Todays Top Stories

Bitcoin Drops as Market Panic Sets In

It wasn’t supposed to be this way! Or was it? It seems the ever-reliable strategy of countertrading the general consensus on CT has proven to be a smart one yet again. Everyone was expecting "Uptober" to kick off with massive green candles shooting to the heavens within hours of the month starting. Instead, what we witnessed was prices in free fall and panic, with many claiming World War 3 had begun.

Bitcoin’s price dropped close to $60,000 on Tuesday following news of Iran’s missile strikes on Israel, fueling global market uncertainty. As the conflict escalated, traders reacted quickly, pushing Bitcoin down steeply before it recovered slightly to around $61,000. The sudden drop left Bitcoin down roughly 4% in the last 24 hours, with many still approaching the market with fear and caution.

Is it all over, yet again? While the recent dip in Bitcoin’s price might seem alarming, it's important to take a step back and look at the bigger picture. Looking back at previous years, like 2016 and 2020, we can observe patterns of smaller pullbacks or "shakeouts" that often occurred just before major price increases. These shakeouts are meant to remove weaker hands from the market—those investors who panic at the first sign of a downturn.

So, although it might seem that events like economic data or global geopolitical tensions are driving the market, many of these shifts align with historical cycles that have shaped Bitcoin’s past performance. If history repeats, what happens next?

Daily Alpha | They’re Starting to Notice

Runes—and we as holders, let’s be fair—have been subjected to derision, mockery, and at times, completely written off. But it seems the big accounts outside our somewhat small Ordinals bubble are beginning to take notice of the immense potential assets on Bitcoin hold.

MarketMobster recently revealed that he’s begun DCA’ing into some select Runes that have caught his eye. In his video released yesterday, he delves deep into his thesis, findings, and thoughts on where the BTC ecosystem could head during this run. His conclusion? It’s the same one we’ve held for some time—that the upside potential is incomparable to anything else out there.

Mobster’s video serves as a great entry-level explanation for those still on the fence and in need of a little nudge. It’s definitely worth sharing with anyone who could benefit from a clearer understanding of the opportunity.

Daily Alpha | Bids, Swaps, and $ME Updates

Magic Eden is set to roll out some exciting updates! Starting sometime today, bids will be available for the top 30 Runes, allowing users to split and place bids seamlessly.

Later this month, Magic Eden will also introduce rune swaps, giving users more flexibility in their trades; a feature that has been long awaited. Additionally, a function to prevent issues like RBF (Replace-by-Fee) with ordinals and runes will be launched in October, helping to secure on-chain transactions.

Lastly, the much-anticipated $ME token claim will soon be available via the Magic Eden Wallet. This innovative feature will allow users to link all their wallets—including hardware, browser, and mobile wallets—in one place, without needing seed phrases, ensuring a simple and streamlined claim process.

Unchained Art | Todays Editors Pick

Today, we picked one of the many people who supported us under the post of yesterdays top story!

We want to emphasise that the reward for public displays of Unchained Art has not stopped… Keep rocking those PFPs!

Daily Bites

Todays Markets

Ordinals

Puppets led yesterday’s volume, clocking in an impressive 61% increase from the previous day. OMB activity also looks healthy with a 183% increase; however, their floor prices, along with everyone else's, took a bit of a tumble, likely due to the market panic from unfolding world events.

An old favorite, the Bitcoin Frogs, sneaks into the top five. Is this the start of a comeback?

Runes

There are many uncertainties in the world at the moment, but DOG consistently leading the volume for runes is not one of them! While the $342K in volume on Magic Eden is impressive, according to CoinGecko, DOG had a 24-hour trading volume of over $10 million just yesterday across all platforms. Leonidas’s calls for Tier 1 CEX listings are surely bolstered by this.

Shrek-Kek-Tech is the newest entrant in the fold, garnering a lot of attention yesterday. It launched right in the middle of Iran’s attack on Israel—talk about timing! The price fell sharply during the panic down to 1.5 sats, then rebounded back up to around 7.5, where it has now settled at around 5.

The reason for the volume? Word spread through communities about Shrek’s X account content, which caught their eye as something a bit more original and active. Whether they can maintain that attention remains to be seen.

Todays Opportunities

ExtraOrdinals Whitelisted mints this week

Check out the mints ExtraOrdinals giveaway winners have coming up this week:

Giveaways

For all our ExtraOrdinals out there, don’t forget to join our giveaways in Discord! Currently, we have the following raffles running:

• Muteki (GTD) - Ends Thursday 3rd Oct 20:26 UTC

• Mintify: Satoshi Spots (GTD) & Ordinal Keys (Paid FCFS) - Ends Wednesday 2nd Oct 22:35 UTC

More giveaways are expected soon, so join the Discord below and make sure you have notifications on so you don’t miss out when the next ones go live!