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Happy Wednesday, Zingernation! Ethereum has struggled a lot over the last few months, but Shiba Inu’s lead developer says he still backs Vitalik buterin’s vision.

Today, we look at why Bitcoin may drop to the $40,000s, what VP nominee Tim Walz could mean for the crypto industry and more.

Plus, our partner hosts the World Championship of Trading.

MARKET SNAPSHOT

TOP STORY

Bitcoin Could Dip to $40,000 Amid Market Turbulence: 10x Research

Briefly: Analysts from 10x Research suggest that Bitcoin‘s price could potentially fall to the low $40,000s.

So Basically: The analysts highlight that despite the introduction of Bitcoin spot ETFs, Bitcoin prices have struggled to maintain momentum.

So Then: Technical indicators, particularly the 21-week moving average currently at $61,824, suggest that Bitcoin is in bear market territory.

So What: Bitcoin has already priced in much of the potential decline seen in tech stocks, but its higher beta to tech stocks could lead to even more significant drops, potentially reaching the low $40,000s.

Read the full scoop here.

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FIVE ZINGERS

I Got You: Shiba Inu’s pseudonymous lead developer enthusiastically supported Ethereum co-founder Vitalik Buterin’s ‘Ethereum-verse’ vision.

Trouble Ahead: Market maker Jump Trading continues to sell Ethereum, having transferred another 11,500 ETH to a selling address.

This Ain’t It: Peter Schiff wrote on X that having exposure to Bitcoin through ETFs undermines its core principles like decentralization.

Stop The Sell: Dogecoin has already seen a 15% increase, suggesting a possible trend reversal, after its brutal sell-off on Monday.

Cliffhanger

: Eric Trump, the son of former President Donald Trump, sparked speculation by hinting at a “big” announcement related to crypto and DeFi.

FINTECH FOCUS

EXCLUSIVE: What Tim Walz, Kamala Harris's New VP Pick, Could Mean For The Crypto Industry

Briefly: Walz himself has remained largely silent on digital assets, but his alignment with stringent financial regulations and consumer protections, suggests a possible shift towards stricter oversight.

What Happened: Warren Anderson, co-founder of Exocore says Walz does have a more stringent view on digital assets and believes crypto should not be classified as a legal form of payment.

What Else: The potential impact of a Harris-Walz administration on crypto regulation is further complicated by Harris’s own background.

Why It Matters: This combination of Walz’s cautious approach to financial innovation and Harris’s law enforcement background could result in a more robust regulatory framework for cryptocurrencies.

Read the full scoop here.

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