The crypto market rallied strongly this week. It all had to do with Grayscale’s victory in the lawsuit against the US Securities and Exchange Commission (SEC) over a bitcoin exchange traded fund (ETF).
Therefore, there was hope that the SEC would approve one or more applications for a Bitcoin ETF, or exchange fund, this week. However, as expected, the regulator decided to postpone the decisions. Up to seven decisions have been delayed, including Blackrock’s motion. The next round will take place in mid-October.
NEXT DATES TO WATCH:
Mid-October are the next big days to watch. Namely on October 16th. (& @GlobalXETFs7 Oct)
Please also note that we certainly expected delays with this spot round #Bitcoin ETF filings. It would have been a shock if they had been approved this week. pic.twitter.com/i14fg8FWun
— James Seyffart (@JSeyff) August 31, 2023
The total cryptocurrency market cap is down 3.4% to $1.05 trillion compared to 24 hours ago. Trading volume increased 31.6% to $37.9 billion over the same period. Bitcoin dominance over altcoins drops to 48.3% The popular sentiment indicator, the Fear & Greed Index, falls from 52 to 40, a sign that fear is on the rise.
Bitcoin Fear and Greed Index is at 40. Neutral
Current price: $25,931 pic.twitter.com/vnWscrmpcj– Bitcoin Fear and Greed Index (@BitcoinFear) September 1, 2023
Bitcoin falls back below $26,000
Bitcoin (BTC) shot from $26,000 to $28,000 on Tuesday after Grayscale’s win. A day later, bitcoin fell back to $27,000 and due to yesterday’s ETF news, the price even fell back to $26,000.
Bitcoin even briefly fell to $25,675 last night and the price seems to be struggling to sustain above $26,000 this morning. At the time of writing, BTC price is $25,980 on Bybit and $23,935 on Bitvavo. Bitcoin is therefore down 4.6% today.
Unfortunately, September, even more so than August, is historically a red month for bitcoin price.
Bitcoin returns broken down by month
September has had the fewest months of positive returns at just two months and is now in a six year streak of negative returns. pic.twitter.com/4VqZkMubm3
— Will Clemente (@WClementeIII) August 31, 2023
Many analysts are therefore expecting a retest of the recent low around $25,000 soon.
I still see plenty of liquidity at the $25,000 lows. I would love to see sweeping and then pumping 💯 pic.twitter.com/72zpCgr4eW
— Crypto Tony (@CryptoTony__) September 1, 2023
Ethereum price falls
Ethereum (ETH) has been swept up in sentiment but is falling a little less sharply. Still, ETH loses traction at $1,700 to only reach $1,630. At the time of writing, ETH is hovering around $1,645 and is down 3.5% today.
We had one more @Ether #ACDE Earlier today: We went over the latest developments in Dencun and spent a lot of time on the roadmap for Verkle Trie & State Expiry.
Calendar: https://t.co/jWnGwTCtJr
Recording:Summary below 😄
— timbeiko.eth ☀️ (@TimBeiko) August 31, 2023
Tron and Toncoin climb into the top 10 red cryptocurrencies
We have two green exceptions in the top 10 today. Tron (TRX) skyrocketed last night and continued to climb throughout the night. At $0.77, TRX is up 1.4% today. Toncoin (TON) posted an even stronger gain yesterday but is slightly down this morning. Still, TON is up 2.2% today at $1.72.
However, the rest of the top 10 turns quite red. Cardano (ADA) is currently holding its best, but is still down 3.4% today at $0.256. Ripple (XRP) is down 3.8% back to $0.505. Binance Coin (BNB) is at $213.7 and is already down 4.5%. Dogecoin (DOGE) is also down 4.5% to $0.063.
Solana (SOL) even falls 4.7% to $19.8. Polkadot (DOT) loses a whopping 5.4% of its value to trade at $4.25. However, Polygon (MATIC) is the biggest loser among the top 10, falling 5.8% to $0.547.
from their peaks, $ADA $DOT $AVAX And $SOL all fell about the same amount.#BTC for comparison pic.twitter.com/Ij6SEBQ1zt
— Benjamin Cowen (@intocryptoverse) August 31, 2023
The top 100 cryptocurrencies are also taking a big hit
The top 100 are also full of red prizes today. The biggest losers are Phantom (FTM), Theta (THETA), Pepe (PEPE), Stacks (STX), Graph (GRT), Ecash (XEC) and Litecoin (LTC), all down around 6%. Bitcoin Cash (BCH), Filecoin (FIL), Render (RNDR), Optimism (OP) and Rollbit Coin (RLB) even lose 7% of their value.
However, we have one exception: Manufacturer (MKR). MKR price made a big jump yesterday and managed to hold up strong for the rest of the day despite the falling market. At $1,150, MKR is up 5.6% today. According to the analysis company Santiment, this is due to major investors who have recently moved in.
🐳📈 #Manufacturer enjoyed a nice +12% day during the rest of #crypto burglaries. This is largely due to the accumulation of stocks of the whales and sharks between $11.6k and $11.6m $MKR. Your holdings will continue to correlate with future price movements. pic.twitter.com/eqY9LvvDa6
— Santiment (@santimentfeed) August 31, 2023
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