Key Facts

• Bitcoin traded at $78,450, down 1.15% over 24 hours, after slipping below $78,500 and briefly below $78,000.
• U.S. stocks closed lower: S&P 500 -0.55%, Dow -1.15%, Nasdaq -0.35%.
• Oil jumped after a report said Iran launched attacks against U.S. naval vessels; WTI rose 2.5% to $93.77.
• Spot bitcoin ETFs took in about $1 billion last week; $80,000 and $75,000-$82,000 are key levels.
• Silvergate's former CEO said political pressure forced the bank's voluntary wind-down.
• Qualcomm surged 7% on a multi-generation AI data center chip deal with Amazon worth up to $60 billion.
• Robinhood added Crypto.com prediction contracts and took minority stakes in Crypto.com and OG.
• Bitmine Immersion added about 30,000 ETH, bringing holdings to 5.93 million ETH.
• Copper hit a record above $6.80 per pound; China added 650,000 ounces of gold, its largest monthly purchase since 2023.
• Visa's annualized stablecoin settlement volume topped $20 billion, up 15x year over year.
• Markets priced a 60% chance of a 25-basis-point Fed rate hike; U.S. inflation data arrives Friday.

Bitcoin Slips Below $78,500 as Stocks Close Lower

Bitcoin traded at $78,450 on Tuesday evening, down 1.15% over the past 24 hours, after briefly dipping below $78,000 earlier in the session. The move came as U.S. stocks closed lower, with the S&P 500 losing 0.55%, the Dow Jones Industrial Average falling 1.15%, and the Nasdaq slipping just 0.35%. The crypto market had started the day modestly lower before a midday rebound briefly turned several major tokens positive. By the close, however, risk appetite had faded again as oil prices surged and geopolitical tensions flared.

The headline event was a report that Iran had launched attacks against U.S. naval vessels. No U.S. ships were struck, but officials cited growing concerns that Iran is using more sophisticated weapons and could be receiving support from China or Russia. The report sent oil sharply higher, with West Texas Intermediate crude rising 2.5% to $93.77 per barrel. Brent crude approached $100 per barrel, reaching its highest level since June. The jump in energy prices revived inflation fears and added pressure to equities and crypto.

Bitcoin's Next Move May Hinge on $80K Level as ETF Inflows Keep Building

Bitcoin's next move could depend on ETF demand and U.S. interest rates after the token slipped about 3% over the past five days to $78,600. A digital asset research director said September has historically been crypto's weakest month, but positioning looks less fragile after an August short squeeze cleared out bearish bets. Open interest rose about 16% during bitcoin's recent 26% rally, signaling traders added leverage rather than simply closing shorts. That setup has historically favored gains, though leverage could deepen losses if bitcoin falls.

Market maker Wintermute sees $75,000 and $82,000 as key levels ahead of the Federal Reserve's Sept. 15-16 meeting. About $1 billion flowed into spot bitcoin ETFs last week, which helped support prices despite higher Treasury yields. The research director also flagged roughly $80,000 as a key cost-basis level that could shape investor sentiment. A sustained break above that level might encourage fresh buying, while a failure could reinforce caution.

S&P 500 on Track to Continue Remarkable Losing Streak

The S&P 500 was down just 0.35% with nearly 90 minutes left in the trading session, but a lower close would have marked the 10th consecutive down session for the average on a Tuesday following Labor Day. The average weekly post-Labor Day loss over the past 10 years is 0.8%, and the average for the rest of September is negative 1.17%. The rest of the year, however, has been positive, averaging a gain of 3.57%. The streak reflects seasonal weakness and renewed macro uncertainty rather than a single company-specific shock.

Political Pressure Forced Silvergate Closure, Former CEO Says

Silvergate did not fail, and with its incredible team, could have continued serving its clients, said the bank's former CEO in a lengthy post on Tuesday. In the face of political pressure from the Biden Administration, Silvergate chose to voluntarily wind down its operations. The former CEO claims his bank successfully survived a 70% deposit run in the fourth quarter of 2022. In a different political environment, argued the former CEO, bank regulators might have lauded the successful execution of Silvergate's liquidity contingency plan. Instead, in the months that followed, Silvergate became a target of the Biden Administration's War on the Crypto Industry.

Crypto Markets Turn Positive, Reversing Early Losses

Modestly lower early on Tuesday, a number of crypto majors sported gains in midday U.S. action. Leading was XRP, higher by 3.6% over the past 24 hours to $1.43. Showing smaller gains were ether, up 1.2%, and solana, up 1%. After dipping below $78,000 earlier in the morning, bitcoin climbed to $78,850, or flat over the past 24 hours. U.S. stocks were well off their session lows, with the Nasdaq down just 0.1%. Possibly helping was some moderation in oil prices. After threatening to bust through $100 per barrel hours earlier, Brent crude pulled back to $97.50, up only 0.6% for the day.

Bond Market Veteran Calls for 50 Basis Point Fed Hike

Government bond rates are touching twenty-year highs because the market does not trust the U.S. Government to manage its fiscal matrix, wrote a bond market veteran on Tuesday morning. In what can only be called gross fiscal mismanagement, since 2001, under equally divided governments, the country has reversed a budget surplus to a relentless 6% deficit while debt has accumulated from $5.8 trillion to over $40 trillion. The Fed chairman needs to shock the market into believing he will do whatever it takes to protect the U.S. dollar, the veteran argued. Though maybe not economically necessary, a 50-point move would show there is a new sheriff in town who is not beholden to the president. With markets having already priced in 50 basis points of tightening by year-end, why not do a one and done, and move on, the veteran concluded.

Qualcomm Surges on AI Data Center Chip Deal with Amazon

Qualcomm announced a multi-generation deal with Amazon for customized silicon for AWS AI infrastructure. The deal provides for as much as $60 billion in payments, with Qualcomm issuing to Amazon warrants for up to 25 million in QCOM stock with an exercise price of $161.26. The recently roughed-up QCOM rose 7% to $180.40 on the news. The agreement underscores how AI infrastructure spending is creating new winners beyond the largest cloud providers and chip designers. It also gives Qualcomm a larger foothold in data center silicon, a market it has been trying to penetrate as smartphone growth matures.

Robinhood Adds Crypto.com Prediction Markets, Takes Stakes

Robinhood added Crypto.com's yes-or-no prediction contracts to its platform and took minority stakes in Crypto.com and prediction-markets platform OG, according to a report. HOOD rose about 2% in pre-market trading. The trading platform began offering prediction-market contracts through Kalshi earlier this year as the sector grew. Crypto.com has offered contracts through its derivatives arm since late 2024 and launched OG in February. The CEO of Crypto.com said OG has grown about 20-fold this year. Terms were not disclosed. Crypto.com and OG were valued at $15 billion and $5 billion after Citadel Securities bought stakes in both in July.

Bitmine Immersion Added About 30,000 ETH Last Week

Bitmine Immersion reached 5.93 million ether tokens, or roughly 4.9% of the total supply, after the company acquired about 30,000 ETH last week. We believe there are multiple positive catalysts as we head into the final months of 2026, said Chairman Tom Lee. These include the upcoming CLARITY Act vote scheduled in mid-September. Additionally, Korean investors have again started buying crypto and rotating away from AI stocks. The 4-year cycle is bottoming within the next few weeks in our view. And this sets the stage for what we expect to be sizable institutional participation in buying

Source:Coindesk News