Crypto Market Under Pressure

The crypto market came under pressure on Sept. 9, with Bitcoin and major coins such as Solana, Ethereum, and XRP falling while a handful of altcoins moved higher.

Market Capitalization Drops

The market capitalization of all coins dropped by 1% to $3.94 trillion, continuing a recent trend. Still, some crypto coins like MYX Finance, Story, and Worldcoin were up by 100%, 31%, and 15%, respectively.

MYX Finance Price Jumps

MYX Finance price has gone parabolic in the past few days, which some traders attribute to market manipulation. It moved from $0.177 in August to a record high of $18, with its market capitalization jumping to over $3.5 billion. Its 24-hour volume rose to nearly $1 billion.

Listing on Gate.io

MYX price continued its uptrend after Gate.io, one of the top crypto exchanges, listed it. It is common for cryptocurrencies to jump after being listed by a major exchange.

Risk of Reversal

There is a risk, however, that the MYX Finance price will reverse soon, as it has become highly overbought, with the Relative Strength Index soaring to 97 and forming a double-top pattern. It is also much higher than its moving averages, meaning a mean reversion is possible.

Story Price Surges

Story price surged to a high of $12, continuing an uptrend that started in June when it bottomed at $2.46. It has crossed the important resistance point at $8, its February high.

Heritage Distilling’s IP Fund

The surge coincided with Heritage Distilling launching an IP fund that will invest in the token. This follows its recent PIPE financing that raised $200 million from companies like a16z, Selini Capital, Stix, and Hashed. In a statement, Seung Yoon, the CEO of PIP Labs, said: “By anchoring our reserves in $IP, we are positioning shareholders to participate in one of the most important shifts of this decade: the intersection of AI, data, and intellectual property.”

Worldcoin Price Jumps

Worldcoin, the crypto project launched by Sam Altman, jumped, reaching its highest point since January. The surge happened after Eightco, a company backed by Bitmine Immersion, launched a $250 million WLD treasury bet.

Treasury Companies’ Strategy

Eightco, Heritage Distilling, and other treasury companies are hoping to replicate the strategy’s success. Their hope is that these tokens will jump and boost their stocks in the long term.

Risk of Strain

The risk, however, is that the model is showing some strain, with most Bitcoin treasury companies like MSTR, Metaplanet, and Trump Media remaining in a deep bear market, as reported by bitpulse.