On Monday morning in Asia, Bitcoin, Ether, and the other top ten non-stable coin cryptocurrencies remained stable. Although JPMorgan Chase & Co. analysts indicate that the market’s downward price trend has paused, crypto investor mood remains apprehensive. The Forkast 500 NFT Index increased after Donald Trump’s arrest, which resulted in a jump in sales of the former US president’s hallmark NFT collection. Despite the fact that US Federal Reserve Chair Jerome Powell used his highly anticipated Jackson Hole address on Friday to double down on the possibility of interest rates remaining higher for longer, US equities futures rose.
As of 06:40 a.m. in Hong Kong, Bitcoin gained 0.08% in the previous 24 hours to reach US$26,050.62. According to CoinMarketCap statistics, the coin was trading 0.59% lower for the week. Over the weekend, the world’s largest cryptocurrency remained around $26,000, momentarily falling below the critical support level numerous times.
A senior market analyst at London-based broker firm mentioned that for the most recent week, the cryptocurrency Fear and Greed Index is in “Fear” area. He mentioned that the market is not yet oversold and therefore not appealing to bargain seekers. Moreover. Bitcoin has entered another extended phase of horizontal price fluctuation.
Ether rose 0.35% to $1,653.79 USD, after falling 1.73% in the previous seven days. Along with most other cryptocurrencies, including Bitcoin, it suffered huge losses on August 18 as macroeconomic reasons weighed on the market, including uncertainty about forthcoming Fed interest rate changes, yuan devaluation, and the collapse of Chinese property giant Evergrande.
Senior market analyst added that Ethereum is stabilizing around $1,650, an important pivot level in the previous year. He cautioned that if this level is not maintained, the price might rise to $1,200 “within a week or two.
In contrast, JPMorgan Chase & Co. analysts anticipated “limited downside” for the cryptocurrency market as losses slow. They discovered a decrease in the number of Bitcoin-linked futures contracts that have yet to be settled on exchanges, indicating that negative price movement is losing steam. Other top ten non-stable coin cryptocurrencies ranged from stable to mixed.
Solana led the gains, jumping 1.99% to US$20.73, although it still ended the week down 4.89%. This is despite the fact that Solana Pay, a free-to-use payment system built on the Solana block chain, announced last week a partnership with Canada-based e-commerce platform Shopify to allow USDC stable coin payments for online shopping without intermediate costs.
The overall cryptocurrency market capitalization increased by 0.18% to US$1.05 trillion. Trading volume increased by 6.88% to US$16.28 billion.
Please note that this article does not offer any instructions or suggestions regarding investment decisions. It is important for you to conduct your own research or seek professional advice from a qualified professional before conducting an investment decision.