 15**, CEO Simon Gerovich announced the purchase of **106.976 BTC** for **1 billion yen** (around **$6.7 million**), averaging **$62,520** per coin. This was part of a broader strategy to accumulate Bitcoin, which began on **October 1** with the acquisition of **107.91 BTC** for **approximately $7 million**. They continued this trend by buying an additional **23.97 BTC** through put options on **October 3**.

Further purchases included **108.786 BTC** on **October 7** and another **108.999 BTC** on **October 11**, each costing about **$6.7 million**. By mid-October, Metaplanet's total Bitcoin holdings reached **855.5 BTC**, valued at over **$56.1 million**.

### Impact on Stock and Market

The surge in Bitcoin purchases has positively affected Metaplanet's stock, which saw a **15% increase** to **1,107 yen**. Year-to-date, the stock has skyrocketed by approximately **500%**. 

As Bitcoin's price rose nearly **2%** recently, reaching **$65,654**, Metaplanet's strategy to adopt Bitcoin as a reserve asset is proving beneficial, especially as they now hold the **second-largest Bitcoin stash** among Asia-listed companies, following **Meitu**.

### Competitive Landscape

Metaplanet's approach mirrors that of **MicroStrategy**, which leads as the largest public holder of Bitcoin globally. As Bitcoin continues to recover from dips below **$60,000**, Metaplanet's proactive strategy places them at the forefront of the cryptocurrency investment wave in Japan.

Japan-based Metaplanet doubles Bitcoin holdings in October, sees stock surge by 15% during the last 24 hours.

Metaplanet's Bitcoin Bonanza: How Japan's Firm Made $581K in Just One Month!

September is typically seen as a challenging month for **Bitcoin (BTC)** and the broader cryptocurrency market. However, this year, Bitcoin managed to defy expectations by **rising over 7%** and maintaining the crucial psychological barrier of **$60,000**. In contrast, a lack of clear market direction led to a significant decline in investor activity and trading volumes across the top 10 largest crypto exchanges, which saw an average drop of **20%**.

## Spot Volume of Leading Crypto Exchanges at Lowest Since November 2023
According to recent analysis by **Finance Magnates Intelligence**, the total spot volume for the ten largest centralized exchanges in September was **$715 billion**, representing a **20% decrease** from over **$909 billion** reported the previous month. This volume is the lowest recorded this year and not seen since November 2023 when it was **$671 billion**, coinciding with Bitcoin's price being nearly half at about **$35,000**.

![Crypto Spot Volumes September 2024](https://images.financemagnates.com/images/Crypto%20spot%20volumes%20September%202024_id_e5bf7964-6bdd-47a1-a133-cd656a5b536d_size50.jpg)

The drop in trading volume aligns with the typical seasonal trends that often see reduced activity during this period, as noted by **CCData** in their latest report.

## Binance Still Dominates, Upbit Jumps into Top Five
Among the exchanges, **Upbit** was the only one to break the downward trend, experiencing a **5% increase** to **$46.5 billion**, thereby surpassing **Coinbase**, which suffered a **31% decline** to **$46.4 billion**. 

![Exchange Volume Comparison](https://images.financemagnates.com/images/Crypto%20spot%20volumes%20September%202024_id_7ce2bb06-2d62-416e-9aae-495edd7b7ef2_size50.jpg)

As for the top three exchanges, the rankings remain unchanged, with **Binance** holding nearly **50% market share**, followed by **ByBit** and **Huobi**.

## Better Results Compared to September 2023
Despite the less-than-optimistic results from September 2024 compared to the previous month and the last 10 months, they show a **68% increase** year-over-year from **$401 billion** recorded the same time last year. Upbit leads this growth with a staggering **250% increase**, rising from **$35 billion** to over **$123 billion**.

![Year-over-Year Growth Comparison](https://images.financemagnates.com/images/Crypto%20spot%20volumes%20September%202024_id_92f3dfca-6184-4b48-895a-f789dd330d7b_size50.jpg)

What lies ahead in October? With Bitcoin rising above **$64,000** and the upcoming **US presidential elections**, we may see increased volatility in the cryptocurrency market. Historically, **Q4** has recorded the highest quarterly volumes in six of the last ten years, suggesting a potential uptick in trading activity and volumes as we move forward. Only time will tell how this will unfold.

Bitcoin defies September trends, rising 7%, but crypto spot volumes hit 10-month lows. Explore the shifting landscape of major exchanges and market activity in this comprehensive analysis.

Bitcoin Defies September Trends: A Surge Amidst Plummeting Crypto Spot Volumes

### A New Approach to Bitcoin
The world of blockchain technology is often seen as highly technical, leaving children overlooked. **Mario Davis** aims to change this narrative with his **Catoshi Nakameowto** children's book series, which introduces Bitcoin to a younger audience in a fun, engaging manner.

### The Catoshi Series
Davis's books combine **humor** and **life skills**, making complex concepts accessible to kids. One of the main characters, **Catoshi Nakameowto**, is described as "the greatest business cat in the world who’s all about blockchain technology." He has even created the world’s first **purr-to-purr electronic catnip system**!

### Sparking Curiosity
While the series doesn’t dive deep into the intricacies of blockchain, it provides a broad overview of this revolutionary technology, aiming to spark curiosity in young minds about the future of technology.

### A Diverse Conference
Davis stood out at the **London Blockchain Conference**, where he mingled with tech visionaries and Bitcoin enthusiasts. In contrast, **Staffan Nordstrand**, another author at the event, focuses on the financial industry and fraud in his books. He noted that his audience typically differs from the tech-savvy crowd at blockchain conferences.

### Engaging with the Audience
Despite the differences in audience, both authors found success at the conference. Nordstrand commented on the unusual setting but managed to sell over **50 books in just three hours**. The event illustrated the diverse ways authors are engaging with the world of blockchain and cryptocurrency.

### Watch the Fun Unfold
Check out the video below to see more about the exciting discussions at the conference!  
<iframe src="https://108.181.11.175/embed/3kbsiJM66bk?feature=oembed" frameborder="0" allowfullscreen></iframe>  

### Another Perspective
For a different take on blockchain, watch Staffan Nordstrand discuss his findings on fraud in the financial industry.  
<iframe src="https://108.181.11.175/embed/-MD_A3PK8VQ?si=TVEEVguELv6rV0D1&controls=0" frameborder="0" allowfullscreen></iframe>

Mario Davis’ Catoshi Nakameowto children’s book series to introduce a younger audience to Bitcoin, combining it with fun, humor, and life skills.

Buy the Dip in Bitcoin and Ether After Payrolls Surprise, Crypto Firm Says

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Other Latest News

Blockstream Secures $210 Million to Enhance Bitcoin Mining and Layer-2 Innovations

The Hidden Costs of HODLing: How Dormant Bitcoin Hurts Economic Growth

Why Bitcoin is Poised to Thrive in Today's Economic Landscape

Metaplanet's Bitcoin Treasury Surges to $56 Million: What You Need to Know!

Metaplanet's Bitcoin Bonanza: How Japan's Firm Made $581K in Just One Month!

Bitcoin Defies September Trends: A Surge Amidst Plummeting Crypto Spot Volumes

Meet Catoshi Nakameowto: The Fun Way to Introduce Kids to Bitcoin!

Other Latest News

Blockstream Secures $210 Million to Enhance Bitcoin Mining and Layer-2 Innovations

The Hidden Costs of HODLing: How Dormant Bitcoin Hurts Economic Growth

Why Bitcoin is Poised to Thrive in Today's Economic Landscape

Metaplanet's Bitcoin Treasury Surges to $56 Million: What You Need to Know!

Metaplanet's Bitcoin Bonanza: How Japan's Firm Made $581K in Just One Month!

Bitcoin Defies September Trends: A Surge Amidst Plummeting Crypto Spot Volumes

Meet Catoshi Nakameowto: The Fun Way to Introduce Kids to Bitcoin!