Bitcoin (BTC) continues to trend lower as weaker-than-expected U.S. employment data has failed to inspire confidence among investors. At the time of writing, BTC price is hovering within the $54,000 range, but if bulls fail to deliver a much-needed corrective, the price is expected to fall further to $53,000.
Before proceeding, readers should be aware that the cryptocurrency market as a whole and coin prices are extremely volatile, and there is no surefire way to predict how cryptocurrencies will move in the future.
This article is intended to help investors stay on top of the current market situation, the biggest events that have already happened, and upcoming events to watch. Investors are advised to do their research before making any decisions.
Cryptocurrency prices over the past week
Last Monday (August 26th), the total cryptocurrency market cap was $2.2 trillion. BTC price was around $57,000. ETH price was around $2,500.
A week later, the total market capitalization had fallen to $1.94 trillion.
Check out today's top cryptocurrency prices
DeFi's total trading volume was $2.54 billion, accounting for 4.88% of the total 24-hour market volume. For stablecoins, the total trading volume was $47.11 billion, accounting for 90.67% of the total 24-hour market volume. According to CoinMarketCap, the overall market's Fear and Greed Index was “neutral” at 41 points (out of 100).
At the time of writing, BTC's dominance stood at 55.71 percent.
In the past seven days, Bitcoin recorded a high of $59,663.41 (September 3) and a low of $53,055.78 (September 7).
Meanwhile, Ethereum hit a high of $2,554.41 (September 3) and a low of $2,169.19 (September 7).
Notable Crypto Events
Ripple CEO Brad Garlinghouse recently met with Japanese Diet member Masaaki Taira at XRP Community Day to discuss Japan's expanding role in the blockchain space. Garlinghouse praised Japan's forward-thinking approach to cryptocurrencies, highlighting a clearly defined regulatory framework that fosters innovation while prioritizing consumer protection.
During the meeting, Garlinghouse praised Japan's positive stance on cryptocurrencies, noting that the country's policies point the way forward for blockchain development. Masaaki Taira, a member of the House of Representatives and a strong proponent of Web3 and AI, highlighted the argument for leveraging blockchain technology to enhance Japan's capabilities and solidify its position as a leader in the digital economy.
The Central Bank of Russia has expanded the scope of its digital currency pilot program, which now includes around 9,000 individuals and 1,200 businesses. The expansion will test new features such as QR code payments as part of ongoing trials of the digital ruble.
Officials plan to fully launch the digital ruble by the end of 2025. Officials attribute the growing demand for and eager adoption of the digital currency to Russia's efforts at economic self-reliance amid international sanctions. The program's expansion reflects a strategic effort to strengthen Russia's financial infrastructure with digital payment solutions.
The Brazilian Central Bank has announced that the second phase of its pilot project for the Digital Real (DREX), a central bank digital currency (CBDC), will include 13 innovative use cases. The selection was made after evaluating 46 proposals highlighting potential applications of DREX in various sectors.
Among the newly approved use cases is a platform designed for real estate tokenization, which could revolutionize the real estate market by making transactions more efficient and secure. Other notable applications include a liquidity pool for public bond trading, aimed at improving market access and transparency. Additionally, the pilot will explore the automation process of auto trading, reflecting the versatility of digital currencies to streamline everyday financial activities.
What Crypto Traders are Saying About the Current Market Scenario
Edul Patel, co-founder and CEO of Madrex, told ABP Live: “This week, Bitcoin is likely to trade sideways between $53,000 and $60,000 following the weaker than expected US employment report for August. The data makes a 50 basis points rate cut by the Federal Reserve unlikely, but a 25 basis points cut is still on the table. Attention is now on the upcoming Fed meeting to get more clarity on interest rate adjustments. Bitcoin may face resistance around $56,200 to $57,500. If the upward momentum stalls, support is expected at $53,200.”
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Disclaimer: Cryptocurrency products and NFTs are unregulated and may be very risky. There may be no regulatory remedy for losses from such transactions. Cryptocurrencies are not legal tender and are subject to market risks. Readers are advised to seek professional advice and to carefully read the offer documents and any relevant material literature before making any type of investment. Cryptocurrency market forecasts are speculative and investments are made at the reader's sole expense and risk.
