Every time MicroStrategy buys Bitcoin, the price of the leading crypto asset seems to take a bit of a hit. It just happened again.

It’s not a drastic fall but BTC did threaten to lose the US$30k mark overnight. (It’s currently clinging on at about $30,170.)

Maybe it’s just coincidence. In any case, the Michael Saylor-founded business intelligence software firm (does anyone really care what it does at this point, other than hold Bitcoin?) continues to display immense, and single-minded buying power.

It’s in the black, too, on its BTC purchases, holding a whopping 152,333 of them, worth a total of almost US$4.6 billion – which is roughly the GDP of Barbados. It just bought another 12,333 BTC.

Of course, there may be other things at play causing Bitcoin to hit a wall over night. Wall Street, too. And yep, one of those “things” is Jerome Powell.

The Fed boss pulled on his Hawkeye mask and shot some arrows (perhaps just suction-cap ones) into the mainstream financial media, such as this, regarding the US central banks’s rate hiking for the rest of the year:

“Really, policy hasn’t been restricted for very long.”

And this…

“We started at negative real interest rates; we’ve since moved up to where we are actually in restrictive territory, but we haven’t been there very long, so we believe there’s more restriction coming.”

Yippee. Ah well, hardly unexpected, that, is it? Then again, some observers, including Sven “Northman Trader” Henrich and indeed Bloomberg seem to think Powell’s rhetoric was fairly tepid.

How’d the S&P 500 and Nasdaq and Dow go on the news? It was a mixed bag, reports Gregor over at the Market Highlights “desk” this morning, which we understand is his lap in his bed.

“The not-great news is that it’s looking unlikely that we’ll be cheering on another fantastic day, after a mixed result on Wall Street left the Dow lower by 0.22%, the S&P flat and the Nasdaq slightly higher on +0.27%,” he writes.

Let’s see how the crypto market goes with its historically tight Wall Street correlation. There have been signs of a diversion from that plotline just lately. Certainly, the instutional-narrative-watching Bitcoin bulls are feeling toey for a crypto bull run.

Wouldn’t be counting on that till at least the end of the year, maybe next, but we know more than a few crypto investors keeping some powder dry in the meantime, just in case.

(And, as always, just a reminder that nothing presented in Coinhead should be construed as financial advice. Unless we’re financial advisers. Which, unsurprisingly, we’re not.)

 

Top 10 overview

With the overall crypto market cap at US$1.2 trillion, down about 2.3% since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.

TRON… look, no offence, but you’re a whitepaper-copying Ethereum wannabe. And we’re going to keep calling you out till you drop back out of the top 10 again.

Meanwhile, XRP, Cardano and Dogecoin are the worst affected in the crypto majors today. Perhaps they all need a fresh spark in their narrative…

Such as: 1) Ripple court case chatter…

2) Cardano founder Charles Hoskinson saying something:

And 3) Elon Musk banging on about DOGE (nothing just lately)…

 

Uppers and downers

Some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)

PUMPERS (11-100 market cap position)

BitDAO (BIT), (market cap: US$565 million) +7%

BitGet Token (BGB), (market cap: US$692 million) +3%

Leo Token (LEO), (market cap: US$3.7 billion) +2%

 

SLUMPERS

Radix (XRD), (market cap: US$622 million) -27%

Conflux (CFX), (market cap: US$425 million) -11%

Pepe (PEPE), (market cap: US$599 million) -9%

Gala (GALA), (market cap: US$568 million) -7%

Aave (AAVE), (market cap: US$859 million) -7%

Uniswap (UNI), (market cap: US$3.64 billion) -7%

 

Geez, why is Radix dramatically dumping all of a sudden? It’s this: its development team has delayed/postponed (till September 27) a hyped upgrade of the Radix tech/blockchain, called Babaylon.

 

Around the blocks

Some pertinence and randomness that stuck with us on our morning moves through the Crypto Twitterverse.

News just in: Putin is losing the war… in, erm, Iraq, reckons Joe “Hey, Have You Heard that Great New Band The Eagles?” Biden…