The cryptocurrency market registered a marginal decline over the past 24 hours, indicating a muted response to the Federal Reserve’s 0.25 basis points rate cut. Bitcoin (BTC) is marginally down and has slipped below the $117,000 mark. The flagship cryptocurrency reached an intraday high of $117,870 early in the session before dropping to an intraday low of $116,727. BTC is marginally down over the past 24 hours, and is trading just below the $117,000 mark.
Meanwhile, Ethereum (ETH) is down over 1%, trading around $4,535. The altcoin traded above the $4,600 mark following the rate cut announcement. However, selling pressure pushed the price below this level, with sellers looking to drag the price below $4,500. Ripple (XRP) is down over 1%, trading around $3.03, while Solana (SOL) is marginally up, trading around $245. Dogecoin (DOGE) is down just over 1%, while Cardano (ADA) is up almost 1%, trading around $0.909. Chainlink (LINK), Stellar (XLM), Hedera (HBAR), Litecoin (LTC), Toncoin (TON), and Polkadot (DOT) also registered notable price jumps.
Altcoins have outperformed BTC, with the CMC Altcoin Season Index touching 73/100. Meanwhile, BTC dominance sits at 57.06%.
Trump Mulls New CFTC Chair After Quintenz Confirmation Stalls
President Donald Trump is reportedly considering new candidates to lead the Commodity Futures Trading Commission (CFTC) after Brian Quintenz’s confirmation stalled. New candidates under consideration include Michael Selig and Tyler Williams. Selig is the chief counsel to the Securities and Exchange Commission’s (SEC) crypto task force and a former asset management attorney. On the other hand, Williams is the Treasury counselor on digital asset policy and has previously worked at Galaxy Digital.
Quintenz’s nomination hit a wall in July after Gemini co-founder Tyler Winklevoss asked Donald Trump to halt the process, citing frustration at the Biden administration’s crackdown on Gemini. Winklevoss stated at the time,
“Seven years of lawfare trophy hunting. It’s outrageous what they did to us.”
Following the outburst, the White House requested that the Senate pause the planned confirmation vote. Market experts described the ongoing situation as the Winklevoss twins “flexing their Washington muscle” after backing the Trump campaign with millions in donations.
S&P Surges After Big Bet On Intel
US stocks moved higher on Thursday morning after Nvidia made a big bet on Intel. As a result, the S&P 500 extended its gains past $6,600, climbing 0.4%. The Nasdaq Composite also opened higher, rising 0.8%. However, the blue-chip Dow Jones Industrial Average fell 37 points. US stock markets registered a muted response to the Federal Reserve’s announcement of a 25-basis-point interest rate cut. However, the central bank has suggested there are chances of a further rate cut in 2025. Despite the rate cut, Fed Chair Jerome Powell’s remarks saw bulls hesitate. The Fed Chair flagged concerns about elevated inflation levels and a weak US labor market.
However, despite Powell’s remarks, overall sentiment remains bullish. Analysts believe risk assets could see a resurgence following the rate cut, while the S&P 500 will look to drive it above 6,700 for the first time.
SEC Approves First US Multi-Asset Crypto ETP
The United States Securities and Exchange Commission (SEC) has greenlit the first multi-asset cryptocurrency exchange-traded product (ETP), clearing Grayscale’s Digital Large Cap Fund for listing. The fund will give investors exposure to Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), and Cardano (ADA). The approval is a milestone for the digital asset industry, and comes after the staggering success of US spot Bitcoin ETFs. The multi-asset ETP allows investors an easy avenue to gain exposure to major digital assets without opening accounts on exchanges.
The latest filing comes amid growing investor expectations of an altcoin season, a period in bull markets when altcoins outperform BTC and register significantly larger gains. Coinbase Institutional’s Global Head of Research, David Duong, stated,
“We think current market conditions now suggest a potential shift towards a full-scale altcoin season as we approach September.”
The ETP was approved under the SEC’s new generic listing standards, designed to speed up review processes for spot crypto ETFs on exchanges like Nasdaq, NYSE Arca, and Cboe BZX. Grayscale CEO, Peter Mintzberg, stated,
“Grayscale Digital Large Cap Fund $GDLC was just approved for trading along with the Generic Listing Standards. The Grayscale team is working expeditiously to bring the *FIRST* multi #crypto asset ETP to market with Bitcoin, Ethereum, XRP, Solana, and Cardano.”
ASIC Eases Licensing Rules For Stablecoin Distributors
The Australian Securities and Investments Commission (ASIC) has introduced licensing exemptions for stablecoin distributors. The newly published ASIC (Stablecoin Distribution Exemption) Instrument 2025/631 states that intermediaries distributing stablecoins issued by an Australian Financial Service (AFS) licensee are no longer required to hold their own AFS, market, or clearing settlement facility licenses.
“ASIC is committed to supporting responsible innovation in the rapidly evolving digital assets space, while ensuring important consumer protections are in place by having eligible stablecoins issued under an AFS licence.”
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) is marginally down during the ongoing session, trading around $117,061. The flagship cryptocurrency had a muted response to the Federal Reserve’s announcement of a 25 bps rate cut. BTC rallied on Tuesday but fell to an intraday low of $114,724 on Wednesday following the FOMC meeting. It ultimately settled at $116,484, registering a marginal decline. BTC recovered on Thursday, rising 0.54% to $116,954. The current session sees the price marginally down.
Meanwhile, CryptoQuant analysts have stated that BTC has scope for expansion above $117,000. According to data from the network value to transaction golden cross (NVT-GC) indicator, BTC is far from overheated. The indicator, which compares the market cap to the value of on-chain transactions within a given time frame, currently sits well within neutral territory. Negative NVT-GT values, especially values under -1.6, generally precede periods of upside. However, once the metric crosses 2.2 on the scale, a bearish reversal becomes likely. The NVT-GC’s most recent long signal was in July, when it reached -2.8 before rebounding to 0.3. CryptoQuant analysts summarized in a blog post,
“This indicates neither extreme overvaluation nor undervaluation, but rather a healthy uptrend. Short Term: With the metric not elevated, Bitcoin is not yet in bubble territory. There is still room for price expansion.”
The metric is another sign that BTC’s bull run is far from over. July also sparked a “buy” signal on moving average convergence/divergence (MACD). One CryptoQuant analyst believes BTC could return to price discovery by October, stating,
“BTC price sits just above STH Realized Price, setting the stage for 1–2 weeks of consolidation with a potential push to ATH.”
However, not all predictions are rosy. According to Into The Cryptoverse founder Benjamin Cowen, investors on the sidelines could get an opportunity to enter the market, predicting that BTC could fall as much as 70% in the next bear market. Cowen stated,
“I would say maybe a 70% drawdown from whatever the all-time high ends up. Does it have to happen? No, but you know, history would at least caution us to at least believe that it might.”
Bitcoin advocates like Arthur Hayes have been predicting a move to $250,000 by the end of the year. A 70% decline would bring BTC down to around $75,000.
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. 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.
Source: TradingView
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 price fell to an intraday low of $114,724 on Wednesday. However, it rebounded from this level to reclaim $116,000 and settle at $116,484, ultimately dropping 0.30%. BTC recovered on Thursday, rising 0.54% to cross $117,000 and settle at $117,117. The current session sees the price marginally down, trading around $116,916.
Ethereum (ETH) Price Analysis
Ethereum (ETH) continues dropping, with the altcoin down over 1% during the ongoing session, trading around $4,531. The world’s second-largest cryptocurrency fell to an intraday low of $4,429 on Tuesday but recovered on Wednesday, rising 1.99% to $4,591. It lost momentum after reaching this level and registered a marginal drop on Wednesday before falling during the ongoing session.
ETH faces strong resistance near the $4,680 level. A break above this level could take the price beyond $4750. An upside from here could see ETH push towards $5,000. However, if ETH fails to cross $4,680, it could start a decline and drag the price below $4,500. Meanwhile, a lot is going on behind the scenes, as Ethereum’s core developers agreed to ship the Fusaka hard fork on December 3. The upgrade introduces 12 Ethereum Improvement Protocols (EIPs) to boost speed, scalability, security, and cut costs.
The upgrade will go live on December 3, and an increase in blob capacity will take place two weeks later. Another blob capacity hard fork is scheduled for January 7, 2026. Both blob capacity hardforks will double the network’s current blob capacity. Ethereum developer community ethPandaOps stated in a post on X,
“The initial conclusion is that we can go ahead with a Max blob count of 15 for BPO1 [Blob Parameter Only] and a Max blob count of 21 for BPO2. There are a total of 5 BPOs planned for Fusaka, so we can ensure mainnet scales a lot — safely.”
Now, let’s look at ETH’s price action over the past few sessions. 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%. 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.
Source: TradingView
ETH 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. Despite the overwhelming selling pressure, ETH rebounded on Wednesday, rising 1.99% to $4,591. However, it lost momentum on Thursday, registering a marginal decline. Selling pressure has intensified during the ongoing session, with ETH down over 1%, trading around $4,524.
Solana (SOL) Price Analysis
Solana (SOL) failed to claim $250 yet again as its rally stalled on Thursday. The altcoin rose over 1% on Tuesday and settled at $236. Bullish sentiment intensified on Wednesday as the price rose over 3% to cross $240 and settle at $244. SOL reached an intraday high of $253 on Wednesday but lost momentum after reaching this level, ultimately settling at $247.
Despite SOL’s struggles to claim the $250 mark, analysts believe a move to $300 is a realistic possibility. The altcoin has registered substantial institutional interest, outperforming the broader cryptocurrency market, led by corporate adoption as a reserve strategy. SOL’s annualized perpetual futures funding rate has hovered around 8%, indicating low demand for leveraged buying. Additionally, institutional interest in the asset is through the roof. Corporate entities employing a SOL treasury strategy have amassed a staggering 17 million SOL, valued at over $4.3 billion. Entities with notable SOL holdings include Forward Industries (FORD) with 6.82 million SOL, Sharps Technology (STTS) with 2.14 million SOL, and both Defi Development Corp (DFDV) and Upexi Inc. (UPXI), with close to 2 million SOL each.
Advancements by the United States Securities and Exchange Commission (SEC) on Solana ETFs have also led to market optimism. The SEC introduced new regulatory standards on Wednesday to accelerate spot ETF approvals. Market watchers are hopeful about the launch of a Solana ETF following the success of Ethereum ETFs.
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. 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.
Source: TradingView
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. Bullish sentiment intensified on Wednesday as the price rallied, rising over 3% to cross $240 and settle at $244. SOL reached an intraday high of $253 on Thursday. However, it lost momentum after reaching this level and settled at $247, ultimately rising 1.11%. The current session sees SOL down over 2%, trading around $241.
Uniswap (UNI) Price Analysis
Uniswap (UNI) started the previous week in positive territory, rising nearly 2% on Monday and settling at $9.55. The price reached an intraday high of $9.92 on Tuesday but lost momentum after reaching this level, ultimately settling at $9.53 after a marginal decline. UNI recovered on Wednesday, rising over 2% to $9.74. Bullish sentiment intensified on Thursday as the price rose 2.41% and settled at $9.97. UNI continued pushing higher on Friday, rising 1.97% to cross $10, settling at $10.17.
Source: TradingView
Despite the positive sentiment, UNI lost momentum on Saturday and registered a marginal decline. Bearish sentiment intensified on Sunday as the price fell over 7%, dropping to a low of $9.02 before settling at $9.40. Sellers retained control on Monday as UNI fell 2.44% to $9.17. However, it rebounded on Tuesday, rising 1.58% and settling at $9.32. Buyers retained control on Wednesday as UNI rose 2.44% and settled at $9.55. The price registered a marginal increase on Thursday before dropping nearly 3% during the ongoing session to $9.34.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) registered a sharp increase on Monday (September 8), rising over 5% to $0.241. It faced volatility on Tuesday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as the price registered a marginal decline. DOGE recovered on Wednesday, rising over 2% and settling at $0.246. Buyers retained control on Thursday as the price rose almost 4% to cross $0.250 and settle at $0.255. Bullish sentiment intensified on Friday as DOGE rallied, rising nearly 8% and settling at $0.275.
Source: TradingView
DOGE reached an intraday high of $0.307 on Saturday as bullish sentiment persisted. However, it could not stay at this level and settled at $0.288, ultimately rising 4.94%. Selling pressure returned on Sunday as the price fell 3.67% to $0.278. Sellers retained control on Monday as DOGE fell over 3% to a low of $0.259 before settling at $0.269. The price registered a marginal increase on Tuesday despite facing selling pressure. Bullish sentiment intensified on Wednesday as DOGE rallied, rising nearly 5% and settling at $0.283. It lost momentum on Thursday, dropping 1.48% to $0.278. The current session sees DOGE down over 2%, trading around $0.272.
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.