The cryptocurrency market rose over 1% in the past 24 hours, and nearly 5% over the past week, with Bitcoin (BTC), Ethereum (ETH), and other altcoins trading in positive territory. Key drivers of the market’s upward trajectory include strong ETF inflows, growing altcoin momentum, and derivatives traders positioning themselves for macro shifts.
BTC made a strong recovery after trading below $115,000 on Tuesday, crossing $116,000 to reach an intraday high of $116,935. The flagship cryptocurrency fell to an intraday low of $116,224 during the ongoing session, but has rebounded to cross $117,000 and move to its current level of $117,235.
Meanwhile, ETH rebounded from an intraday low of $4,434 to reclaim $4,500 and move to its current level. The altcoin is trading around $4,550, and is up nearly 1% over the past 24 hours. Ripple (XRP) is up over 1%, while Solana (SOL) is marginally down, trading around $235. Dogecoin (DOGE) is up nearly 1%, while Cardano (ADA) is trading around $0.882, up over 2%. Chainlink (LINK), Stellar (XLM), Hedera (HBAR), Toncoin (TON), Litecoin (LTC), and Polkadot (DOT) also registered notable price jumps.
Bitwise Files For Stablecoin And Tokenization ETF
Bitwise Asset Management has filed with the Securities and Exchange Commission (SEC) to launch an ETF focusing on stablecoins and real-world asset tokenization, highlighting how traditional markets are converging with on-chain markets. According to a prospectus submission with the SEC, the Bitwise Stablecoin and Tokenization ETF will be structured as an actively managed “40 Act” under the Investment Company Act of 1940. Bitwise stated the ETF will track its newly designed Stablecoin and Tokenization Index, providing diversified exposure to companies and crypto-linked products.
The fund will divide holdings into two equally weighted categories. The first is an equity sleeve representing up to 50% of assets. It will also include 20 to 30 publicly traded companies involved with stablecoin issuance, payment infrastructure, tokenization exchanges, and related services. The second half will comprise crypto-linked ETFs with a focus on blockchain infrastructure. It will also dedicate 5% to oracle tokens that bring off-chain data on-chain. Additionally, no single holding will exceed 22.5% of the index, and allocations will be rebalanced quarterly.
Binance Negotiating Early Termination Of Compliance Monitor
Binance, the world’s largest cryptocurrency exchange, is negotiating with the United States Department of Justice to terminate its court-appointed compliance monitor ahead of schedule. The compliance monitor, Forensic Risk Alliance, was appointed for a three-year term as part of the platform’s $4.3 billion plea deal in 2023. The deal helped Binance resolve several allegations of anti-money laundering and sanctions violations. A potential early release could indicate a substantial shift in the DOJ’s enforcement strategy.
According to a report, the DOJ’s willingness to reconsider an early termination is due to a broader policy reassessment under the Trump administration. The Department stated in an April memo that it was not a digital assets regulator and would prioritize federal crimes like terrorism or hacks. This directive appears to be the primary reason behind the reassessment of Binance’s compliance monitor, suggesting that prosecutors could be beginning to view such oversight as exceeding their intended mandate.
XRP, Dogecoin ETFs Set To Launch This Week
Two new ETFs tracking Ripple (XRP) and Dogecoin (DOGE) are expected to launch in the US this week, as regulators and markets warm up to crypto investment products. According to Rex Shares, the REX-Osprey XRP ETF will launch this week and will trade under the ticker XRPR. The ETF will be the first in the US to give investors exposure to the world’s third-largest cryptocurrency. REX and Osprey have navigated the SEC’s mandated 75-day review window and will begin trading on Friday, barring any exceptional circumstances. The investment product will launch under the Investment Company Act of 1940, which will help provide a simpler approval path compared to the Securities Act of 1933.
Additionally, the Dogecoin ETF is also set to launch this week. Bloomberg ETF analyst Eric Balchunas stated,
“As of now, the Doge ETF DOJE is slated for a Thursday launch.”
There are several ETFs waiting for SEC approval. Canary Capital has updated the prospectus filing for its Litecoin ETF. The ETF is due for a final decision by the SEC in the first week of October. Bitwise has filed a prospectus for a spot Avalanche ETF, joining VanEck and Grayscale.
SEC Sets New Listing Rules
The United States Securities and Exchange Commission (SEC) is streamlining the approval process for crypto exchange-traded products (ETPs). According to Bitwise, the SEC’s efforts could trigger a surge of new crypto product offerings. However, the firm added that the new listing rules don’t guarantee success for crypto ETPs. Bitwise chief investment officer Matt Hougan stated,
“The adoption of generic listing standards — which could come as early as October — will likely usher in a ton of new crypto ETPs. However, the mere existence of a crypto ETP does not guarantee significant inflows. You need a fundamental interest in the underlying asset. I suspect ETPs built on assets like Bitcoin Cash will have a hard time attracting flows unless the asset itself finds new life.”
The SEC currently reviews crypto ETPs on a case-by-case basis, which often takes months. Issuers must also file detailed proposals showing that the underlying market is sufficiently liquid and resistant to manipulation.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) is marginally up during the ongoing session, trading around $116,870. The flagship cryptocurrency has traded in positive territory this week despite volatility and selling pressure. It ended the weekend in the red, falling 0.56% to $115,314. BTC reached an intraday high of $116,802 on Monday but failed to maintain this level, ultimately settling at $115,381 after a marginal increase. Buyers retained control on Tuesday as the price rose 1.26%, crossing $116,000 and settling at $116,382. The current session sees the price marginally down.
BTC has gained nearly 6% this month, defying expectations of a bearish September. According to options data, bullish sentiment outweighs bearish positions, with traders positioning themselves for higher prices in Q4. According to Sean Dawson, head of research at Derive, the crypto market is only halfway through its fourth-quarter upswing. Dawson cited supportive macroeconomic trends and options flows. He also dismissed speculation that the current bull cycle had peaked.
“I’ve seen a lot of FUD that the music is about to stop. Some nasty drawdowns may indeed hit us in the next few weeks. However, I believe the market is bright for the rest of Q4. This is, by no means, ‘it’ for the bull cycle; there’s plenty of gas left in the tank.”
According to analysts at Bitfinex, BTC established a new resistance around $116,000. The analysts stated that this level would remain as resistance until decisively claimed by a new rally.
“BTC now trades at the upper edge of the range near $116,000, which remains resistance until decisively reclaimed.”
BTC’s momentum has waned since it hit a new all-time high in August, with the price struggling to reclaim lost levels. However, the price has rebounded this week as markets expect an interest rate cut following the FOMC meeting on Wednesday. Analysts are divided about how BTC will react to a rate cut. According to Fundstrat co-founder Tom Lee, an interest rate cut could help the flagship cryptocurrency make a monster move in the next three months. However, others remain skeptical, with one analyst stating BTC could dip below $104,000 before recovering.
BTC faced volatility over the past weekend as it reached an intraday high of $113,390 on Friday (September 5). However, it failed to stay at this level and settled at $110,670, ultimately registering a marginal decline. Sellers retained control on Saturday as the price fell 0.41%. BTC recovered on Sunday, rising nearly 1% to end the weekend at $111,129. The price continued pushing higher on Monday, rising 0.85% to cross $112,000 and settle at $112,072. However, it lost momentum on Tuesday, dropping 0.47% to $111,547. Positive sentiment returned on Wednesday as BTC rallied, rising over 2% to cross $113,000 and settle at $113,983.
Source: TradingView
Buyers retained control on Thursday as BTC rose 1.37%, crossing $115,000 and settling at $115,540. The price continued pushing higher on Friday, rising 0.49% to cross $116,000 and settle at $116,106. Despite the positive sentiment, price action turned negative over the weekend as BTC registered a marginal decline on Saturday and fell 0.56% on Sunday, ending the day at $115,314. BTC faced volatility on Monday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as the price registered a marginal increase. BTC registered a sharp increase on Tuesday, rising over 1% to cross $116,000 and settle at $116,382. The current session sees the price marginally down, trading around $116,792.
Ethereum (ETH) Price Analysis
Ethereum (ETH) is marginally up during the ongoing session as it looks to reverse its recent decline. Sentiment around the altcoin turned bearish over the weekend as it fell 1% on Saturday and 1.27% on Sunday. Sellers retained control on Monday as ETH fell nearly 2% to $4,527. The price registered a marginal decline on Tuesday, settling at $4,502.
ETH could face a fresh decline if it fails to stay above the $4,500-$4,600 zone. It faces its first major resistance at around $4,620. A move above this level could take the price beyond $4,700, potentially sending it towards its all-time high. Analysts believe ETH can rally 45% in a breakout scenario as markets price in a 96% chance of a Fed rate cut this week. Markets also expect two more reductions before the end of the year. ETH has faced considerable selling pressure in recent sessions. However, analysts say the dips are an excellent buying opportunity. ETH’s consolidation has become a bull pennant, a continuation pattern that typically precedes a push higher.
Analyst Ash Crypto suggested that a drop below the pennant’s lower trendline won’t invalidate the bullish setup, instead sending prices soaring past $5,000.
ETH reached an intraday high of $4,493 on Friday (September 5). However, it could not stay at this level and settled at $4,307, ultimately registering a marginal increase. The price registered a marginal drop on Saturday before rising 0.74% on Sunday and settling at $4,306. ETH was muted on Monday and Tuesday as price action remained subdued. However, positive sentiment returned on Wednesday as the price reached an intraday high of $4,487 before settling at $4,348, ultimately rising 0.89%.
Source: TradingView
Buyers retained control on Thursday as ETH rose 2.57% and settled at $4,460. Bullish sentiment intensified on Friday as the price rallied, rising nearly 6% to cross $4,700 and settle at $4,315. However, it lost momentum over the weekend, dropping 1.01% on Saturday and 1.25% on Sunday to settle at $4,609. Sellers retained control on Monday as ETH fell nearly 2% and settled at $4,527. ETH continued falling on Tuesday, registering a marginal decline and settling at $4,502. The price is marginally down during the ongoing session, having dipped below $4,500 and trading around $4,486.
Solana (SOL) Price Analysis
Solana (SOL) is down nearly 1% during the ongoing session as sellers look to drive the price below $230. The altcoin reached an intraday high of $249 on Sunday but failed to cross $250 as selling pressure returned. As a result, the price fell 0.99% to $240. Sellers retained control on Monday as SOL dropped 2.31% and settled at $234. Despite the selling pressure, SOL rebounded on Tuesday, rising over 1% to $236.
Despite the decline, analysts believe SOL is experiencing renewed bullish sentiment after pushing through key levels. Institutional momentum in the asset has persisted, with Helius Medical Technology revealing a $500 million SOL treasury strategy. The company revealed its strategy will be financed through a private equity offering. Pantera Capital also revealed that it had allocated as much as $1.1 billion to SOL. Dan Morehead, founder of Pantera Capital, explained that SOL is the firm’s biggest bet, calling it one of the most promising blockchain networks.
The Solana blockchain is witnessing a dramatic upswing in DeFi activity as popular memecoins rally. With the markets expecting the Fed to cut interest rates, risk assets like SOL stand to benefit and could see prices reach new highs.
SOL started the previous weekend in positive territory, rising 0.48% and settling at $203 on Friday. The altcoin fell 1.55% on Saturday but recovered on Sunday, rising over 3% to end the weekend at $206. Buyers retained control on Monday as the price rose 3.69% to $214. SOL continued pushing higher on Tuesday, rising 1.48% and settling at $217. Positive sentiment persisted on Wednesday as the price rose over 3% to cross $220 and settle at $223.
Source: TradingView
SOL rose over 2% on Thursday and settled at $228. Bullish sentiment intensified on Friday as the price rallied, rising nearly 6% to cross $240 and settle at $242. SOL faced selling pressure on Saturday, falling to an intraday low of $236. However, it rallied from this level to reclaim $240, ultimately registering a marginal increase. SOL reached an intraday high of $249 on Sunday but lost momentum after failing to cross $250. As a result, it fell nearly 1% to $240. Sellers retained control on Monday as SOL fell over 2% and settled at $234. Despite the selling pressure, SOL recovered on Tuesday, rising 1.06% to $236. The current session sees the price down 1.16% at $234.
Celestia (TIA) Price Analysis
Celestia (TIA) started the previous week in positive territory, rising nearly 5% on Monday (September 8) and settling at $1.72. Bullish sentiment intensified on Tuesday as the price rallied, reaching an intraday high of $1.93. However, it could not stay at this level and settled at $1.80, ultimately rising 4.71%. Despite the positive sentiment, TIA lost momentum on Wednesday, dropping 2.28% to $1.76. The price recovered on Thursday, rising 1.99% to $1.80. Buyers retained control on Friday as TIA rose 2.55% and settled at $1.84.
Source: TradingView
Price action was mixed over the weekend as TIA registered a 1.11% increase and settled at $1.86. However, it lost momentum on Sunday, dropping over 5% to $1.76. Sellers retained control on Monday as TIA fell almost 4% and settled at $1.69. The price recovered on Tuesday, rising 0.42% but is back in the red during the ongoing session, trading around $1.69.
Cronos (CRO) Price Analysis
Cronos (CRO) has been on a steady decline since reaching an intraday high of $0.390 on August 28. The token started the previous week in bearish territory, dropping 3.94% to $0.251. It recovered on Tuesday, reaching an intraday high of $0.281 before settling at $0.258, ultimately registering a 3.07% increase. The price rose 0.62% on Wednesday before registering a marginal decline on Thursday and settling at $0.259. Sellers retained control on Friday as the price fell 1.39% to $0.256.
Source: TradingView
Price action remained bearish over the weekend as CRO fell 2.69% on Saturday and over 5% on Sunday to settle at $0.236. The price reached an intraday high of $0.247 on Monday but failed to maintain this level, ultimately dropping over 2% and settling at $0.231. CRO recovered on Tuesday, rising nearly 1%, but is back in the red during the ongoing session, marginally down, trading around $0.232.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.