September could not have started on a more volatile note.

The big question now is whether this volatility is a sign of broader macro stress. According to AMBCrypto, that will be key to crypto’s direction heading into Q4. The total crypto market cap has been stuck in a tight range for almost two weeks, meaning any sharp move could quickly turn into a larger breakout or breakdown. This makes the source of the current volatility especially important for this cycle.

In a post on Truth Social, U.S. President Donald Trump said that the U.S. was striking Iranian targets in and around the Strait of Hormuz and warned Iran not to retaliate. Brent crude is now nearing $95 a barrel, re-introducing geopolitical and inflation FUD into focus. And…