Bitcoin (BTC) and Ethereum (ETH) have paused after a strong run, with geopolitical tension around Iran cutting appetite for risk. September started slow after a big August. Last month Bitcoin rose over 25% and Ethereum rose nearly 35%. Both are down today, with Bitcoin near 77,000 and Ethereum just below 2,400.
Key Levels
The level to watch for Bitcoin is $80,000. That mark was hit in May and touched about a week ago, but the market has not held any real closes above it. Breaking that resistance is needed to move much higher. For Ethereum, 2,500 is the key level, close to the current price.
These are not technical trading levels. Both coins trade well above their 100 and 200 day moving averages. The levels are more psychological, and mark spots where short positions may be set.
MicroStrategy Resumes Buying
MicroStrategy (MSTR) restarted its Bitcoin purchases last week after a near 10-week gap, a positive sign. The CEO had to defend the company after it sold Bitcoin a few weeks earlier at prices lower than where it bought back last week. He said he sees no future sales ahead of what he called a heavy bull market, which points to some optimism.
Last week the company bought about $350 million in Bitcoin. It also sold some common stock to fund the buys and to buy back some preferred shares. These moves reshape the balance sheet and give management more room to cover preferred stock dividends and other corporate needs. The market liked it: the stock rose about 2%, though it is down about 60% over the past year.
Hyperliquid and US Perpetual Futures
Hyperliquid Labs is reportedly in advanced talks to bring perpetual futures to the US market. President Trump named Hyperliquid at a White House meeting a couple of weeks ago, saying CFTC chairman Michael Selig was working to bring its perpetual futures to the US. That off-the-cuff remark pushed its native token, PER, up about 26% that day, and the coin is up about 80% over the past month.
New details show how it may work. Hyperliquid Labs would work through Kraken's parent company, Payward, letting US traders trade these perpetual futures on Payward's Bitnomial exchange. Such futures are popular for crypto, oil, and gold. The announcement pushed down shares of major exchange operators like CME (CME) and ICE (ICE). This could be a big development if it goes through.
The September 15 Regulatory Date
On the regulatory front, the question is whether legislation passes by September 15. The Senate meets that afternoon, around 2:30, for a cloture vote, which is a vote before the vote. It needs 60 votes to advance to a floor vote. If it fails, the CFTC and SEC appear ready to step in, but they can only act through rules, and those rules can be overturned by new leadership on those committees. Getting actual legislation done is the preferred outcome on this long-awaited key piece of crypto law.
