Good morning everybody, it’s your Daily Crypto News. My name is Matt and we’re back in Ohio. I’m moving like a sloth today after a weekend of moving-truck chaos (if you caught the live, you heard the whole unhinged saga). Enough therapy—onto the news. Packed show: Hyperliquid governance, El Salvador’s latest buy, a big UK Bitcoin custody story (with expert commentary), gold vs. Bitcoin sentiment, Craig Cobb’s charts, a solo-miner jackpot, Saylor buying, and prices.
🗳️ Hyperliquid Validators Test First Governance Vote With USDH Ticker
🇸🇻 El Salvador Adds 21 BTC on Bitcoin Day, Holdings Top $700M
📉 Bitcoin Google Searches Hit 11-Month Low as Gold Climbs
🎰 Solo Bitcoin Miner Gets Lucky, Scores $347K in BTC
🏦 Michael Saylor’s MicroStrategy Buys $217 Million in Bitcoin
📉 Trader Cobb & Market Training via The Grow Me Co
Hyperliquid’s first on-chain vote: USDH ticker (not powers)
Hyperliquid will hold a validator vote on Sept 14 to decide whether its proposed native stablecoin uses the USDH ticker. Importantly, this vote is only about the ticker—not special privileges—and USDH would join other stables on-chain.
Process & optics: Proposals due Sept 10; validator declarations by Sept 11. Foundation validators will abstain and align with the non-foundation majority to reduce any whiff of centralized control. Smart move (on the surface).
Pushback: Other stablecoin teams say reopening “USDH” disadvantages projects that were forced to choose different tickers.
Why it matters: Hyperliquid is pitching community oversight while nudging the ecosystem away from bridged assets (e.g., USDC). Internal estimates say that if USDH captured ~15% liquidity share, it could divert ~$5.5Band spin off ~$200M/year back to HYPE holders via reserve income.
El Salvador buys 21 BTC on Bitcoin Law anniversary
For the 4th anniversary of the Bitcoin Law, El Salvador bought 21 BTC—a nod to the 21M cap—bringing national holdings to 6,313 BTC (~$701M). The country’s been dollar-cost-averaging 1 BTC/day since March 2024, despite IMFpressure tied to a $1.4B loan that asked them to freeze public purchases, liquidate the trust, and exit Chivo.
Bukele’s approach: He’s continued buying and redistributed coins into smaller wallets capped at 500 BTC each, citing quantum risk. A public dashboard was shared for transparency.
Takeaway: Whatever you think of the IMF terms, Bukele is literally running the DCA playbook—buy daily, ignore the noise.
UK’s 61k BTC seizure: hold or sell? (Guest analysis)
Back in 2018, UK police seized ~61,000 BTC tied to a Chinese Ponzi—worth ~$366M then, ~$7B today. Under the Proceeds of Crime Act, seized crypto can be frozen, held, and sold once courts approve. The UK is now building a centralized custody & liquidation framework (with a proposed $50M contract).
Victims first: Courts will decide; proceeds go to costs, victims, then the Treasury Consolidated Fund. With a budget gap, Chancellor Rachel Reeves has hinted liquidation is on the table.
US lesson: The DOJ sold ~$700M of Silk Road BTC in 2021; holding would be ~$17B today. That history fuels the “don’t sell seized BTC” camp.
The question: Treat BTC like any seized commodity and sell? Or hold as a reserve asset—akin to gold? Policy choices here set global precedent.
Thanks to Laszlo Borsai (Wave Digital Assets) for the overview. The bigger philosophical snag: if governments profit by HODLing seized assets, do you accidentally incentivize more seizure? On the flip, if you sell early and BTC 5–10x’s, do taxpayers and victims get shortchanged? There’s no easy lever here.
Sentiment check: Google interest in BTC down while gold rips
US Google search interest for “Bitcoin” just hit an 11-month low even as gold broke to new highs. Some analysts (e.g., VanEck’s Matthew Sigel) see a lead/lag pattern: gold rallies first, Bitcoin follows with stronger upside. Targets floating for 2025 range from $120K–$250K, with a popular midpoint around $140K.
Zoom out: A million-dollar BTC is “possible” in nominal terms, but what’s a million worth if purchasing power keeps shifting? Plenty of assets are simply tracking inflation. Keep real vs. nominal straight in your head.
Charts pick: In the show notes/Substack I linked CryptoCurrently’s “moment of truth” video: are we riding the 20/50-day MAs higher or retesting ~$103–$109K? Worth 20 minutes.
Trader Cobb’s setup for the week
Craig Cobb (TheGrowMeCo.Com) is watching three higher-timeframe charts (2D/3D/4D/Weekly):
BTC Weekly: Clear higher-low/higher-high structure with a bullish candle in the cradle zone (near MAs). A weekly break above ~$113.4K would signal the next momentum phase.
TOTAL (Top-10 included): Even cleaner: prior resistance now acting as support, strong convergence, and a tidy bull candle. A break above ~$3.85T opens room.
OTHERS (ex-Top-10): This is your altcoin index (~$300B). It’s already nicked last week’s high; a further ~7%push would confirm leadership from alts—what you want for a real cycle.
He’s stalking BTC breakouts and still has an order on AVAX for a breakout continuation. Grab his free watchlist via TheGrowMeCo.Com.
Proof-of-luck: a solo miner hit a block (again)
A solo miner found block 913,632 over the weekend, earning 3.125 BTC plus 0.0042 BTC in fees—about $350K at current prices.
Transactions: 593 txs, 473.61 BTC moved in the block.
Rarity: This is the second solo win this month (previous on Sept 1, payout ~$365K equivalent then). Lightning can strike twice—just very, very rarely.
Saylor bought more
MicroStrategy added 1,955 BTC (~$217.4M) to the stack. Interpret however you like, but Saylor keeps doing Saylor things.
Prices
As of 10:00 a.m. ET
Fear & Greed: 42 (neutral, two points above fearful)
Majors
Bitcoin (BTC): $111,927 (+0.6% 24h, +2.6% 7d)
Ethereum (ETH): $4,318 (+0.3% 24h)
XRP: $0.297 (+4.6% 24h)
BNB: $879 (+0.8% 24h)
Solana (SOL): $213 (+4.9% 24h)
Dogecoin (DOGE): $0.236 (+8.0% 24h)
TRON (TRX): $0.332 (+1.0% 24h)
Cardano (ADA): $0.856 (+3.2% 24h)
Notables
Hyperliquid (HYPE): $51.20 (+8.3% 24h, +15% 7d), ~$17B mkt cap — flipped Chainlink for #11.
Litecoin (LTC): $113 (−2% 24h, +3% 7d), ~$8.6B mkt cap.
Totals
Crypto Market Cap: $3.87T (+1.2% 24h)
BTC: $2.20T
ETH: $521.5B
That’s the show. Kyle might be back tomorrow—or it might be me, depending on whether I can find my coffee mugs and escape cooking French press in a stock pot. Until then, happy hodling everyone.
