Bitcoin was lower in Asia on Tuesday morning to trade below the US$26,000 resistance level for the weekend. Ether dipped to the US$1,600 mark, while other top 10 non-stablecoin cryptocurrencies were trading mixed. XRP posted the biggest gains while Solana led the losers. Digital asset investment products’ modest outflows last week reflected mixed sentiment among institutional investors amid increased trading volume. US stock futures were mixed ahead of regular trading following a long holiday weekend.
Bitcoin below US$26,000
As of 07:30 AM in Hong Kong, Bitcoin was down 0.57% to US$25,804.63 in the last 24 hours for a weekly loss of 1.15%. CoinMarketCap Data. As of Friday, the world’s leading cryptocurrency was trading in the US$26,000 range. It briefly breached $28,000 last Tuesday as a victory for the grayscale investment against the US Securities and Exchange Commission boosted sentiment. That optimism has now cooled.
Ether fell 0.49% to US$1,627.26, having lost 1.58% in the past seven days.
The crypto market is suffering from regulatory uncertainties in the US, said Samer Hassan, market analyst at online brokerage XS.com, in an emailed comment. He pointed out the impact of large transactions including 213 million dollars on the market XRP Marketing and 37 million dollars Shiba Innu Recorded transaction over the weekend.
“While the reasons for the series of massive moves we’re seeing in the cryptocurrency market are not yet entirely clear, I believe they will continue to foster anticipation and caution in the markets, especially since these moves come amid weak sentiment amid the ongoing court battle in the United States among market participants,” Hassan said.
Meanwhile, Mayur Kamath, Binance’s global product leader, has resigned from the company, Reuters reported. reported on Monday. The world’s largest crypto exchange has been sued by the US. SEC and the Commodity Futures Trading Commission (CFTC) as well as an investigation from the US Department of Justice (DOJ).
Most of the other top 10 volatile cryptocurrencies have changed over the past 24 hours, moving in the 1% range across the board. XRP led the gainers with a gain of 0.61% to US$0.5082, but was down 3.01% for the week.
At the end of September 1, digital asset investment products showed a modest outflow of US$11.2 million. That was down from US$168 million last week, as reported Monday. Report European alternative asset manager CoinShares. Despite low outflows, the trading volume of digital investment products reached a total of $2.8 billion.
John Stefanidis, CEO of blockchain infrastructure foundation Balthazar Dao, said: “The recent low outflows from digital asset funds may be due to uncertainty surrounding the approval of spot Bitcoin ETFs – following a surge in enthusiasm for their announcements.
“It will be interesting to see how these regulatory uncertainties balance out as we approach the upcoming Bitcoin halving event,” he added.
Bitcoin’s halving event halves new tokens issued every 10 minutes, increasing scarcity. This is widely expected to cause a significant increase in the value of the token. The next Bitcoin halving is expected to take place in April 2024.
Elsewhere, crypto exchange Bybit Introduced TradeGPT Monday – An artificial intelligence learning tool that uses ChatGPT to generate market analysis and answer technical questions based on Bybit’s real-time market data. Other crypto exchanges including Binance, Crypto.com And all right It also launched AI-powered analytics tools earlier this year.
Total crypto market capitalization fell 0.56% to US$1.04 trillion. Transaction volume increased by 20.65% to $23.77 billion.
