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A fresh round of bold predictions has surfaced in the XRP community after crypto analyst Nick Anderson compared the token’s trajectory to Amazon’s historic breakout more than a decade ago. According to Anderson, the current phase for XRP looks similar to Amazon’s long consolidation period before its massive rally. Amazon’s Long Wait Before Its Breakout Anderson recalled how Amazon shares traded sideways for about 3,800 days after the dot-com crash, stretching from the year 2000 until 2010. During that time, the stock slowly built a base, eventually forming what analysts call a cup-and-handle pattern. When the breakout came, Amazon moved from around $5 to $200, marking a gain of 3,900% over 15 years. He argued that XRP might be in the same situation today. The cryptocurrency has traded around $2.75 recently, which he described as being not far from the level—$5—where Amazon’s explosive run began. Based on his chart analysis, Anderson claimed XRP could eventually climb to anywhere between $100 and $200, though such a move would take years to unfold. Predicted Path For XRP Holders In his assessment, the analyst said younger investors who hold large amounts of XRP today could be in line for life-changing wealth if the forecast proves accurate. Anderson suggested that those currently in their early 30s might be between 45 and 50 years old by the time XRP reaches $100. He gave a simple calculation: a holding of 10,000 tokens would be worth $1 million at that price point. While the projection is long term, Anderson also placed attention on the current cycle. He forecast XRP could see a run toward $5 to $30 before a sharp correction. That correction, in his view, would serve as a reset before wider adoption takes hold and larger gains become possible in the next decade. Community Forecasts Add To Speculation XRP’s community has often entertained lofty targets, and Anderson’s call is not the first time a $100 price has been floated. Market observers have also predicted similar outcomes. Some backers argue that once liquidity in the market swells, much like it did ahead of the 2017 surge, XRP could accelerate toward those bigger milestones sooner than many expect. For now, XRP trades at $2.84 with a modest 0.90% daily gain and has reclaimed its spot as the third-largest cryptocurrency by market cap. Whether the token can truly mirror Amazon’s long climb is uncertain, but the prediction highlights just how strongly some analysts believe XRP is poised for an Amazon-like boom that could one day drive it to the $200 mark. Featured image from X, chart from TradingView

The Bitcoin price has soared to historic highs this year, but not everyone believes the rally will last. A new warning from a crypto analyst suggests that the world’s largest cryptocurrency could be on the verge of a dramatic price crash, with the possibility of erasing nearly all of its gains and tumbling back to levels not seen in years. Why A 90% Bitcoin Price Crash Could Be Ahead In a recent interview on the David Lin Report, a financial news channel on YouTube, Bloomberg Intelligence senior commodity strategist Mike McGlone issued a stark warning for Bitcoin holders. After years of accurately calling key price levels, including the surge to $100,000, McGlone now predicts that BTC could wipe out more than 90% of its gains, potentially falling back to $10,000 in this market cycle. The Bloomberg strategist explained that Bitcoin’s climb to six figures on December 6 marked a major psychological threshold. According to him, that milestone was less a sign of long-term strength and more a signal that the market had overheated. He described the surge as a textbook example of “selling when there’s yelling,” meaning that investors often get caught up in the euphoria at the top. Since Bitcoin crossed $100,000 on December 6, McGlone noted that gold has appreciated roughly 30%, while BTC has added only about 8%. Stock market benchmarks such as the S&P 500 have also posted modest returns in the same period, leaving digital assets struggling to show dominance. McGlone highlighted the growing connection between Bitcoin and broader equity markets, noting that its 48-month correlation with the S&P 500 now stands at 0.6. He suggested that this pattern underscores Bitcoin’s transformation into a risk-on asset, moving in tandem with stock market performance rather than acting as an independent store of value. Adding to his bearish stance, the Bloomberg strategist pointed out that volatility signals are shifting. In August, the Volatility Index (VIX) hit its lowest level of the year at around 14.2, while Bitcoin simultaneously reached new highs. By the end of the same month, volatility spiked again, suggesting that market sentiment may be changing. For McGlone, these signals indicate that investors should prepare for a potential correction phase, with gold likely to continue outperforming BTC and other speculative assets. Analyst Says Bitcoin To $1 Million Is Unlikely During the interview, Lin questioned whether Bitcoin could ever climb to $1 million, pointing to the same logic that took the asset naturally from $10,000 to $100,000. McGlone dismissed the idea, stressing that today’s market environment is fundamentally different and does not support such an outcome. Related Reading: Is The Bitcoin Price Bottom In? Here’s What Social Sentiment Says The Bloomberg strategist explained that when Bitcoin was trading near $10,000, market sentiment was profoundly negative, which created the ideal conditions for a long-term rally. By contrast, at a price above $100,000, the current market is crowded with long positions, making it harder for BTC to sustain upward momentum. In his view, the sheer weight of speculative exposure has left Bitcoin vulnerable to a potential retracement rather than setting the stage for exponential growth.

Log in to today's North American session Market wrap for September 5. Today finally met the eternal weeks of waiting for this month's Non-Farm Payrolls release. And the report was not good. You can access the details of the report right here. Markets were preparing to a slowdown after a week of labor data pointing toward a slowdown in hiring and job openings, with rate cut expectations lifting risk-assets from the past week's tumble. However, the harsh reality of tariffs hitting the market may now awaken a deeper fear of a longer-run economic stagnation for the US, as the FED may really have been a bit late to the curve to resume the sparse cutting cycle which delivered an initial cut a year prior. Initially, all assets appreciated from the downbeat US Dollar, but as participants digested the numbers, US Equities tumbled and the gold/bonds duo got lifted higher. All the daily moves have seen some form of profit-taking stop to them, but overall, the picture and tone really have changed since this morning. Read More:Markets Weekly Outlook – Moving forward from NFP, onto Inflation weekCross-Assets Daily Performance Cross-Asset Daily Performance, September 5, 2025 – Source: TradingView Except for Bonds which posted a very unusual strong performance (logical due to the renewed cut pricing and downbeat economic projections), the usual suspects to diversify from the US Dollar have performed strongly in today's Non-Farm Payrolls session. Decreasing prospects for economic activity added to yet-another increase in OPEC+ Supply has sent oil back to its 2-week lows. Some details on this coming up next week. A picture of today's performance for major currencies Currency Performance, September 5 – Source: OANDA Labs Both North-American currencies in the USD and CAD have got destroyed from their weak labor reports. As a matter of fact, the Canadian Dollar saw another wave of selloff towards the end of the afternoon while the USD pulled back a little. The NA labor data did help antipodeans like the NZD, best performer of the session and the CHF which keeps feasting on USD weakness despite their deflationary numbers. The JPY also appreciated the lower rate prospects for the US, third best performer on the session. A look at Economic data releasing on Monday's session For all market-moving economic releases and events, see the MarketPulse Economic Calendar. The new week kicks off with a heavy dose of Asian data. On Sunday 19:50 ET, Japan publishes its Q2 GDP figures (quarterly and annualized), alongside the GDP deflator and July Current Account. These will set the tone for JPY traders early in the session. At 23:00 ET, the focus shifts to China with August’s trade balance, including exports, imports, and the USD-denominated balance. Given recent concerns over global demand after today's downbeat NFP report, these numbers will be closely scrutinized. Heading into Monday, Europe opens with German Industrial Production and Trade Balance data at 02:00 A.M. ET, followed shortly after by the Eurozone Sentix Investor Confidence (04:30 A.M. ET). These should give a clearer picture of whether sentiment in the bloc is stabilizing after recent soft patches, as markets will also prepare for the ECB rate decision on Thursday. Later in the day, the UK releases BRC Like-for-Like Retail Sales (19:01 ET), followed by Australia’s Westpac Consumer Confidence (20:30 ET), wrapping up the session for AUD watchers. Despite the more precise economic outlook traders should receive after the Chinese trade data, next week will really focus on the US inflation data starting Tuesday. Safe Trades! Follow Elior on Twitter/X for Additional Market News and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

Smackover Lithium, a joint venture between Standard Lithium (TSXV: SLI) (NYSE.A: SLI) and Norway’s state-owned petroleum company Equinor (NYSE: EQNR), has announced positive results of a definitive feasibility study (DFS) for its South West Arkansas project. Smackover Lithium is developing a greenfield lithium extraction and chemicals production facility in the southwestern region of Arkansas. In January, the JV received a $225 million grant from the US Department of Energy to support the construction of Phase 1 of the South West Arkansas project. The DFS projected initial production capacity of 22,500 tonnes per annum (tpa) of battery-quality lithium carbonate (Li2CO3) for the project, marking the first commercial lithium production in the Smackover Formation, an underground geological formation stretching from Florida to Texas filled with lithium-rich brine. Analysts estimate the Smackover could contain more than 4 million metric tons of lithium, enough to power millions of electric vehicles and other electronic devices. DFS results Detailed Resource and Reserve modelling supports a production plan with average lithium concentration of 481 mg/L, underpinning a minimum 20-year operating life with ample opportunity for significant further expansion, the company said. The DFS envisions unlevered pre-tax NPV of $1.7 billion and IRR of 20.2%, assuming a discount rate of 8% and a lithium carbonate price of $22,400/t, an average of Fastmarket’s 20-year forward pricing curve for battery-quality lithium carbonate. All-in Class III capex estimate of $1.45 billion includes a 12.3% Monte Carlo risked contingency. This is informed by an 18-month detailed front-end engineering design process which has yielded capital definition well beyond typical DFS studies. Conservative adoption of pilot and demonstration plant learnings used in FEED results in improved capital intensity expected on future expansion phases. The DFS forecasts average cash operating costs of $4,516/t over the operating life and average all-in costs of $5,924/t. Since completion of the prefeasibility study (PFS), the JV has re-entered wells and drilled a new in-fill well to support upgrading the Resource and modeling Proven and Probable Reserves. The Total Measured and Indicated Resource is 1,177,000 tonnes lithium carbonate equivalent (LCE) at an average concentration of 442 mg/L for 0.50km3 of brine volume and Proven Reserves are 447,000 tonnes LCE at an average concentration of 481 mg/L for 0.20km3 of brine volume. First commercial direct lithium extraction in the US Smackover Lithium is licensing Koch Technology Solutions’ lithium selective sorption process for the initial phase of the project, which includes performance guarantees. Opportunity exists for further operational and cost improvement on future expansion phases with regional exclusivity for the technology in the Smackover under a joint development agreement, the company said. “The robust economics from our SWA Project DFS confirm what we’ve known for a long time – that this is a world class asset and opportunity,” Standard Lithium president and COO Dr. Andy Robinson said in a news release. “Through years of extensive testing and development we have substantially de-risked the process technology and increased our confidence in project execution,” Robinson said. “We are well-positioned to move the Project towards a Final Investment Decision and are excited by the prospect of being a domestic champion for securing critical minerals production in the United States.” First production is targeted for 2028, the company said.

Log in to today's North American session Market wrap for September 8. Sentiment was surprisingly positive in today's session with Japanese equities leading risk-assets (appreciating PM Ishiba's resigning?) and a few rebounds in cryptos. Gold and Silver maintain their stellar rise in yet another buying wave. Political turmoil in France and Japan (Prime Ministers getting ousted in both countries) and the Israel-Hamas war continuing have assisted both metals in their ascent. FX movement is still subdued, with Markets awaiting this week's US inflation data to attempt to solve the FED rate cut puzzle. Soft prints could easily point to a 50 bps jumbo-cut to restart the cut cycle. The opening session to the North-American equity week has been ok, but not too great. The Nasdaq index has led US indices, propulsed by semiconductors and tech-firms (Broadcom, Oracle, Palantir) but the extent of today's move has also been reduced. The trading week may only begin with Wednesday's PPI report, but keep an eye on the latest war headlines which could create some flows. Read More:Gold (XAU/USD) bullies its way to new record highs – Potential targets and fundamental outlookBitcoin (BTC/USD) Eyes Further Gains as Strategy Expands Holding and ETF Flows Remain StrongCross-Assets Daily Performance Cross-Asset Daily Performance, September 8, 2025 – Source: TradingView The session was very volatile for Oil, particularly after this weekend's largest ever Russian attacks that initially outweighed a higher than expected OPEC+ supply announcement. Sellers did lean on the upward pressure to deflate today's rise but oil is still up about 0.60% in today's session. For the rest, metals outperformed and a few crypto names like Solana, Doge and XRP have lifted a mixed picture in digital assets. As seen in the introduction, the FX and Equity picture has been subdued, but to resume simply, Equities are up with Japan's Nikkei leading and European stocks also enjoying the weekly open. A picture of today's performance for major currencies Currency Performance, September 8 – Source: OANDA Labs The US Dollar is largely the loser of today's session with the Kiwi really enjoying the idea of a weaker Greenback. NZD had been one of the most heavily sold currency since July, with a lot of them recovering except for the antipodean. Movement is still relatively small and the US Dollar is still holding its range, which implies that mean-reverting moves may still be prevalent until Wednesday's PPI and Thursday's CPI. A look at Economic data releasing in tonight and tomorrow's sessions For all market-moving economic releases and events, see the MarketPulse Economic Calendar. Tonight and tomorrow's sessions should be pretty slow throughout except for some small data for the GBP and AUD. Tomorrow evening's Chinese CPI data could be market moving, but for the rest, key participants are awaiting Wednesday. Also, keep an eye for tomorrow's BLS revisions at 10:00 which will provide a lookback on data released since the beginning of 2025 and may largely impact sentiment if any big diversion materializes. Safe Trades! Follow Elior on Twitter/X for Additional Market News and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

Log in to today's North American session Market wrap for September 4. We can blabber all we want about the FED's independence and how it affects markets (in short, it really does, look at metals performance in the past two weeks), but the main idea is that Markets really are just messing around ahead of tomorrow's quintessential Non-Farm Payrolls. About the FED's independence, Stephen Miran, who is currently Chair of the Economic Advisers for the White House, testified as he will be starting to occupy the role left from the recently departed FED Governor Kugler. His testimony was interesting to say the least, very loyal to the Trump Administration's words. One of the most curious thing was his words about how the current migration policy is deflationary (housing pressures down) while tariffs are just a one-off kick to inflation. He still did emphasize the FED's independence, but words are just words, we will see how he approaches future interviews. The FED Blackout period (when no words can be said about economic or financial policies by Federal Reserve members) begins tomorrow evening; Expect many surprise FED interviews in tomorrow's session. Read More:US Indices all regain their recent tops as fears for tomorrow's data abate – Key levels for the Dow, S&P 500 and Nasdaq ahead of the NFPSilver nears its all-time highs, where to look next? XAG higher timeframe outlookNFP Preview: US Jobs Report & Implications for the DXY, Gold (XAU/USD) & Dow Jones (DJIA)Cross-Assets Daily Performance Cross-Asset Daily Performance, September 4, 2025 – Source: TradingView North-American equities got a huge boost while Cryptos have corrected sharply (still holding their relative lows detailed in our most recent Crypto Market analysis). Metals didn't move any further today as commodity traders are all looking at each other (and they are all looking at the US Dollar) ahead of tomorrow's NFP. A picture of today's performance for major currencies Currency Performance, September 4 – Source: OANDA Labs The Forex Market has been an absolute snoozer since mid-August, as all eyes are turning to metals. The lack of action in the US Dollar strengthens this trend, but things should change heavily after tomorrow. Look at the US Dollar (Dollar Index, DXY) to spot how FX markets interpret tomorrow's data. With the most recent consolidation, look for breakouts above or below the range. You can access the details of the range right here. A look at Economic data releasing in tonight and tomorrow's sessions For all market-moving economic releases and events, see the MarketPulse Economic Calendar. The late Thursday session still has a couple of items left for JPY traders, with Japan’s Labor Cash Earnings (19:30 ET) closing out the day. Friday, however, is where markets’ attention is fully centered. The European session opens with German Factory Orders (02:00 A.M. ET) followed by UK Retail Sales numbers, while at 05:00 A.M. ET, the Eurozone posts both its Q2 Employment Change and GDP estimates. The spotlight, though, shines on North America at 08:30 A.M. ET: The U.S. Non-Farm Payrolls release (check out our previews), alongside unemployment rate and wage data, whichwill dominate market sentiment. This is the key release of the week and is expected to set the tone for Fed policy expectations into the September FOMC. At the same time, Canada delivers its August Employment Report, including wage growth, net employment change, and the unemployment rate, so keep an eye on the Loonie! Later in the morning, Canada also publishes the Ivey PMI (10:00 A.M. ET), offering another layer of insight into domestic business activity. Get ready for an active session. Safe Trades! Follow Elior on Twitter/X for Additional Market News and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

This morning saw the release of many data points that are making markets feel a bit easier: ADP Employment (which has been proving its recent accuracy) hasn't missed by a large amount, Unit Labor costs haven't risen much, Claims are higher but by a small margin and the earlier JOLTS (job openings) data is still far from bad. Overall, this week's data is the perfect recipe for the Federal Reserve to adjust their rates at the upcoming meeting (Sep 17), which would help with their current stance. A cut in the middle of a still growing economy would have been perceived as further hurting the FED's independence ; The thing is, the labor market is indeed cooling (but not falling off a cliff). In combination with a slight beat to the ISM Services PMI data, the combination helps equities to regain their recent tops. Nonetheless, participants will keep awaiting for tomorrow's Non-Farm payrolls release before moving the needle further – Let's discover which levels may come into play at tomorrow's number for the Dow Jones, the S&P 500 and the Nasdaq. You can access our two NFP previews right here: Read More: Markets Already Looking to NFPNFP Preview: US Jobs Report & Implications for the DXY, Gold (XAU/USD) & Dow Jones (DJIA) Most Read: Silver nears its all-time highs, where to look next? XAG higher timeframe outlookDow Jones 8H Chart Dow Jones 8H Chart, September 4, 2025 – Source: TradingView The Dow Jones is going ballistic in this session, close to invalidating the shorter timeframe double top that was formed throughout the monthly open. Mood might be getting a tid bit too euphoric ahead of such key data, but it seems that Markets are getting ahead of the curve with FED's Williams balanced-dovish comments. In any case, breaking the most recent all-time highs would let the index test the 46,000 level and potentially even try the 46,400 to 46,800 Fibonacci-extension from April lows. The most bullish case for NFP would be a slight miss on the data but just slight enough to not trigger a too-late FED widespread panic (around 10 to 25K). A bearish scenario (very low number or huge number, pushing rate cuts further) would potentially lead a correction towards the previous NFP lows at 43,400. Levels for Dow Jones trading Resistance Levels Current All-time high 45,764ATH Resistance Zone 45,700 (+/- 150 pts)1.618 Fibonacci-Extension for potential ATH resistance 46,400 to 46,850Support Levels Previous ATH resistance zone, now pivot 45,000 to 45,280Support 44,200 to 44,500Main Support (NFP Lows) 43,000 to 43,750S&P 500 8H Chart S&P 500 8H Chart, September 4, 2025 – Source: TradingView Same as the Dow Jones, the S&P 500 is invalidating its previous double top with this morning's rally. Bulls have brought the index back up strongly at the 6,400 level which will hold a key importance for upcoming action. Any break below may increase profit-taking pressure, while holding the upward channel should maintain the uptrend. Bull/bear scenarios for Non-Farm payrolls are the same as for the Dow Jones. Levels for S&P 500 trading Resistance Levels session highs 6,512 All-time highsAll-time high resistance zone 6,490 to 6,512 (currently testing)6,540 to 6,550 Potential ATH resistance (from Fibonacci extension)Way higher Fib-extension potential resistance from 6,650 to 6,700Support Levels End-July Top now Pivot 6,420 to 6,4306,400 Main Support6,300 psychological support6,210 to 6,235 Main Support (NFP Lows)Nasdaq 8H Chart Nasdaq 8H Chart, September 4, 2025 – Source: TradingView The action in Nasdaq is also strong today but seems more rangebound than its peers. Indeed, the tech-heavy index got boosted by strong Mag 7 performances in yesterday afternoon and today's sessions, but the technicals suggest that the consecutive up and down action should reinforce a consolidation period. This will of course depend on tomorrow's number, with the bull/bear case similar as its peers. An as-expected data release should lead to even more rangebound action between 23,000 to 23,700. Levels for Nasdaq trading Resistance Levels Current All-time Highs 23,98623,700 to 23,732 NFP highs acting as immediate resistance24,250 potential resistance at middle of upward channel (broken?)Support Levels Consolidation lows 23,00023,000 Key Support22,700 support at NFP lowsEarly 2025 ATH at 22,000 to 22,229 Support Safe Trades for tomorrow's huge number! Follow Elior on Twitter/X for additional Market News, Insights and Interactions @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

Arizona Sonoran Copper (TSX: ASCU) is pressing its Cactus copper project in Arizona toward an updated resource and prefeasibility study (PFS) by year-end while cutting project royalties and shoring up funding. Given the company’s development momentum, shares in the Casa Grande, Arizona- and Toronto-based company appear to be undergoing a re-rating. Its TSX stock nearly doubled this year to an all-time high of C$2.75 apiece before easing to $2.67 near press time for a market capitalization of about C$474 million ($342 million). President and CEO George Ogilvie says the market move, at roughly 0.3 times price-to-net asset value, still leaves “substantial runway for a further re-rating”, but doesn’t mean the team can relax. It’s gearing up for first copper cathode in 2029 with plans to organize financing next year, Ogilvie told The Northern Miner by phone in August. “We plan to open the data room in the fourth quarter, work through lenders over the next 9 to 12 months and aim to announce project debt in the second half of 2026,” Ogilvie said. “Once debt is in place, we’ll look at the equity component and move to a final investment decision in late 2026 or early 2027.” Investor appetite for US copper development was also highlighted on Aug. 13 when Mitsubishi agreed to buy 30% of Hudbay Minerals’ (TSX, NYSE: HBM) Copper World project for $826 million, a peer transaction in Arizona. That followed Hudbay’s strategic investment in Arizona Sonoran. “Hudbay’s strategic investment in January – after four months of due diligence – was a huge validation,” Ogilvie said. “They don’t put upwards of $30 million into a company unless they expect significant returns.” Gathering momentum So far this year, Arizona Sonoran has reduced the net smelter return (NSR) royalty on Cactus to 2.5% from 3.2%. It completed a 0.6% royalty buy-down in August for total cash payments of $8.91 million to subsidiaries of Royal Gold (NASDAQ: RGLD) and Elemental Altus Royalties (TSXV: ELE). Royal Gold’s interest fell to 2% (from 2.5%) for $7 million and Elemental Altus’ to 0.5% (from 0.7%) for $1.91 million, management said. The buy-down follows Royal Gold’s February purchase of a pre-existing 2.5% NSR on part of Cactus for $55 million. A busy financing calendar has helped fund the de-risking work. In June, Arizona Sonoran closed a C$51.75 million bought deal at C$2 per share. The company said the net proceeds are expected to fully fund it through a potential final investment decision at Cactus as early as the fourth quarter of 2026. Hudbay maintained a 9.9% stake in July by exercising pre-emptive rights through a C$5.8 million private placement. As a result, Arizona Sonoran now has about C$85.4 million in cash and 177.6 million shares outstanding. The company also closed a November 2024 Nuton placement, seeing the Rio Tinto (ASX, LSE: RIO) venture investing C$3.1 million. Studies and timeline A 2024 PEA outlines average production of 116,000 short tons of copper cathode per year for the first 20 years, an after-tax net present value, at 8% discount, of $2.03 billion and a 24% internal rate of return at $3.90 per lb. copper, with initial capital outlay of $668 million over two years. A July 2024 resource underpins the study. It outlined measured and indicated resources of 574.1 million tonnes at 0.6% total copper for 7.3 billion lb. contained copper and 430 million inferred tonnes at 0.4% total copper for 3.8 billion pounds. Arizona Sonoran plans updating the mineral resource followed by a PFS before year-end, with a definitive feasibility study to follow soon after. The roughly 40,000-metre infill program supporting the PFS has been completed and results are expected over the coming months. Market observers point out that Arizona Sonoran is well positioned ahead of the upcoming milestones. Despite analysts expecting the initial capital cost will go up in the PFS relative to the PEA capex of $668 million, Ogilvie maintains that the capital cost will remain comfortably below $1 billion. This makes Cactus “one of the lowest capital intensity copper development projects globally,” Haywood Capital Markets mining analyst Pierre Vaillancourt wrote in an Aug. 1 note. While there is no formal talk of a buyout yet, the analyst suggests that Hudbay maintaining its stake in the company during the most recent financing, and that three companies have signed non-disclosure agreements with access to Arizona Sonoran’s data room points to high interest in the asset. Rio Tinto did not participate in the recent financing but still maintains its investor rights. Next steps Early results from the Parks/Salyer deposits confirmed continuity. It includes long mineralized runs such as 391 metres grading 0.7% total copper from 226.8 metres deep in hole ECM-299 (with higher-grade enriched intervals) and 465 metres at 0.7% from 162.2 metres deep in ECM-289. Metallurgical column work indicates recoveries that meet or exceed assumptions used in the 2024 PEA, Ogilvie said. Enriched material columns project 90% soluble copper extraction under best-practice “heap efficiency” assumptions versus 85% in the PEA. The team also trialed a Wirtgen SM 280 surface miner in the historical Cactus West pit. Preliminary results exceeded modelled throughput and cost expectations. Ogilvie says the project’s trump card lies in benefitting from private-land status and a state-led regime. Major permits based on an earlier study are in hand. The company further cites 87% local support from October 2024 polling of Casa Grande residents.

Bitcoin has bounced back above $112,000 after slipping to $107,000 last week, its lowest mark since July. The rebound has stirred hope among traders, but analysts remain split on whether the current upswing can hold through September. September’s Track Record Under Scrutiny Historical data shows September hasn’t been kind to Bitcoin during post-halving years. In 2017, the coin ended the month with a close to 8% loss, while in 2021 the decline was 7%. Even further back, in 2013, Bitcoin dropped 1.60% in the same month. That pattern has led some experts to argue that a retest of key technical levels this year is nothing unusual. Benjamin Cowen, head of ITC Crypto, has repeatedly pointed to the 20-week simple moving average as a marker. According to him, September tends to bring price dips toward that level before a fourth-quarter recovery takes hold. Cowen believes the recent pullback fits the broader rhythm seen in earlier cycles. Mixed Views On Cycle Consistency Not everyone is convinced. Some analysts have raised questions about whether the cycle is breaking from tradition. They highlighted that Bitcoin normally records gains in August before falling back in September. This time, however, the opposite occurred. Bitcoin closed August with a 6.25% loss. That stands in stark contrast to August 2017, when the coin surged 64%, and August 2021, when it gained 15%. Those two robust months were each followed by abrupt September declines. Analysts believe that current data indicate a different configuration could be at work, with macroeconomic parameters such as rate cuts being more pronounced over price action. Calls That The Bottom Is Already In Despite the cautious tone from some analysts, there are voices pointing to a brighter near-term outlook, saying the low for September may already be behind Bitcoin. The asset opened the month at $108,200, touched a high of $110,100, and fell to $107,000 before rebounding. Based on that sequence, analysts suggest the market may avoid setting new lows this month. Cowen, however, continues to stress that corrections after setting fresh highs are part of the cycle. He points to August’s new record peak as evidence that the market is following the same blueprint as previous years. In his view, the retreat to the 20-week SMA is less a warning sign than a setup for a strong year-end rally. While the debate over September’s outcome continues, most analysts agree on one point: short-term turbulence is unlikely to alter the long-term picture. Recent data have made clear that despite temporary dips, Bitcoin is expected to trade far higher in the years ahead. Featured image from Meta, chart from TradingView

The US Jobs Report (NFP) is expected to show job growth of 75,000, with unemployment rising to 4.3%.US job growth is slowing, with recent revisions showing underlying weakness.The Fed faces a dilemma between faltering job creation and persistent wage growth.A weak report could solidify the case for a Fed rate cut, boosting stocks and gold.Most Read: GBP/USD Forecast: Cable Recovers but the Outlook Remains Murky. WIll NFP Data Serve as a Catalyst? US Labor Market Backdrop The August 2025 Non‑Farm Payrolls report looks set to become a turning point for both the U.S. job market and the Fed’s policy path. Most analysts think about +75,000 jobs will be added, only a little more than July’s +73,000 and clearly slower than the fast pace earlier this year. At the same time the labor‑force participation rate fell to a 31‑month low, and factories lost workers for three months in a row – about 36,000 jobs gone. Yet the unemployment rate still sits around a historic low of 4.2 percent, suggesting the market still has some strength. NFP Preview: What to Expect The consensus for the August NFP report is centered around the addition of 75,000 jobs, a figure that is only marginally higher than the 73,000 jobs added in July, which was itself a substantial miss from the 110,000 forecast. The unemployment rate is projected to tick up by a tenth of a percentage point to 4.3%, and average hourly earnings are expected to cool slightly to a 3.7% year-on-year increase from 3.9% in the prior period. For all market-moving economic releases and events, see the MarketPulse Economic Calendar. Time used is British Standard Time (BST) (click to enlarge) The US job market is clearly slowing down and is weaker than the main numbers suggest. The biggest warning sign is that the job figures for May and June were revised to be much lower, it turns out 258,000 fewer jobs were created than was first reported. This proves the job market was in worse shape than we originally thought and that the trend is getting worse. Even though the official unemployment rate seems low, other signs also point to weakness. A smaller percentage of people are actively working or looking for jobs, which makes the unemployment rate look better than it really is. On top of that, key areas like manufacturing have been cutting jobs. All of this together shows the job market is on shaky ground, and it now seems more likely that the unemployment rate will be on the rise in the months ahead.. The Federal Reserve Conundrum The NFP report presents a challenge for the Federal Reserve and comes at a time when Fed independence has been questioned. Pressure has been mounting from the US administration for aggressive rate cuts. The current environment, marked by a cooling jobs market and persistent wage growth, creates an uneven backdrop for policymakers. Jobs are starting to cool, yet wages keep rising. That mix may mean the Fed could see a wage‑price spiral, a situation where higher pay fuels more inflation. If that happens, cutting rates could become much harder still. The Fed has until now cited the uncertainties around tariffs and its impact on inflation as an ongoing concern. However, following the revised labor numbers of late are now unable to ignore the situation with Fed Chair Powell's de facto admission at Jackson Hole that labor market concerns now outweigh inflation, a clear sign of the challenge and thinking of a divided Fed. Market expectations are already heavily skewed toward a rate cut. A 25 basis point (bps) cut at the September Federal Open Market Committee (FOMC) meeting is nearly fully priced in, with over 57 bps of cuts anticipated by December 2025. The upcoming report could serve to sway some Fed policymakers as we heard from Rafael Bostic who said “I am not ruling out a September rate cut depending on the coming jobs report and other data.” This highlights the magnitude of the data release. Potential implications for the US Dollar Index (DXY), Dow Jones and Gold The market's reaction to the NFP report will not be uniform, but rather dependent on the deviation from consensus forecasts. These are the potential reactions we could see depending on how the data comes out and is received. Source: Table Created by Zain Vawda, Data from LSEG Many of the assets above are at interesting areas what we would call inflection points with the next moves likely dependent on tomorrow's data. US Dollar Index (DXY) The broader bias for the US Dollar Index (DXY) remains bearish into the fourth quarter, predicated on the expectation of further Fed easing. A weak NFP report, particularly one with capped wage growth, would likely be the trigger that pushes the dollar below its key 97.45 support level, allowing its downtrend to resume. US Dollar Index (DXY) Daily Chart, September 4, 2025 Source: TradingView (click to enlarge) Dow Jones Index (DJIA) The Dow has moved a lot lately, driven by hopes of Fed cuts. After the July NFP disappointment, the index fell hard, then bounced back when the data “re‑ignited hopes” for more cuts. This pattern suggests an inverse link: weaker jobs data can actually lift stocks in the current setting. Dow Jones Index Daily Chart, September 4, 2025 Source: TradingView (click to enlarge) Gold (XAU/USD) Gold stays near historic highs, a move mainly fueled by thoughts of an upcoming Fed cut. A soft NFP report would likely act as a strong push for more gold buying, reinforcing the case for monetary easing and making a non‑yielding metal more attractive. For a more in depth analysis of Gold, read Gold (XAU/USD) Extends Weekly Gain to 3.5%. More Gains In Store for Gold? NFP Up Next Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

Silver X Mining’s Nueva Recuperada project in Peru. Credit: Silver X Mining A new preliminary economic assessment (PEA) for Silver X Mining’s (TSXV: AGX) flagship project in central Peru has confirmed its district-scale potential, with production of over 6 million oz. in silver-equivalent (AgEq) a year. The PEA envisions a 3,000-tonne-per-day mine operating for at least 14 years at the Nueva Recuperada property, situated within Peru’s Huachocolpa mining district known for its historic silver production. With an average annual production of 6.2 million AgEq ounces at an all-in sustaining cost of $15.8/oz, the project is given a net present value (5% discount, post-tax) of $440 million, with a 69% internal rate of return. The initial capital cost is estimated at $82 million, paid back in three years (after tax). Silver X the PEA results confirm the company’s potential to scale into a mid-tier silver producer, with two mines on one property — one of which (Tangana) is already in production and another (Plata) on its way — supported by a large resource base. The study incorporates the company’s most recent resource estimate of 35.65 million oz. AgEq measured and indicated and 116.55 million oz. AgEq inferred. “This updated PEA supports the company’s vision to increase production by up to six times within the next few years,” stated José García, CEO of Silver X, in a press release on Thursday. Shares of the company gained 1.3% by midday, extending a rally this week during which the stock hit multiple 52-week highs. The Vancouver-based silver miner has a market capitalization of C$88 million ($63m). Two mills planned To achieve its future production target, Silver X is aiming to have two milling facilities — one for Tangana and one dedicated to processing ore from the new Plata mining unit, from which it expects to start production next year. The Tangana mill will be a new 1,500 tpd facility, while Plata will use the existing 720 tpd Recuperada mill, which it plans to expand to 1,500 tpd as well. A new environmental and social impact assessment (ESIA) for the Tangana mining unit is in its final stages, and the company said it has worked with authorities towards its final approval, expected before the end of this year. On the exploration front, Silver X is in the midst of an 8,000-metre drill program to expand the resources at Nueva Recuperada, having already completed nearly 1,900 metres of development work at its existing mine operation. “We continue to upgrade our mineral resource, and we are very confident that the new drilling campaign that we are starting this week will result in a much stronger resource statement within a few months. On top of expanding the resource at Tangana, we now have the opportunity to rapidly increase the resource at our Plata mining unit, where we can find some of the highest grades in the district,” García stated.

Ethereum continues to display resilience in the face of recent volatility, holding firmly above the $4,200 level. Despite this strength, ETH has yet to break decisively above $4,500—a critical barrier that would confirm the next leg of its uptrend. Instead, selling pressure is mounting as the broader market feels the weight of profit-taking and uncertainty, leaving traders on edge about the short-term outlook. Still, Ethereum’s fundamentals remain robust. Institutions and large players are stepping in aggressively, fueling confidence that demand is far from fading. According to analyst Ted Pillows, Bitmine, a major institutional player, has once again purchased Ethereum just hours ago, adding to its already sizeable holdings. This repeated accumulation underscores a growing trend of capital rotation into ETH, even as other altcoins face heavier corrections. The narrative of institutional demand provides a counterweight to bearish sentiment, suggesting that Ethereum may be better positioned than Bitcoin or other large-cap tokens to weather the current market environment. With fundamentals and whale activity aligning in its favor, Ethereum’s ability to hold structural demand levels could be a decisive factor in determining whether the next breakout above $4,500 materializes in the coming weeks. Bitmine Strengthens Its Ethereum Position According to analyst Ted Pillows, Bitmine has once again made headlines by purchasing another $65.3 million worth of Ethereum, raising its total holdings to an impressive 1.785 million ETH. At current valuations, this stash is worth approximately $7.71 billion, cementing Bitmine’s status as the single largest Ethereum holder in the market. This dominant position places the institution far ahead of its competitors, with holdings more than double those of SharpLink, the second-largest ETH holder. The scale of Bitmine’s activity underscores the accelerating pace of institutional adoption surrounding Ethereum. While Bitcoin has historically held the spotlight as the flagship digital asset for institutions, the recent trend of capital rotation clearly demonstrates a shift in market preferences. Large players are increasingly allocating capital into ETH, viewing it not only as a store of value but also as a critical piece of the future digital economy given its smart contract ecosystem, DeFi applications, and Layer-2 scaling developments. This aggressive accumulation also reinforces the narrative that Ethereum is emerging as the preferred asset for long-term strategic positioning. By consistently adding to its ETH reserves, Bitmine is signaling confidence in Ethereum’s ability to outperform in the current cycle. Moreover, the contrast with Bitcoin—where reserves and demand have recently shown stagnation—highlights Ethereum’s growing dominance in institutional portfolios. Technical Details: ETH Consolidates In A Range Ethereum is trading around $4,406, holding above the crucial 200-period SMA but showing clear signs of indecision. The chart highlights how ETH has struggled to establish momentum above the $4,500 resistance, where repeated rejections confirm strong selling pressure. Despite multiple attempts, bulls have failed to trigger a sustained breakout, leaving ETH stuck in a sideways consolidation. The 50 and 100-period SMAs are flattening out, reinforcing the idea that momentum is cooling. Still, the 200 SMA near $4,280 provides structural support, and buyers have consistently defended this area in recent sessions. This suggests that while ETH is under pressure, its underlying bullish structure remains intact as long as it stays above this key level. From a risk-reward perspective, Ethereum’s immediate range is clear: support lies between $4,280–$4,300, while resistance remains firmly set at $4,500. A decisive break above $4,500 could open the way for a retest of $4,700–$4,800, but failure to hold support increases the likelihood of a drop toward $4,200. Featured image from Dall-E, chart from TradingView

XRP’s large holder cohort, specifically addresses holding between 10 million and 100 million XRP, has shifted from accumulation in the second half of August to significant dumping at the start of September. On-chain data from analytics platform Santiment reveals a sharp reversal in holdings, both in terms of circulating supply percentage and the number of coins held by this cohort. This change raises concerns about the sustainability of XRP’s price, which has been facing rejections above $2.8, and whether September could be a bearish month for the token. XRP Millionaires Start September With A Selloff XRP millionaire wallets, which are addresses holding between 10 million and 100 million XRP coins, aggressively increased their holdings during the second half of August. Based on the current price of XRP, each of these addresses is sitting on $28 million and $280 million worth of XRP, depending on the size of their wallets. Particularly, Santiment’s data shows that the percentage of XRP supply held by these addresses rose from 11.67% on August 16 to 12.19% by the end of the month. In terms of numbers, their stash grew from about 7.5 billion XRP coins to 7.85 billion XRP. This surge in accumulation showed the confidence among large investors, which contributed to XRP successfully holding above the $3 price level throughout the month. However, September has opened with an abrupt reversal. On September 1, whale holdings accounted for 12.19% of the circulating supply, but by September 3, that figure had dropped to 11.77%. In coin terms, the balance fell from 7.85 billion XRP to 7.61 billion XRP, wiping out much of the late August accumulation in just a few days. This decline is clearly illustrated in Santiment’s chart below, which shows a synchronized dip in both percentage supply and absolute holdings. This rapid offloading means that these millionaire wallets may be taking profits after August’s rally, and it introduces downside pressure that could have effects on XRP’s price action throughout September. Could This Mean A Red September For XRP? September has been a mixed month for XRP, with both strong rallies and painful corrections shaping investor sentiment. According to data from CryptoRank, the last time XRP saw a red September was back in 2021, when it fell sharply by 20.1%. Since then, however, XRP has managed to string together three consecutive green Septembers, including a 46.2% increase in September 2022. This track record shows that while September has the potential to bring losses, it has also been highlighted by gains. Although it is too early to declare a repeat scenario of a red September, the sell-off from millionaires at the beginning of September sets a worrying precedent. XRP’s price action is already showing signs of strain, with the token repeatedly facing rejections above $2.8 in recent days. If these millionaire wallets continue to offload their holdings, the bullish sentiment surrounding XRP may weaken, which may lead to further declines. At the time of writing, XRP is trading at $2.82, up by 0.2% in the past 24 hours.

Ivanhoe Mines (TSX: IVN) announced on Thursday that it has made a copper discovery at its exploration joint venture in Kazakhstan’s Chu-Sarysu Basin, warranting further follow-up. The Canadian miner, alongside UK-based partner Pallas Resources, is exploring a prospective land package of over 16,000 km², covering licences spread across seven projects. The landholding, according to Ivanhoe, represents one of the largest in Kazakhstan and is estimated to be seven times bigger than its Western Forelands project in the Democratic Republic of the Congo. The new copper discovery resulted from the joint venture’s fieldwork on the Merke licence, which is located in the southern part of the Chu-Sarysu Basin and includes a 36-kilometre-long stratigraphic trend, with multiple samples returning between 1% and 5% copper. While clearly not an economic occurrence in isolation, Ivanhoe’s team considers the copper mineralization — an outcrop on surface with an approximate 20-metre thick zone — to be “significant” as it strongly supports the thesis that mineralization is structurally controlled, with faults and fractures acting as conduits for copper-bearing fluids into a package of folded sedimentary carbonate rocks. The joint venture will now follow up on this discovery by mapping these structures in detail, supported by high-resolution magnetic surveys to trace them at depth, and by evaluating basement contacts and fault systems as potential fluid pathways. Shares of Ivanhoe declined 3.5% to C$12.02 by noon ET on the news, giving the Vancouver-based copper miner a market capitalization of C$16.22 billion ($11.72bn). Third-largest basin The entire Chu-Sarysu Basin, according to Ivanhoe, is ranked as the world’s third-largest sediment-hosted copper basin, after the Central African Copperbelt and European Kupferschiefer, hosting 27 million tonnes of known copper. The area hosts the world-class Dzhezkazgan deposit, which has been continuously mined for over a century. The United States Geological Survey (USGS) estimates that there remains approximately 25 million tonnes of undiscovered copper in the Basin. Despite its significant prospectivity, greenfield exploration has largely been neglected across the entire region for over 40 years. Kazakhstan as a whole has also been largely underexplored, even with its geological potential and status as a world-leading producer of uranium. S&P Global estimates that over the past 15 years, only $100 million has been spent annually on exploration in the country, far less than other major mining jurisdictions. With that in mind, Ivanhoe and privately held Pallas teamed up in late 2024 to explore the 16,000 km² land package in Chu-Sarysu, leveraging the former’s exploration success in Congo and the latter’s experience in Kazakhstan. Ivanhoe is expected to sole-fund up to $18.7 million over the first two years, and can elect to earn into all seven projects under the JV, up to 80%, for a maximum consideration of $115 million over four years. Drilling underway Ivanhoe also said that a 15,000-metre drill campaign has commenced in the western section of the joint venture’s land package on the Glubokoe licence, located several hundred kilometres north of the Merke licence. The first drill hole is expected to test the potential extensions of mineralization first noted in a Soviet-era stratigraphic hole drilled in the 1980s, which intersected three separate copper-bearing intervals over 26 metres, the company said. The initial drill holes in the 2025 campaign are expected to be between 800 and 1,000 metres deep, and will assist with calibrating the results with historic and newly acquired geophysical datasets. This in turn will inform the stratigraphic and facies models, as well as help identify drill targets for the remainder of drill program, it added.

This article is an update to an end-August Silver (XAG) piece. Read More: Silver (XAG) and other metals in focus as the Federal Reserve independance gets challenged Silver has outshined its peers in terms of performance, bolstered by the increasingly-menaced FED independence and Gold also rallying to new all-time highs. Metals comparative performance since August 2025 – Source: TradingView The fundamentals are not changing: Markets are still anxious about the future outlook for the US Dollar with the Trump Administration's US Exceptionalism policy. As time progressed, and despite some harsh tariffs that will start to bite into US Importers' profits, it seems that Markets were putting less emphasis on such policies with the Dollar Index stopping its early-2025 fall-off. The US Dollar's status as reserve currency is still far from being replaced. Nonetheless, firms and central banks have been looking for ways to diversify from risks to the Greenback and related assets like US Treasuries (still largely the most liquid non-cash asset). Geopolitic events such as the most recent Chinese Military Parade (the largest ever), celebrating the 80 years since the end of WW2 and hosting Vladimir Putin and Kim-Jong Un are also such testaments of the tone changing a little – The next 10 years are going to be interesting. Anyway, let's log in to a few Silver charts, to see what are the bigger picture trends and get levels ahead of the Non-Farm Payrolls release. Read More: Markets Already Looking to NFP Silver higher-timeframe technical analysisSilver (XAG) Monthly chart Silver Monthly Chart, September 4, 2025 – Source: TradingView Silver is progressively spiking towards the August 2011 highs after breaking the $40 psychological barrier. A Monthly ascending channel comes at a confluence with August 2011 highs ($44 to $44.50) and may act as a longer-timeframe profit-taking area. On the other hand, depending on the global outlook and any further geopolitical/dollar-led tensions, a further breakout above the upper bound is possible towards a retest of the previous ATH (still far from now, but holds a decent probability). The Daily picture during 2011 spikes A Daily chart of the April to October 2011 Period – Source: TradingView You can observe on this 2011 look-back how some key areas that will soon be tested either to the upside or downside and should influence upcoming flows for XAG trading. One of the only scenario that would restrain the ongoing rally would be a very strong Non-Farm Payrolls which would lead to huge US Dollar rallies and a consequent profit-taking in metals. For the rest, as expected should maintain the current-trend/consolidation period around the $40 pivot. Any miss should boost Silver's momentum (the extent of the miss will influence the extent of the rally) The current Daily picture with the 2011 support/resistance levels Silver Daily chart (current trading), September 4, 2025 – Source: TradingView Silver has recently broken out of its weekly channel, indicating how strong the current trend is. The end-August to beginning September moves have been surprising. Tomorrow's release and the September FOMC will shape up future demand for metals and will have huge influence on upcoming flows. Levels to watch for Silver (XAG) trading: Resistance Levels: $41.45 recent highs$42 psychological level$43 to $44 potential resistanceAugust 2011 $44.25 topSupport Levels: $39.50 to $40 key pivot zoneSupport 38 to $38.52012 Highs Support around 37.50 Safe Trades! Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

After hitting its latest all-time high (ATH) on August 14, Bitcoin (BTC) has been on a steady decline, trading just above the $110,000 level at the time of writing. While some analysts opine that the crypto bull run may be over, on-chain data suggests that there is at least one more major leg up ahead for BTC. Bitcoin Bull Market Over? Not Quite According to a CryptoQuant Quicktake post by contributor CoinCare, as much as 50,000 BTC has been withdrawn over the past two days from crypto exchange Kraken. This was followed by another major withdrawal of 15,000 BTC. The CryptoQuant analyst stated that such significant withdrawals are not something that is typically observed near the peak of a bull market cycle. Instead, at market tops, exchanges witness an influx of BTC or other cryptocurrencies, signalling distribution. Although retail demand for BTC is currently fragile, a few big wallets are still accumulating BTC in large quantities. Past data shows that retail demand for BTC surges rapidly at bull market tops. However, the current tepid demand suggests that BTC has “at least one major leg up ahead.” That said, fellow CryptoQuant analyst caueconomy offered a contrasting take. According to their analysis, major BTC holders continue to reduce their exposure to the digital asset, recently reaching the largest coin distribution in 2025. Notably, BTC whale reserves have tumbled by 100,000 coins in the past 30 days, showing high risk aversion among large investors. As a result, heightened selling pressure has been weighing down on the BTC price, pushing it below $108,000 in late August. The analyst added: At this time, we are still seeing these reductions in the portfolios of major players, which may continue to pressure Bitcoin in the coming weeks. Technicals Point Toward Renewed Strength While BTC whales – investors holding 1,000 to 10,000 BTC – may be reducing their exposure to the cryptocurrency, technicals point toward further room for growth for the leading digital asset by market cap. For instance, noted crypto analyst Titan of Crypto shared the following chart on X, saying that BTC is close to invalidating the bearish double-top pattern on the daily chart. Once BTC convincingly pushes above the neckline, it could provide new bullish momentum to the asset. That said, there are some signs of caution. For instance, crypto analyst Doctor Profit recently stated that if BTC fails to defend the $107,000 – $108,000 support level, then it may risk falling all the way down to $90,000. Similarly, a breakdown below the $98,000 level could spell disaster for the flagship cryptocurrency. However, the long-term bull case for BTC remains intact. At press time, BTC trades at $110,460, down 0.9% in the past 24 hours.

Vale (NYSE: VALE) has officially reopened the Capanema iron ore mine in Ouro Preto, Minas Gerais, after a 22-year halt, as part of an investment strategy worth R$ 67 billion ($12.2 billion) through 2030. The reactivated Capanema unit, which received about R$ 5.2 billion ($950 million) in investments, will operate without using water in processing, generating no tailings and removing the need for dams. The shift toward dry processing has been a central goal for Vale following the deadly collapses of two tailings dams in Minas Gerais in 2015 and 2019, disasters that killed hundreds of people and caused widespread environmental devastation. The majority of Vale’s upcoming investments in Minas Gerais will be directed toward expanding dry tailings stacking and filtration solutions. The goal is to reduce the reliance on dams in the state from 30% today to 20%. The site will also feature five autonomous haul trucks and incorporate circularity solutions by reprocessing iron ore from an old waste pile. Vale shares were up 0.5% on Thursday morning in New York, giving the company a market capitalization of $43.6 billion. Boost to production The mine is expected to add around 15 million tonnes per year (Mtpa) to Vale’s iron ore output, supporting the company’s production guidance of 340–360 Mtpa by 2026. “Capanema reinforces our commitment to a more responsible mining process — minimally invasive and driven by technology and innovation for optimal resource use and decarbonization,” said Gustavo Pimenta, Vale’s CEO. Vale employs around 63,000 people, including contractors, and its operations account for roughly 3.5% of Minas Gerais’ GDP. Over the past two years, the state has been responsible for nearly 45% of Vale’s total iron ore production.

Freeport-McMoRan (NYSE: FCX) is injecting another C$75 million ($54m) into Amarc Resources’ (TSX-V: AHR) JOY copper project in Canada’s British Columbia, moving into stage two of an earn-in agreement signed in 2021. The investment requires the Arizona-based miner to spend at least C$10 million ($7m) annually over five years, giving it an additional 10% interest in JOY. Freeport is now the project operator, while Amarc has been appointed under a services agreement to manage exploration programs. The 2025 JOY exploration program, budgeted at over CAD $12M, is fully funded by Freeport.Drilling is already underway, with three rigs focused on expanding the high-grade, near-surface AuRORA deposit— a copper-gold-silver find discovered in 2024 at the previously untested Northwest Gossan target. Amarc chief executive Diane Nicolson said the deal sets the stage for significant growth.“The groundwork is laid to significantly advance the exciting new, high grade, near surface, gold-rich porphyry copper-gold-silver AuRORA Deposit which remains open to expansion (…) Additional drilling and survey work across the JOY District aims to deliver more major copper-gold discoveries,” she said. Nicolson added that the AuRORA discovery could be a cornerstone for both the JOY claims and the broader Toodoggone region, where exploration is accelerating. Amarc shares rose 3.6% to C$0.86 on Thursday in Toronto, valuing the company at about C$196 million ($141m). Alongside JOY, Amarc is advancing the DUKE and IKE porphyry copper-gold districts in central and southern B.C.

US President Donald Trump’s war against the Federal Reserve may send gold prices to as high as $5,000 an ounce by driving down investor confidence in the dollar, says Goldman Sachs Group. In a note published Thursday, the bank’s analysts warned that Trump’s attempt to interfere with the US central bank could further erode trust in dollar-denominated assets, thereby adding to gold’s safe-haven appeal. The note, first seen by Financial Times, comes just a day after gold rallied to a new all-time high above $3,560 an ounce. Bullion has now risen by 35% so far this year, as investors and central banks piled into the metal as a hedge against political uncertainty and US debt worries. Click on chart for live prices. The latest rise was fueled by widening expectations that the US will begin to cut interest rates, a scenario that benefits non-yielding assets such as gold. The monetary easing could become even more aggressive should the Trump administration succeed in politicizing the Fed, which sparked concerns amongst some investors. “A scenario where Fed independence is damaged would likely lead to higher inflation, lower stock and long-dated bond prices and an erosion of the dollar’s reserve currency status,” wrote Daan Struyven, co-head of global commodities research at Goldman Sachs. On the other hand, “gold is a store of value that doesn’t rely on institutional trust”, Struyven added. Bullish forecasts The bank’s base case is that gold could continue its recent rise and achieve an average price of $3,700 by year-end, then $4,000 by mid-2026, assuming that central bank buying remains robust. However, this scenario does not factor in the potential “big move” out of dollar assets, such as bonds, by private investors, which Goldman says could push gold even higher. “If 1% of the privately-owned US Treasury market were to flow to gold, the gold price would rise to nearly $5,000 per troy ounce,” Goldman’s Struyven wrote. “We are double overweight gold,” said Arun Sai, multi-asset portfolio manager at Pictet Asset Management, told the Financial Times, predicting that there could be another “leg up in gold” given the recent Fed drama, in reference to Trump’s unprecedented move to fire Governor Lisa Cook. Goldman’s call on gold echoes the thesis built by JPMorgan, which said earlier this year that under the current macroeconomic climate, the yellow metal could realistically reach $6,000 an ounce even with a small allocation away from US assets.

The British pound has edged lower on Thursday. In the North American session, GBP/USD is trading at 1.3177, down 0.19% on the day. The pound has been busy and moved higher on Wednesday, with gains of 0.42%. This followed massive losses of 1.1% a day earlier, after UK gilts surged to a 27-year high. Bank of England Governor Bailey testified before the Treasury Committee hearings on Wednesday. Bailey said that he expected interest rates would continue to move "downwards gradually over time" but that there was "considerably more doubt" as to when the BoE would lower rates. Members of the BoE's Monetary Policy Committee are split over monetary policy. MPC member Alan Taylor, who joined Bailey at today's hearing, said he favors four or five rate cuts a year, a much more dovish stance than Bailey. Taylor also said that the UK economy was heading for a 'soft landing' but was fragile. The BoE is stuck between a rock and a hard place, as the economy is weak and could use a rate cut, but inflation has accelerated and hit 3.8%, close to double the BoE's target of 2%. Last month, the BoE had to go through two rounds of voting before deciding to cut rates after a close 5-4 vote. The BoE meets next on September 18. The US releases a key non-farm payroll report on Friday, ahead of the Fed meeting on September 17. The market estimate stands at 75 thousand, almost unchanged from the July gain of 73 thousand, which was well below expectations. Another weak reading would likely lead to voices calling for the Fed to deliver a jumbo half-point cut at the upcoming meeting. GBP/USD Technical GBPUSD has pushed below support at 1.3441 and tested 1.3422 earlier. The next support level is 1.3404There is resistance at 1.3459 and 1.3478 GBPUSD 4-Hour Chart, September 4, 2025 Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

New data from Santiment has revealed that the top 10 Shiba Inu (SHIB) addresses control over 62% of the entire token supply. The crypto analytics platform shared the update on Tuesday, posting percentages of supply held by the top blockchain wallets of popular Ethereum-based tokens on X. Santiment Data Reveals Top 10 Wallets Hold Over 62% Of Shiba Inu Supply According to the Santiment report, the concentration of Shiba Inu supply in the hands of the top 10 wallets is striking. According to the data, out of Shiba Inu’s original one quadrillion tokens, 62.3% are now controlled by only ten addresses. This figure amounts to around 623 trillion SHIB tokens. Public blockchain data available on Etherscan offers an even closer look at these leading Shiba Inu addresses, giving more detailed information about the wallets and the amounts of SHIB they currently hold. The biggest wallet in this group is the official Shiba Inu burn address created when Ethereum co-founder Vitalik Buterin sent over 410 trillion SHIB to the address in 2021. This address contains 410.43 trillion SHIB, making it the largest single holder in the ecosystem. Tokens in this wallet are considered permanently removed from circulation. Another primary address also holds a large amount of SHIB. This wallet contains about 53.37 trillion tokens, equal to 5.33% of the total supply. The wallet may be associated with a decentralized exchange or a smart contract. These two top wallets together already make up a large part of the Shiba Inu supply, while a mix of exchanges and other entities fills the rest of the list. Exchanges Dominate The Biggest Shiba Inu Holdings The data also shows that several of the largest wallets belong to major centralized exchanges. Robinhood appears on the list as one of the most oversized holders. The wallet linked to Robinhood currently holds 39.27 trillion SHIB, which represents 3.92% of the total supply. Binance is also a leading holder of Shiba Inu. The address labeled Binance Hot Wallet 20 contains 30.71 trillion tokens, or 3.07% of the total supply. Another address, Binance 28, holds 19.51 trillion SHIB, equal to 1.95%. Crypto.com is another exchange with a large wallet among the top 10. The wallet connected to Crypto.com holds 29.83 trillion SHIB. This number represents 2.98% of the supply. Other large wallets on the list include one address with 12.04 trillion SHIB, which makes up 1.2% of the total. Another holds 11.41 trillion tokens, equal to 1.14% of the supply. A separate wallet contains 9.04 trillion SHIB, or 0.9%. Finally, the tenth-largest Shiba Inu holder controls approximately 7.65 trillion tokens, which equates to 0.76% of the total supply. The wallet may also be related to a decentralized exchange.

US ISM Services PMIs just got released at 52 vs 51 expectations, a positive surprise. US PMIs – MarketPulse Economic Calendar Prices paid are still way too high for a comfortably dovish FED, but it seems like this component isn't accelerating anymore. For the rest, nothing shocking: The employment component is still in contraction but not disastrous and new orders are increasing again, a positive after the tariff-led decrease. You can access today's ISM report right here. Next step will be tomorrow's NFP release which will shape up, with the September FOMC Meeting (September 18), the tone for the rest of the year. Don't forget to stay in touch with the views from NY FED's Williams coming up at 12:05 (holds high influence on the FED and votes at every meeting) and later today Goolsbee's meetings (voter in 2025). For now the US picture looks like a cooling one (far from catastrophic!). Except for a major downward surprise tomorrow, there shouldn't be any reason to panic. Reactions are small: A global market view Market Overview, September 4, 2025 – Source: TradingView Market reactions are very muted as Participants stay put for tomorrow's session – Anxiety is still high. Only notable move would be Cryptocurrencies still seeing some profit-taking flows. Safe Trades! Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

The Swiss franc has edged lower on Thursday. In the North American session, USD/CHF is trading at 0.8052, down 0.13% on the day. Swiss CPI declines in August Swiss inflation declined in August for the first time since January. CPI slipped 0.1%, following the July reading of zero and the market estimate of zero. Yearly, CPI rose 0.2%, unchanged from July and in line with the market estimate. The soft inflation report could support the case for the Swiss National Bank to return to negative interest rates. The SNB had a negative rate policy in effect for eight consecutive years until 2022, when high inflation forced the bank to sharply tighten policy. The markets widely expect the SNB to hold rates at this month's meeting, but if inflation continues to sag, there will be pressure on the central bank to lower rates. SNB President Martin Schlegel has stressed in the past that the central bank could revert back to negative rates if necessary but would try to avoid doing so since it causes difficulties for businesses and consumers. The SNB is also keeping a close eye on the value of the Swiss franc. The Swiss currency has soared against the US dollar, gaining 11.3% since the start of the year. In June, USD/CHF fell below the psychologically significant 0.80 level for the first time 2011. The central bank does not want the franc to continue appreciating, since it means that Swiss exports are more expensive and thus less competitive. US tariffs have dealt a blow to the export-reliant Swiss economy. Switzerland has had to absorb US tariffs of 39% on most goods, which has put the country at a serious disadvantage against the neighboring European Union, which faces tariffs of only 15% on most goods. USD/CHF Technical USD/CHF is testing resistance at 0.8045. Next, there is resistance at 0.8054 and 0.80640.8035 and 0.8026 are providing support USDCHF 4-Hour Chart, September 4, 2025 Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

Coinbase CEO Brian Armstrong announced on Wednesday that he aims to have 50% of the cryptocurrency exchange’s daily code generated using artificial intelligence by October 2025, stating that the platform is already operating at 40% AI coding. The Coinbase stock, COIN, is down 0.5% today, according to Yahoo Finance, potentially signaling a poor reception by investors regarding Armstrong’s comments yesterday. The concept of “vibe coding” has gained popularity this year, thanks in part to computer scientist Andrej Karpathy, who is the former senior AI director at Tesla and the founder of Eureka Labs. In his explanation, vibe coding refers to relinquishing active oversight of code and fully accepting AI-generated suggestions. This approach often involves inserting error messages without fully understanding them and allowing projects to develop largely beyond human comprehension. “Sometimes the LLMs can’t fix a bug so I just work around it or ask for random changes until it goes away. It’s not too bad for throwaway weekend projects, but still quite amusing,” Karpathy posted on X.“I’m building a project or webapp, but it’s not really coding – I just see stuff, say stuff, run stuff, and copy paste stuff, and it mostly works.” Google has even created a Vibe Coding Tools and Guides page to break down the practice. The tech giant breaks it down into two categories, and reads as follows: “Pure” vibe coding: In its most exploratory form, a user might fully trust the AI’s output to work as intended. As Karpathy framed it, this is akin to “forgetting that the code even exists,” making it best suited for rapid ideation or “throwaway weekend projects,” where speed is the primary goal. Responsible AI-assisted development is the practical and professional application of the concept. In this model, AI tools act as powerful collaborators or “pair programmer.” The user guides the AI but then reviews, tests, and understands the code it generates, taking full ownership of the final product. RELATED: 10 Best AI Crypto Coins to Invest in 2025 Armstrong’s AI Coding Comments Not Surprising: Most Tech Giants Already Deploying AI For Coding Y Combinator CEO Garry Tan stated that a quarter of the accelerator’s Winter 2025 batch relied on AI for 95% of their code. Earlier this year, Microsoft CEO Satya Nadella also revealed that the company now uses Artificial Intelligence to write between 20% and 30% of the code powering its software. At its Q3 financials in 2024, Google CEO Sundar Pichai announced that AI generates 25% of new code at Google. These numbers are no surprise, as several tech figureheads have been saying for nearly two years that AI will eventually write most, if not all, coding. In January 2025, Mark Zuckerberg appeared on the Joe Rogan Experience podcast, stating that “AI will write most software soon”, telling Rogan that Meta had already launched an AI bot that acts as a mid-level software engineer. Lastly, back in March, Anthropic CEO Dario Amodei stated during a podcast appearance that he believed “AI will write 90% of code in six months.” The six-month deadline for Amodei’s claims is approaching at the end of September, and currently, it doesn’t appear that 90% will be accurate. However, with companies such as Google, Coinbase, and Microsoft operating at levels between 25% and 40% for AI-generated code, it is likely that Amodei’s 90% statement will soon become accurate. (SOURCE) As of right now, the COIN share price is down -0.41% on the day and -2% on a five-day timeframe and is currently trading for $302.2. A bullish reversal across the crypto markets, combined with time to allow Brian Armstrong’s AI comments to settle, will likely lead to COIN climbing back above $400, a level not seen since July 2025. EXPLORE: Best Meme Coin ICOs to Invest in 2025 Join The 99Bitcoins News Discord Here For The Latest Market Updates The post Brian Armstrong: “40% of Daily Code Written at Coinbase is AI-generated”, COIN Stock Falls appeared first on 99Bitcoins.

Cardano’s mood music has flipped. Even as ADA has rebounded about five percent from its late-August lows, on-chain analytics firm Santiment says the asset’s typically optimistic retail crowd has swung to its most negative stance in five months. In an X post accompanying its sentiment chart, the firm wrote: “Cardano has quietly seen its normally optimistic crowd start to turn bearish. After the lowest sentiment recorded in 5 months, $ADA’s price is +5%. Patient holders and dip buyers during this three week downswing should root for this trend of bearish retailers to continue.” Santiment framed that shift in classic contrarian terms. “Prices typically move the opposite direction of the crowd’s expectations. When small traders sell off their bags out of impatience and frustration, it is generally the key stakeholders who accumulate and drive up prices again,” the post added. The graphic shared by the firm plots ADA’s price against a running ratio of bullish versus bearish social commentary and annotated three distinct phases over the past month: an early-August “greed” spike where the bullish-to-bearish ratio surged to roughly 12.8:1 and was followed by a pullback; a mid-August “fear” pocket near 2.0:1 that preceded a rally; and, most recently, the most bearish reading in five months around 1.5:1, coinciding with ADA’s +5% bounce. The sequencing in Santiment’s chart supports the firm’s message that outsized crowd optimism or pessimism frequently appears near short-term inflection points. The short-term price path into that rebound has been marked by a three-week downswing that began around August 14. Cardano Faces Decision Zone Independent market analyst Quantum Ascend ties the bounce to a clearly defined higher-time-frame structure. Posting a daily ADA/USD chart, the analyst wrote: “ADA Respecting a channel on the high time frame dating back to early June. Higher Highs, Lower Lows. Short-term decline dating back to August 14 channeling as well. Price Currently sitting atop the .382 Fib at $0.82. Cardano’s decision point appears near, but we still need to be looking to the Macro. Regardless, I’m very bullish long-term.” In Quantum Ascend’s view, ADA is tracking an ascending channel that has contained price action since mid-June. The short, blue corrective channel from August 14 sits inside that broader up-channel and has carried price back to the lower end of the channel as well as a Fibonacci retracement cluster derived from the June–August advance. The analyst’s chart places the 0.382 retracement near $0.821, which has acted as first support and the immediate “decision point.” Below that, the same mapping highlights the 0.309 retracement around $0.762 and the 0.236 near $0.702 as deeper pullback areas inside the macro structure. Overhead, the analyst’s levels mark successive checkpoints at the 0.5 retracement near $0.879, the 0.618 near $1.043, the 0.702 around $1.083, the 0.786 near $1.151, and the 1.0 extension around $1.326—levels that also align with prior supply pockets and the upper boundary of the ascending channel later in the quarter. At press time, ADA traded at $0.8177.