The cryptocurrency market returned to bullish territory with its market cap rising over 2% to $3.96 trillion. Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies registered substantial gains in the past 24 hours as market sentiment improved. BTC was trading around $111,400 on Wednesday. However, market sentiment turned bullish, and the flagship cryptocurrency rallied, crossing $114,000 and moving to its current level. BTC is up 2.35% over the past 24 hours, trading around $114,120.
Meanwhile, ETH rallied to reclaim the $4,400 mark despite falling to a low of $4,305 early in the session. However, the altcoin recovered and is up nearly 3%, trading around $4,428. Ripple (XRP) is up almost 2% and has reclaimed the $3 level, while Solana (SOL) is up 1.78%, trading around $223. Dogecoin (DOGE) is up almost 4%, while Cardano (ADA) is up 1.57%, trading around 1.57%. Chainlink (LINK), Stellar (XLM), Hedera (HBAR), Litecoin (LTC), Toncoin (TON), and Polkadot (DOT) also registered substantial price jumps.
SEC Delays Crypto ETF Decisions
The United States Securities and Exchange Commission (SEC) delayed its decision on multiple crypto ETF proposals on Wednesday, pushing back deadlines for several funds, including BlackRock and Franklin Templeton. According to SEC filings, the regulator will decide on Franklin Templeton’s Ethereum staking amendment on November 13. The decision on the Solana and CRP ETFs has been pushed to November 14. Another proposal to permit staking in BlackRock’s iShares Ethereum Trust is slated for October 30. However, the filings do not disclose the SEC’s views on the applications, only that it needs more time to evaluate them.
Franklin Templeton’s proposals for the Ethereum, Solana, and XRP products were filed with Cboe BZX in mid-March, while Nasdaq submitted BlackRock’s iShares Ethereum Staking amendment on July 16. The SEC generally has up to 45 days from publication to act on a proposed rule change, which can be extended to 80 days or 180 days. In some cases, it can also be extended by an additional 60 days.
RBI Says Crypto Rules Could Risk Legitimizing Sector
Indian regulators are dragging their heels in introducing comprehensive crypto rules due to concerns that regulations could legitimize digital assets and create systemic risks. According to a Reuters report, the Reserve Bank of India (RBI) believes that containing the risks posed by cryptocurrencies through regulation could be a challenge. The RBI argues that regulating cryptocurrencies would legitimize them and make the sector systemic. An outright ban on cryptocurrencies could address the risks posed by speculative crypto assets. However, it cannot tackle peer-to-peer transfers or trades made on decentralized exchanges.
India lacks clear rules around cryptocurrencies. However, the government imposes a 30% tax on digital asset gains and requires foreign exchanges to register with local regulators. India’s Financial Intelligence Unit (FIU) requested that blocks be placed on global exchanges, including Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex, for failing to register with local regulators. However, Binance and KuCoin returned to the country in 2024 after receiving approval from the FIU.
S&P 500 Jumps Following PPI Data Release
The S&P 500 index rose 0.5% in early trading as markets reacted to new Producer Price Index (PPI) inflation data. The Nasdaq Composite also added 0.3% with both indexes hitting fresh highs as bullish sentiment returns. However, the Dow Jones Industrial Average dropped as it continued its recent underperformance.
The Producer Price Index showed a 0.1% drop in wholesale prices for August, compared to estimates of 0.3%. Meanwhile, Core PPI numbers, which exclude food and energy, also dropped 0.1% instead of an estimated 0.3% increase. PPI numbers coming below projections strengthened investor sentiment, pushing the S&P 500 to record highs despite trade and geopolitical uncertainty. Investors view the PPI numbers as an indication that the Federal Reserve may cut interest rates during its September meeting.
SEC Chair Says Most Tokens Are Not Securities
Securities and Exchange Commission Chair Paul Atkins stated that most crypto tokens are not securities while outlining a plan to integrate crypto activities, including trading, lending, staking, and a unified regulatory framework. Atkins stated at the Organization for Economic Cooperation and Development (OECD) Roundtable,
“It is a new day at the SEC. Policy will no longer be set by ad hoc enforcement actions. We will provide clear, predictable rules of the road so that innovators can thrive in the United States.”
The SEC is looking to modernize its securities regulations to accommodate blockchain-based financial markets. Atkins stated that the President’s Working Group on Digital Assets has already delivered a blueprint to support the initiative.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) crossed the $113,000 mark on Wednesday as market sentiment improved following the release of the Producer Price Index (PPI) data. The flagship cryptocurrency failed to breach the $113,000 level on Tuesday, losing momentum after reaching an intraday high of $113,292. However, prices rebounded on Wednesday as BTC rallied, rising over 2% to cross $113,000 and settle at $113,983.
BTC surged past $113,000 following the PPI numbers, which strengthened market sentiment and expectations of a rate cut by the Federal Reserve. However, volatility remains high and long-term trends are uncertain. Sathvik Vishwanath, co-founder and CEO of Unocoin, stated,
“Bitcoin is currently consolidating between $104,000 and $114,000 after hitting all-time highs in mid-August. This range reflects a typical post-euphoria phase, where volatility increases but long-term trends remain uncertain. Glassnode notes that 95% of BTC supply remains in profit, suggesting a zone of potential selling pressure and market indecision.”
The jump past $114,000 extends BTC’s recent recovery. The August PPI fell 2.6% year-over-year compared to forecasts of 3.3%. Meanwhile, Core PPI, which excludes food and energy, fell to 2.8%, well below the expected 3.5%. The PPI turned negative every month, marking the second contraction since March 2024.
“BREAKING: August PPI inflation FALLS to 2.6%, below expectations of 3.3%. Core PPI inflation fell to 2.8%, below expectations of 3.5%. Month-over-month PPI inflation was NEGATIVE for just the 2nd time since March 2024. Rate cuts are on their way.”
July inflation figures were also revised from 3.4% to 3.1% and Core PPI from 3.7% to 3.4%. Additionally, a US Jobs Data revision removed 911,000 jobs from the past 12 months. As a result, markets believe a rate cut is imminent. However, one market analyst noted that producer inflation trends often lag behind the Consumer Price Index (CPI) by one to three months. This means CPI readings could be sticky in the short term.
“CPI tomorrow. Something to keep in mind with producer reports, aka PPI, there’s a 1 – 3 month lag, so I wouldn’t be surprised to see some hedge flows later, assuming that CPI will be sticky still for aug. However, looking forward, it’s likely that inflationary pressures are to decrease going into Q4.”
BTC registered a sharp drop on Friday (August 29), dropping nearly 4% to $108,378. The price recovered on Saturday, rising 0.41%, but was back in the red on Sunday, falling 0.53% to settle at 108,247. Price action was positive on Monday as BTC rose almost 1% to cross $109,000 and settle at $109,240. Bullish sentiment intensified on Tuesday as the price rallied, increasing 1.84% to cross $111,000 and settling at $111,247. BTC posted a marginal increase on Wednesday, rising 0.46% to $111,756. Despite the positive sentiment, the price lost momentum on Thursday, dropping to an intraday low of $109,321 before settling at $110,720.
Source: TradingView
Despite the positive sentiment, BTC lost momentum on Thursday, dropping to an intraday low of $109,321 before settling at $110,720. The price rallied to an intraday high of $113,390 on Friday but could not stay at this level. As a result, it fell to $110,670, ultimately registering a marginal decline. Price action was mixed over the weekend, with BTC falling 0.41% on Saturday and settling at $110,212. It recovered on Sunday, rising nearly 1% to reclaim $111,000 and settle at $111,129. Buyers retained control on Monday as BTC reached an intraday high of $112,940. However, it could not stay at this level and fell to $112,072, ultimately rising 0.85%. BTC lost momentum on Tuesday, dropping 0.47% to $111,549. Bullish sentiment returned on Wednesday as BTC rallied, rising over 2% to cross $113,000 and settle at $113,983. The current session sees BTC marginally down as buyers and sellers struggle to take control.
Ethereum (ETH) Price Analysis
Ethereum (ETH) rebounded from a low of $4,305 early in the session to reclaim $4,400 and move to its current level of $4,412. However, the altcoin is struggling to push higher as it remains rangebound between $4,200 and $4,500. ETH rose nearly 1% on Wednesday as buyers attempted to move past $4,400. However, it lost momentum after reaching $4,488 and settled at $4,348. The current session sees the price up 1.52% at $4,414.
Meanwhile, the SEC has delayed its decision on key crypto ETFs yet again. The market regulator has extended its deadline for deciding on proposals to add staking features and track major altcoins. According to a filing, the SEC postponed its decision on BlackRock’s proposal to allow Ethereum staking in its iShares Ethereum Trust. The decision has now been pushed to October 30, 2025. The SEC stated that it needed more time to review the proposals.
“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.”
The commission also extended the review period for Fidelity’s proposal. The deadline for Fidelity’s proposal to add staking features to its Ethereum ETF has been extended to November 13. Other proposals also met the same fate. CBOE’s 21Shares ETF has been pushed to October 23, and NYSE’s Grayscale Ethereum ETF is postponed to October 29.
The final week of August also saw a sharp decline in ETF inflows, which fell from a 3-month high of over 85,000 ETH to an average of just 16,600 ETH per day. The tide turned during the first week of September, with the ETFs averaging 41,400 ETH in outflows.
ETH registered a notable drop on Friday (August 29), falling over 3% to $4,362. The price recovered over the weekend, registering marginal increases on Saturday and Sunday to settle at $4,394. However, it returned to bearish territory on Monday, dropping 1.79% to $4,315. ETH registered a marginal recovery on Tuesday before rising almost 3% on Wednesday to cross $4,400 and settle at $4,453.
Source: TradingView
Despite the positive sentiment, ETH registered a sharp fall on Thursday, dropping 3.47% to $4,299. The price faced volatility on Friday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as the price registered a marginal increase. Price action was mixed over the weekend as ETH registered a marginal drop on Saturday before rising nearly 1% on Sunday to settle at $4,306. The altcoin started the current week with only a marginal increase, rising to $4,308. Price action remained subdued on Tuesday as ETH rose to $4,310. Buyers retained control on Wednesday as the price rose almost 1% to $4,348. The current session sees ETH up 0.89%, trading around $4,424.
Solana (SOL) Price Analysis
Solana (SOL) is marginally up during the ongoing session, trading around $225. The altcoin extended its gains for a fifth consecutive day, clearing key resistance levels. SOL briefly touched $226, its highest level since February. The rally is part of a broader market recovery as expectations of a rate cut by the Federal Reserve boost investor sentiment.
SOL’s rally could continue as deadlines for a decision on most SOL ETFs draw closer. The final deadline for Solana ETFs, including ones by Bitwise and Canary, is October 16. However, the agency can also approve or reject the funds before the deadline. Polymarket puts the odds of approval by the end of the year at 90%. Market watchers believe Solana ETFs will be highly popular among investors, citing the success of the Rex-Osprey Sol + Staking ETF. Another catalyst driving SOL’s upward trajectory is the Alplenglow upgrade, which will replace its Proof-of-History and TowerBFT consensus with the votor/rotor consensus.
SOL price action was bearish last weekend as it fell over 4% on Friday (August 29) and settled at $205. Selling pressure persisted on Saturday as the price fell 1.17% to $202. SOL continued falling on Sunday, dropping 0.99% and settling at $200. Sellers retained control on Monday as the price fell almost 2%, slipping below $200 and settling at $197. Despite the overwhelming selling pressure, SOL recovered on Tuesday, rising over 6% to reclaim $200 and settle at $209. The price continued pushing higher on Wednesday, rising 0.60% to $210.
Source: TradingView
Selling pressure returned on Thursday as SOL fell over 4% to $202. The price rallied to an intraday high of $210 on Friday. However, it lost momentum after reaching this level and settled at $203, ultimately registering a marginal increase. SOL started the weekend in the red, dropping 1.55% to $200. However, it recovered on Sunday, rising over 3% to $206. Bullish sentiment intensified on Monday as the price rose nearly 4% and settled at $214. Buyers retained control on Tuesday as SOL rose 1.48% and settled at $217. The price continued pushing higher on Wednesday, rising over 3% to cross $220 and settle at $223. The current session sees SOL up almost 1%, trading around $225.
Arbitrum (ARB) Price Analysis
Arbitrum (ARB) has struggled to move past the 20-day SMA in recent sessions. The altcoin ended the previous weekend in the red, registering a marginal decline and settling at $0.496. Selling pressure intensified on Monday as the price fell almost 4% to $0.477. Despite the overwhelming selling pressure, ARB recovered on Tuesday, rising over 5% and settling at $0.502. Buyers retained control on Wednesday as the price rose 1.47% to $0.509. ARB lost momentum on Thursday, dropping over 5%, slipping below $0.50 to $0.482.
Source: TradingView
Bullish momentum returned on Friday as ARB rallied, reaching an intraday high of $0.511. However, it could not stay at this level and settled at $0.496, ultimately rising 2.53%. Price action was mixed over the weekend as ARB fell 1.27% on Saturday before rising 1.62% on Sunday, settling at $0.496. Buyers retained control on Monday as the price rose 3.45% to reclaim $0.50 and move to $0.513. ARB reached an intraday high of $0.548 on Tuesday. However, it could not stay at this level and fell to $0.512, ultimately registering a marginal decline. ARB registered a marginal drop on Wednesday but has rebounded during the ongoing session, up almost 2% at $0.522.
Filecoin (FIL) Price Analysis
Filecoin (FIL) started the previous week facing unprecedented volatility as buyers and sellers struggled to establish control. As a result, it reached an intraday high of $2.51 before settling at $2.28, ultimately registering a marginal increase. The price lost momentum on Tuesday, dropping 0.66% to $2.26. It recovered on Wednesday, rising 2.52% and settling at $2.32. Selling pressure returned on Thursday as the price fell 2.21% to a low of $2.23 before settling at $2.27. Bullish sentiment returned on Friday as FIL rallied, rising over 3% to $2.34.
Source: TradingView
Price action was mixed over the weekend as FIL fell 0.83% on Saturday before rising almost 3% on Sunday to settle at $2.38. Buyers retained control on Monday as the price rose 2.20% to $2.44. FIL faced volatility on Tuesday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as the price registered a marginal increase. Bullish sentiment intensified on Wednesday as FIL rose 1.76% to $2.49. The current session sees the price up 0.50% at $2.50.
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.