The cryptocurrency market is back in the doldrums as major cryptocurrencies, except Bitcoin (BTC) , traded in the red. However, BTC has struggled to break above the $112,000 mark in recent sessions as buyers failed to build 0 flagship cryptocurrency fell to an intraday low of $109,432 late on Thursday but rebounded from this level to reclaim $111,000. BTC is currently trading around $111,370, marginally up over the past 24 hours. Meanwhile, Ethereum (ETH) continued dropping, falling from $4,428 to a low of $4,270.
However, it has rebounded from this level to reclaim $4,300 and move to its current level of $4,331, down nearly 2%. Ripple (XRP) is also trading in the red, down almost, while Solana (SOL) is down 1.30%, trading around $204. Dogecoin (DOGE) is down 0.66% and Cardano (ADA) is marginally down, trading around $0.818. Chainlink (LINK) , Stellar (XLM) , Hedera (HBAR) , Litecoin (LTC) , Toncoin (TON) , and Polkadot (DOT) also registered substantial 1 Stocks Open Flat US stocks traded flat in early exchanges on Thursday as Wall Street assessed the latest job data, which showed a drop in private payroll 2 benchmark S&P 500 index was up 0.1%, while the Nasdaq Composite gained 0.2%.
The Dow Jones Industrial Average flipped to green after futures dipped, putting renewed pressure on the bulls on Thursday. However, the index flattened out as the markets analyzed the August private payrolls 3 August private payrolls report showed an increase of only 54,000 jobs, compared to predictions of 75,000 4 to analysts, the numbers show a substantial decline from the revised figure of 106,000 in 5 Richardson, chief economist at data firm ADP, stated, “The year started with strong job growth, but that momentum has been whipsawed by uncertainty.” Grayscale Launches The ETCO Fund Grayscale Investments has announced the launch of the Grayscale Ethereum Covered Call ETF on the NYSE 6 fund will trade under the ETCO ticker and will not actively hold ETH.
Instead, the ETF will utilize a strategy of writing or selling call options on Ethereum ETFs, targeting the asset manager’s Grayscale Ethereum Trust ETHE and Grayscale Ethereum Mini Trust 7 primary goal of the ETF is to generate an income from the premiums collected from these options, with distributions to shareholders on a bi-weekly 8 new fund will join Grayscale’s existing income-focused lineup, which includes a Bitcoin covered call 9 is focusing on broadening its footprint in yield-oriented 10 firm has positioned the new ETF around ETH, being the world’s second-largest cryptocurrency by market 11 stated that it is targeting investors who want to complement their existing ETF exposure with an income 12 Lynch, Senior Vice President, ETF Capital Markets at Grayscale, stated, “We know that investors are all unique with different needs and investment goals, and we’re excited to introduce this new ETF as part of our commitment to providing innovative, outcome-oriented solutions that meet them where they are.” “Avoidable Errors” Led To Gary Gensler’s Texts Getting Wiped An investigation by the United States Securities and Exchange Commission (SEC) into missing text messages from former Chair Gary Gensler has concluded that “avoidable errors” led to the messages getting 13 SEC Office of Inspector General (OIG) investigated missing text messages from Gensler’s phone between October 2022 and September 14 messages were permanently lost during the height of the agency’s campaign against 15 its report, the OIG stated that the SEC’s IT Department initiated a poorly understood and automated policy, which resulted in an enterprise wipe of Gensler’s government-issued mobile 16 change management, a lack of proper backups, ignored system alerts, and software flaws worsened the 17 to the OIG, some of the lost texts contained SEC enforcement action against cryptocurrency companies and their 18 means that critical communication about how the SEC pursued cases against crypto companies may never be 19 Proposes Crypto Safe Harbors, Broker-Dealer Reforms United States Securities and Exchange Commission Chair Paul Atkins has proposed rules that could alter how the regulator handles digital 20 SEC released around 20 proposed rules on Thursday as part of its spring 2025 21 each proposal impacts the industry differently, market watchers believe the regulator would continue to soften its approach to the digital asset sector by establishing safe harbors and restructuring existing 22 stated, “The agenda covers potential rule proposals related to the offer and sale of crypto assets to help clarify the regulatory framework for crypto assets and provide greater certainty to the market.” The proposed rules include specific exemptions and safe harbors related to the offering and sale of crypto 23 also propose amending the Exchange Act to account for the trading of digital assets on national exchanges and alternative trading 24 changes could allow cryptocurrency companies to operate with less regulatory oversight, reducing the risk of legal 25 (BTC) Price Analysis Bitcoin (BTC) has rebounded during the ongoing session, with the price up nearly 2%.
The flagship cryptocurrency recovered well during the week, briefly crossing the $112,000 mark on Wednesday to reach an intraday high of $112,600. However, it could not stay at this level and settled at $111,756, ultimately registering a 0.46% 26 pressure returned on Thursday as BTC fell to an intraday low of $109,321 before settling at $110,720. BTC has rebounded during the ongoing session and is trading around $112,982. BTC’s decline below $110,000 on Thursday suggests that weakness 27 the flagship cryptocurrency has crossed $112,000 during the ongoing session, it remains to be seen if it can close above this 28 bulls failed to flip $112,000 into support on Wednesday and Thursday despite unemployment figures showing a weak labor 29 crypto trader BitBull stated in a post on X, “$BTC got rejected from its major resistance 30 the $114K level is reclaimed on the daily timeframe, every BTC move will just be a bull trap.
Also, the longer it'll take BTC to reclaim $114,000 level, the higher the chances of a big correction before reversal.” Many analysts believe a retest of the $100,000 support is a possibility in the short term. However, market insight company Swissblock was more optimistic, flagging $110,000 as a key support 31 company also stated that resistance was thinning, and a move to $115,000 could be a 32 stated on X, “Bitcoin is breaking out from the critical zone: a straight slide to $100K was never the base 33 wall resisted until now. Above, there is the $113,600–$115,600 34 a pullback, price needs fresh momentum to clear it, then contend with heavy resistance into $118K.” However, one analyst has predicted that BTC could crash to $50,000 next 35 to analyst Joao Wedson, the market is closing in on its four-year cycle and could turn bearish, triggering a crash to $50,000.
A bear market is a possibility if the four-year cycle theory is still 36 stated, “Of course, it would be reckless to assume that Bitcoin has only a little over one month left in this cycle based solely on this chart. Still, I can’t help but think — this could be just enough time for BTC to dip toward the $100K range before rocketing past $140K within the same 37 would dare to doubt that scenario?” BTC registered a sharp drop on Sunday (August 24), falling to an intraday low of $110,635 before settling at $113,478. Bearish sentiment intensified on Monday as the price fell nearly 3% and settled at $110,127. BTC faced volatility on Tuesday as buyers and sellers struggled to establish 38 ultimately gained the upper hand as the price rose 1.51% to $111,788.
BTC was back in the red on Wednesday, dropping 0.48% and settling at $111,253. It recovered on Thursday, rising 1.19% to reach an intraday high of $113,480 before settling at $112,574. Bearish sentiment returned on Friday as BTC fell nearly 4%, losing the crucial $110,000 level and settling at $108,378.) Price Analysis Ethereum (ETH) has made a healthy recovery during the ongoing session, with the price up over 2%. Price action has been mixed in recent sessions, with the altcoin rising almost 3% on Wednesday.
However, it failed to reclaim the $4,500 level and dropped 3.49% on Thursday, settling at $4,928. The current session sees ETH trading around $4,400, with buyers expected to retest the $4,500 39 the recovery, ETH has declined by over 3% in the past week as Ethereum ETFs continue to register outflows. September’s weak seasonality also impacted investor 40 Subburaj, CEO of Giottus, stated, “Ethereum slipped ~3% to hover near $4,300 amid continued ETF outflows and September’s weak seasonality.” Institutional interest in ETH remains high, and whale activity has also registered a sharp uptick as investors rotate their capital from BTC to 41 exchange reserves have fallen to a three-year low, which analysts believe could lead to a supply shock and reduce sell-side 42 the altcoin can reclaim and close above the $4,500 level, it could move towards the $4,800-$5,000 43 Patel, CEO of Mudrex, stated, “If ETH manages to secure a daily close above $4,500, a move towards the external liquidity zone between $4,800 and $5,000 is likely, pushing ETH even further, while strong support forms above $4,300.” For now, ETH is trading in a narrow range between $4,200 and $4,500, indicating indecisiveness among 44 price action may be muted, institutions are continuing to accumulate the asset.
Ethereum’s ETH staking queue has raced to its highest level since 2023 as institutional traders and crypto treasury firms target rewards for their 45 Ethereum staking queue reached its highest level since September 2023 on Tuesday. On-chain data showed 860,369 ETH, valued at $3.7 billion, waiting to be 46 registered a sharp drop on Monday (August 25), dropping over 8% to $4,380. It recovered on Tuesday, rising over 5% to reclaim $4,600 and settle at $4,603. However, selling pressure returned on Wednesday as the price fell by over 2% to $4,509.
ETH registered a marginal increase on Thursday before dropping over 3% on Friday and settling at $4,362. Price action remained positive over the weekend as ETH registered marginal increases on Saturday and Sunday, settling at $4,394.) Price Analysis Solana (SOL) has rebounded during the ongoing session, continuing its impressive 47 altcoin faced substantial selling pressure on Thursday and fell by over 4%. However, it held its position above $200 to recover during the current 48 has outperformed the likes of BTC and 49 market sentiment remains neutral with the crypto “Fear and Greed Index” at 51. SOL’s recent price action can be attributed to positive developments on its network.
Solana’s community has almost unanimously voted in favor of the upcoming Alpenglow 50 update promises to boost network speeds, finalizing blocks in milliseconds. SOL’s push above $210 took the altcoin to an intraday high of $218 on Friday. However, sellers took over and dragged the price below $200 by Monday. SOL’s RSI currently sits at 53, indicating that underlying buying interest is absorbing selling 51 interpret this as accumulation during weak market phases, which is pushing prices higher despite several indicators flashing 52 recent weakness, analysts remain bullish about SOL’s long-term 53 to analysts, the altcoin’s performance has painted a bullish megaphone pattern on the weekly chart, which could push it towards $1,000 or higher.
A megaphone or broadening wedge pattern forms when the price creates a series of higher highs and lower lows. A breakout above the pattern's upper boundary could trigger a parabolic price 54 bullish pattern will be confirmed if SOL breaks above the $300-$350 55 ended the previous weekend in positive territory, rising 1.73% on Saturday and 0.93% on Sunday to settle at $206. Despite the positive sentiment, SOL registered a sharp drop on Monday, falling over 9% from $200 to $187. SOL recovered on Tuesday, rising nearly 5% and settling at $195.
Bullish sentiment persisted on Wednesday as the price surged to an intraday high of $212 before losing momentum and settling at $203, ultimately rising 3.62%. SOL continued pushing higher on Thursday, rising nearly 6% to $214. Despite the positive sentiment, the price was back in the red on Friday, dropping over 4% to $205.) Price Analysis Cardano (ADA) registered a sharp drop on Monday (August 25), dropping nearly 8% and settling at $0.839. Despite the selling pressure, the price recovered on Tuesday, rising 3.34% to $0.867.
Selling pressure returned on Wednesday as the price fell 1.96% and settled at $0.850. ADA reached an intraday high of $0.880 on Thursday. However, it could not stay at this level and settled at $0.859, ultimately rising 1.06%. Sellers returned to the market on Friday as ADA lost 56 a result, the price fell nearly 4% and settled at $0.859.) Price Analysis Optimism (OP) started the previous week in the red, dropping over 11% to $0.688.
Despite the overwhelming selling pressure, the price recovered 2.51% on 57 lost momentum on Wednesday, falling 1.39% but returned to positive territory on Thursday, rising nearly 6% to cross $0.70 and settle at $0.737. Selling pressure returned on Friday as the price fell almost 6% and settled at $0.694.
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