GM Brew Crew, as many of you are probably hurting from losing all 5 of your parlays from this past weekend, let us revive you with a fresh dose of crypto knowledge.

Let’s Dive In ⬇️

On the menu today:

• 📉 HERE’S WHY THE THE MARKETS TOOK A HIT IN THE 3RD QUARTER

• 👀 MICROSTRATEGY BUYS MORE BITCOIN

• 🫨 EXCHANGE HTX GOT HACKED

Today’s Charts:

📉 HERE’S WHY THE MARKETS TOOK A HIT IN THE 3RD QUARTER

Bitcoin (BTC) and the S&P 500 are both expected to record losses in the third quarter of 2023.

Why? One reason is that the attractiveness of bonds compared to stocks and risk assets is at its highest level since 2009.

Bond yields have continued to stay high as the 10-Year Treasury Bond Yield (government bond) is hovering around 4.5%.

The equity risk premium, which measures the gap between the S&P 500's earnings yield and the yield on the U.S. 10-year Treasury note, has fallen to -0.58, the lowest since 2009.

This decline indicates that the appeal of investing in stocks and risk assets has diminished, as government bonds now offer a relatively higher return.

As a result:

• Bitcoin has seen a 14% decline in value during the third quarter, trading around $26,000.

• The S&P 500, considered a benchmark for risk assets, has also declined by nearly 3% in the third quarter, hovering right above $4,300.

It’s not the only reason, but this should give you a little insight into why the markets are struggling at the moment.

😱 MICROSTRATEGY BUYS MORE BITCOIN

MicroStrategy, a business intelligence company and prominent Bitcoin investor, has acquired an additional $147 million worth of Bitcoin.

The purchase consisted of 5,445 BTC and was announced by Michael Saylor, the co-founder and executive chairman of MicroStrategy.

The coins were obtained at an average price of $27,053 per BTC, which is 9% lower than the average price of MicroStrategy's previous Bitcoin purchases.

The acquisition took place between August 1 and September 24, as disclosed in a Form 8-K filing with the United States Securities and Exchange Commission.

As of September 24, MicroStrategy and its subsidiaries collectively hold approximately 158,245 BTC…….

All of these BTC were acquired at an average price of roughly $29,582 per coin, including fees and expenses.

Get your BTC before Michael and the fellas from MicroStrategy take it all!!!

🫨 EXCHANGE HTX GOT HACKED

HTX, previously known as Huobi, experienced a hack resulting in a total loss of 500 ether (ETH), valued at approximately $8 million. This information was provided by HTX advisor and Tron founder, Justin Sun.

The event took place on Sunday and was promptly detected.

According to Sun's statement on the social media platform X, HTX has completely reimbursed the losses, ensuring the safety of the funds.

"$8 million represents a relatively small sum in comparison to the $3 billion worth of assets held by our users. It also amounts to just two weeks' revenue for the HTX platform," Sun wrote on X.

Special Blend: Morning Meme Roast

As the CryptoBrew Daily comes to a close, we invite you to join us on Twitter for more crypto chat. Think of it as a chill gathering of like-minded folks, minus Chad talking about his 1-rep deadlift max and your tipsy uncle who always shares TMI stories. Let’s keep the crypto conversation going!

***DISCLAIMER: Please note that the information provided in this newsletter is for educational purposes only and is not intended to be construed as financial advice or a solicitation to buy or sell any assets. We urge you to exercise caution and conduct your own research before making any financial decisions.