PriyankaBitcoin (BTC) continues to face substantial pressure, driven by a surge in selling activities and significant outflows from spot exchange-traded funds (ETFs). Currently, BTC is trading in the $57,000 range, and unless bulls manage to stabilize the market, the price could further dip to $55,000.
It’s crucial for readers to understand that the cryptocurrency market is highly volatile. No strategy guarantees predicting future movements of cryptocurrencies accurately.
This piece aims to equip investors with up-to-date information on current market conditions, major past events, and notable upcoming occurrences. Investors are strongly encouraged to conduct their own research before making any decisions.
As of last Monday (August 26), the total crypto market cap was valued at $2.25 trillion, with Bitcoin priced around $64,000 and Ethereum (ETH) at $2,750. Fast forward a week, and the market cap has declined to $2.02 trillion.
Current Crypto Prices:
In decentralized finance (DeFi), the total 24-hour trading volume is $2.73 billion, which accounts for 4.93% of the entire market’s 24-hour volume. For stablecoins, the trading volume stands at $50.91 billion, representing 91.80% of the total 24-hour volume. According to CoinMarketCap, the market fear and greed index is currently ‘Neutral’ at 43 points out of 100.
At this moment, BTC’s dominance in the market is 56.41%.
Over the past week, Bitcoin reached a high of $63,901.78 on August 26 and a low of $57,273.38 on September 2. Similarly, Ethereum peaked at $2,746.04 on August 26 and bottomed at $2,414.65 on September 2.
Coinbase, a prominent cryptocurrency exchange, has reached a significant milestone in digital finance by completing its first AI-to-AI cryptocurrency transaction. CEO Brian Armstrong announced this groundbreaking development, which signifies a transformative step in how artificial intelligence interacts with digital currencies.
Armstrong highlighted that this achievement paves the way for AI systems to autonomously acquire resources and interact with other AI agents and human users. This innovation could revolutionize AI’s integration into financial systems and everyday transactions.
Meanwhile, the non-fungible token (NFT) market experienced a continued downturn in August 2024, following a sharp decline in July. According to cryptoslam.io data, NFT sales amounted to approximately $376.3 million in August, marking a significant drop of 41.36% from the previous month.
The declining trend also reflected in participant numbers, with NFT buyers decreasing by 29.04% and sellers by 17.02%. Transaction volumes also plummeted, recording around 7.45 million transactions in August—a 50% decrease from July.
Among leading blockchains, Mythos Chain stood out as an exception, reporting a 14.31% increase in sales. Other top blockchains witnessed declines, underscoring the ongoing challenges faced by the NFT sector this year.
Edul Patel, co-founder and CEO of Mudrex, commented to ABP Live: “This week, Bitcoin is likely to remain under pressure after dipping below the $60,000 mark over the weekend due to increased selling and outflows from Bitcoin spot ETFs. Bulls must defend critical support levels as the market anticipates a potential catalyst from a September rate cut by the US Federal Reserve. If Bitcoin fails to hold its current position, we could see increased pressure pushing it toward the $55,700 support level.”
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