The cryptocurrency market is marginally up over the past 24 hours as its recovery fizzled out, with Bitcoin (BTC) and Ethereum (ETH) losing 0 traded around the $113,000 mark on Tuesday, with analysts and investors hopeful of a push above $115,000. However, the flagship cryptocurrency failed to push higher and fell to a low of $110,826 before moving to its current 1 is down almost 1% over the past 24 hours, trading around $111,491. Meanwhile, ETH’s rally also stalled just short of $4,400 as the altcoin lost momentum and fell to a low of $4,280 before moving to its current 2 altcoin is trading around the $4,300 mark, down 1% in the past 24 3 (XRP) is down over 1%, while Solana (SOL) is marginally up, trading around $218.
Dogecoin (DOGE) is trading around $0.239 while Cardano (ADA) is down nearly 1% at $0.872. Chainlink (LINK) , Stellar (XLM) , Litecoin (LTC) , Toncoin (TON) , and Polkadot (DOT) also registered notable drops, while Hedera (HBAR) is up 0.50%, trading around $0.230. Vietnam Approves Five-Year Cryptocurrency Pilot Program Vietnam has approved a five-year pilot program for cryptocurrency trading as it opens a tightly controlled gateway into a market that has rapidly grown without formal rules in 4 pilot program will allow only Vietnamese companies to operate cryptocurrency platforms, and requires all issuance, trading, and payments of crypto assets to be settled in the local dong.
Additionally, only Vietnamese companies are allowed to issue tokens and sell them to foreign investors. However, the country has set a tough entry barrier for crypto 5 exchange wanting to participate must hold at least 10 trillion dong ($379 million) in 6 investors are required to contribute at least 65%, while foreign ownership of the exchanges is capped at 49%. Wu Blockchain highlighted the conditions in a post on X, “Vietnam has approved a five-year pilot program for crypto asset trading, allowing only domestic companies to operate platforms and requiring all issuance, trading, and payments to be conducted in Vietnamese 7 investors may participate, but foreign ownership in any platform is capped at 49%.
A six-month grace period will follow the issuance of the first license, after which Vietnamese investors trading on unlicensed platforms will violate the law.” Vietnam ranked fifth in a global adoption index by Chainalysis, with an estimated 17 million Vietnamese citizens owning digital 8 of Justice Goes After Bitcoin (BTC) Tied To Fraud Scheme The United States Department of Justice (DOJ) prosecutors have initiated a civil forfeiture action targeting a specific crypto wallet holding 117 9 to prosecutors, the assets are the proceeds from a series of SIM swap attacks targeting five victims between October 2022 and March 10 Attorney Jeanine Ferris Pirro stated that the perpetrators moved the BTC through a maze of wallets before consolidating all the stolen funds into a single account that funded an account on a popular online 11 revealed that the attackers used SIM swaps, bypassing standard security measures to gain control over their target’s mobile 12 stolen numbers allowed them to intercept two-factor authentication codes and log in to the victim’s crypto wallets, transfer assets to accounts under their 13 added that the attackers attempted to hide the origin of the funds by recycling the stolen assets through multiple deposits and withdrawals at the online casino.
“Many of these transactions were circular in that they eventually returned funds to their original source, and consistent with money laundering utilized to 'clean' proceeds of criminal activity.” SEC Pushes Decision On Bitwise, Grayscale Crypto ETFs The United States Securities and Exchange Commission (SEC) has delayed its decisions on the Bitwise Dogecoin ETF and the Grayscale Hedera 14 applications will remain under review until November 15 applied for the Bitwise Dogecoin ETF in March and published it in the Federal Register on March 16 regulator also extended its review of Grayscale’s Hedera ETF, setting the same November 17 has also updated filings for its long-standing Litecoin and Bitcoin Cash trusts as it attempts to convert them from trusts to 18 firm intends to move the trusts to a national exchange, enabling daily share creations and 19 will help keep prices close to net asset value and reduce the steep premiums and discounts seen in OTC 20 jump in altcoin ETF applications has left the SEC with a considerable 21 least 31 altcoin ETF applications have been filed so far, including proposals for XRP, DOGE, SOL, LTC, AVAX, and 22 Offer Competing Framework For Crypto Market Structure US Democratic senators have released an alternate version of guidelines to influence legislation and establish a crypto market structure to secure a strong, bipartisan 23 Democratic senators unveiled a framework for market structure regulation in response to the Republicans’ 24 framework includes provisions for regulatory clarity and lays out the rules by which the SEC and CFTC can handle digital 25 senators stated, “We owe it to the millions of Americans who participate in this market to create clear rules of the road that protect consumers and safeguard our 26 must also ensure that digital assets are not used to finance illicit activities or to line the pockets of politicians and their 27 a strong, bipartisan outcome will require time and cannot be 28 look forward to working on this with our Republican colleagues.” Republican Senator Tim Scott had said in August that he expects at least 12 to 18 Democrats to back the Republican version of the bill, called the Responsible Financial Innovation 29 (BTC) Price Analysis Bitcoin (BTC) is marginally up during the ongoing session, trading around $112,288.
The flagship cryptocurrency failed to clear $113,000 on Tuesday, losing momentum after reaching an intraday high of $113,292. Price action has been mixed this weekend as BTC rose nearly 1% on Monday to settle at $112,072. It was back in the red on Tuesday, dropping to $111,549 before recovering during the ongoing 30 believe BTC must remain above $111,000. Market sentiment is cautiously optimistic, but investors expect a $10,000 move in either direction thanks to high leverage, which increases the risk of liquidation-driven 31 is also facing pressure after the US Bureau of Labor Statistics (BLS) removed nearly a million jobs from the Current Employment Statistics (CES) national benchmark following a jobs data 32 House Press Secretary Karoline Leavitt stated, “Today, the BLS released the largest downward revision on record, proving that President Trump was right: Biden’s economy was a disaster and the BLS is 33 like the BLS has failed the American people, so has Jerome ‘Too Late’ Powell, who has officially run out of excuses and must cut the rates now.” BTC was more sensitive than stocks, which barely moved in reaction to macroeconomic 34 flagship cryptocurrency has seen considerable selling pressure and volatility despite the fact that equities have rallied to new 35 BTC holds its position above $111,000, it could make a push towards the $118,000-$120,000 zone, an area that carries psychological and technical weight.
A move beyond this level could set BTC towards a new all-time high and another price discovery 36 believe such an outcome is possible, thanks to continued inflows into spot Bitcoin 37 balances on exchanges have also risen, indicating that traders could be preparing for a big move. However, broader market conditions must remain positive as 38 the other hand, if BTC dips below $110,000, it could trigger a selloff that can drive the price as low as $100,000. The current week is crucial, with the Producer Price Index (PPI) and the Consumer Price Index (CPI) will release on Wednesday and Thursday. However, markets already know what they can 39 is on the higher side again, and labor market weakness has risen, putting the Federal Reserve in a 40 registered a sharp drop on Friday (August 29), dropping nearly 4% to $108,378.
The price recovered on Saturday, rising 0.41%, but was back in the red on Sunday, falling 0.53% to settle at 108,247. Price action was positive on Monday as BTC rose almost 1% to cross $109,000 and settle at $109,240. Bullish sentiment intensified on Tuesday as the price rallied, increasing 1.84% to cross $111,000 and settling at $111,247. BTC posted a marginal increase on Wednesday, rising 0.46% to $111,756.) Price Analysis Ethereum (ETH) remains rangebound between $4,200 and $4,500 as buyers and sellers struggle to influence price 41 world’s second-largest cryptocurrency registered marginal increases on Monday and Tuesday, moving to $4,310.
The current session sees the price up 0.55%, trading around $4,336. Despite the sluggish price action, ETH’s bullish structure remains intact as traders look to breach the $4,400-$4,500 zone. However, it is facing an unexpected drop in institutional interest as Ethereum ETF inflows declined to their lowest level in 42 to the Bitfinex Alpha report, demand for ETH has dropped significantly, raising questions about the short-term outlook for the altcoin and the broader crypto 43 is trading nearly 15% below its all-time 44 latest pullback, coupled with waning interest from large investors, has added to the uncertainty around the 45 final week of August also saw a sharp decline in ETF inflows, which fell from a 3-month high of over 85,000 ETH to an average of just 16,600 ETH per 46 tide turned during the first week of September, with the ETFs averaging 41,400 ETH in 47 registered a notable drop on Friday (August 29), falling over 3% to $4,362.
The price recovered over the weekend, registering marginal increases on Saturday and Sunday to settle at $4,394. However, it returned to bearish territory on Monday, dropping 1.79% to $4,315. ETH registered a marginal recovery on Tuesday before rising almost 3% on Wednesday to cross $4,400 and settle at $4,453.) Price Analysis Solana (SOL) continues to push higher, reaching the $220 mark as bulls target a move 48 altcoin held the $200 level over the weekend despite selling pressure and started an uptrend that has seen the price cross key 49 has gained over 6% this week, with buyers in 50 to the optimism around SOL is the news that the DeFi Development Corp has acquired over 104,000 51 interest has also risen to a record high of $14.68 52 to data from Arkham Intelligence, the DeFi Development Corp has acquired 104,379 SOL, worth over $22 million, over two on-chain transactions via Bitgo.
Meanwhile, Open Interest has also been surging, with data from CoinGlass showing an 8% increase in OI over the past 24 53 data shows $10.38 million in short liquidations, significantly more than the $6.97 million in long 54 SOL can close above $220, it could break out towards the $250 55 price action was bearish last weekend as it fell over 4% on Friday (August 29) and settled at $205. Selling pressure persisted on Saturday as the price fell 1.17% to $202. SOL continued falling on Sunday, dropping 0.99% and settling at $200. Sellers retained control on Monday as the price fell almost 2%, slipping below $200 and settling at $197.
Despite the overwhelming selling pressure, SOL recovered on Tuesday, rising over 6% to reclaim $200 and settle at $209. The price continued pushing higher on Wednesday, rising 0.60% to $210.) Price Analysis Polkadot (DOT)’s rally has stalled during the ongoing session, with the price down nearly 1%, trading around $4.10. The altcoin’s price action was mixed over the previous weekend, as it rose 0.53% on Saturday before falling almost 2% on Sunday to settle at $3.74. Selling pressure and volatility intensified on Monday as buyers and sellers struggled to establish 56 a result, DOT reached an intraday high of $3.89 before dropping 1.34% to $3.69.
Despite the overwhelming selling pressure, the price recovered on Tuesday, rising 3.52% to $3.82. Buyers retained control on Wednesday as DOT rose 1.31% and settled at $3.87.) Price Analysis Aptos (APT) ended the previous weekend in the red, dropping 1.72% and settling at $4.25. It faced volatility on Monday as buyers and sellers struggled to establish 57 a result, the price reached an intraday high of $4.46 before dropping 1.11% and settling at $4.21. Despite the overwhelming selling pressure, APT recovered on Tuesday, rising over 3% to $4.33.
Buyers retained control on Wednesday as the price rose almost 1% and settled at $4.37.
Story Tags
Latest news and analysis from Crypto Daily
