The cryptocurrency market has started the week in the red, down nearly 2% over the past 24 hours due to profit-taking and regulatory uncertainty, which offset recent gains. According to analysts, the recent hype around Solana ETFs and altcoin rallies resulted in considerable profit booking.
The United States Securities and Exchange Commission’s (SEC) 2025 crypto agenda has also sparked compliance concerns. As a result, major cryptocurrencies, including Bitcoin (BTC), traded in the red.
BTC traded between $115,000 and $116,000 over the weekend but lost momentum early on Monday as selling pressure dragged the price down to a low of $114,293. The flagship cryptocurrency is down almost 1% in the past 24 hours, trading around $114,592. Meanwhile, Ethereum (ETH) registered a bigger drop after spending the weekend around the $4,500 mark. Ripple (XRP) is down over 4%, trading around $2.88, while Solana (SOL) is down 4% at $230. Dogecoin (DOGE) experienced substantial selling pressure over the past 24 hours and is trading around $0.239. Cardano (ADA) is down 9%, while Chainlink (LINK) is down almost 10%, trading around $21.17. Stellar (XLM), Hedera (HBAR), Litecoin (LTC), Toncoin (TON), and Polkadot (DOT) also registered substantial drops.
Crypto.com Denies Reports Of Undisclosed Data Leak
Crypto.com has denied reports that it kept a 2023 data leak of user details from authorities. According to reports, Noah Urban, a member of the Scattered Spider hacking group, claimed the group had infiltrated a Crypto.com employee account in early 2023, exposing the personal details of some users. Blockchain investigator ZachXBT claimed that the platform had covered up the hack, adding that the exchange had been breached several times. The exchange has come under criticism for its conduct, with several experts stating it should have been more transparent amid heightened concerns about user data leaks.
However, a spokesperson from the exchange stated that the platform made a “Notice of Data Security incident filing” in the US-based Nationwide Multistate Licensing System, and in additional reports with relevant jurisdictional regulators. Crypto.com CEO Kris Marszalek also issued a clarification on X, stating that uninformed sources were spreading misinformation.
“I want to directly and clearly address some misinformation spreading from uninformed sources… Any suggestion that we did not report or disclose a security incident is completely unfounded, as we reported in a NMLS Notice of Data Security incident filing and in additional reports with the relevant jurisdictional regulators, we detected a phishing campaign that targeted one of our employees in 2023.”
Coinbase Wants To Replace Banks With Super App
Coinbase CEO Brian Armstrong says Coinbase wants to replace traditional banks by becoming a full-service crypto “super app.” Armstrong outlined the company’s plans to offer a suite of services from payments to credit cards and rewards, powered by crypto rails. Armstrong stated during a recent interview with Fox Business,
“Yes, we do want to become a super app and provide all types of financial services. We want to become people’s primary financial account, and I think that crypto has the right to do that.”
Armstrong called the current banking system outdated and inefficient, and highlighted high transaction fees as one of the system’s biggest pain points.
“It kind of boggles my mind. Like, why are we paying two to three percent every time we swipe our credit card? It’s just some bits of data flowing over the internet. It should be free or close to it.”
World’s First CNH-Pegged Stablecoin Launches
The world’s first stablecoin pegged to the Chinese Yuan (CNH) was launched this week as competition between sovereign governments to corner the stablecoin market rises. Financial technology company AnchorX launched the new stablecoin on Wednesday at the Belt and Road Summit in Hong Kong. The token will facilitate international transactions and will not be used on the Chinese mainland.
NFT Sales Jump To $109 Million
The NFT market has continued its impressive recovery, with sales volumes jumping over 4% to $109.8 million. NFT buyer numbers have risen by over 53%, while NFT sellers rose by 67.19% to 206,669. However, NFT transactions fell 6.65% to 1,630,579. The market recovery was after Bitcoin (BTC) rose to $115,000 as markets look to push higher following the Federal Reserve’s decision on interest rates.
Ethereum retained its position with over $46 million in sales, a 42% increase from the previous week. Mythos Chain maintained its position at second place with $12.2 million in sales, while Bitcoin climbed to third position, with $10.2 million in sales. Immutable is fourth with $8.5 million in sales, while BNB Chain sits in fifth with $8.4 million in sales. Solana has risen to 6th, up 41%, with $7.5 million in sales.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has registered a sharp drop during the ongoing session. The flagship cryptocurrency is down over 2% during the ongoing session, trading around $112,792 after dropping to an intraday low of $111,761. BTC has struggled to regain momentum after Friday’s drop, which took the price below $116,000. The price registered a marginal increase on Saturday but was back in the red on Sunday, dropping 0.41% to $115,282. Selling pressure has intensified during the ongoing session, thanks to lingering economic uncertainty and optimism around rate cuts being offset by future easing.
Market sentiment was rattled after Praetorian Group International, a crypto trading firm, pleaded guilty to the US Department of Justice and admitted to operating a Ponzi scheme that cost over 90,000 investors $62 million. The crypto market is also dealing with growing investor doubts and concerns over corporate Bitcoin (BTC) treasuries and their long-term viability. BTC’s pullback comes after the Federal Reserve cut interest rates by 25 basis points. The rate cut led to an increase in demand for BTC and other risk assets. However, Fed Chair Jerome Powell stated after the decision that further rate cuts will depend on incoming data, dampening investor expectations of an aggressive easing cycle.
Investors are bracing themselves for more clarity from Fed officials, including Powell. PCE data, the Federal Reserve’s preferred inflation gauge, is also set to be released on Friday.
According to popular trader and analyst Rekt Capital, BTC is wedged between support and resistance levels. Sellers have pushed the price below the $114,000 level, with the next support around $112,000. The analyst stated,
“The retest of $114k (black) into support continues to be successful, but there is resistance at ~$117.2k (blue). This makes for a range-bound construction, and we’ll soon find out how weak or strong a resistance $117.2k really is.”
Fellow analyst Daan Crypto focused on the $112,000 and $118,000 levels, stating,
“Very little happening indeed. It’s now the 4th weekend in a row where we have seen little volatility and likely no gap being created. We’ll see where this goes next week. Main short-term levels for me to watch are $112K & $118K.”
BTC ended the previous weekend in the red, dropping 0.56% and settling at $115,314. The price faced volatility on Monday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as BTC registered a marginal increase and settled at $115,381. Bullish sentiment intensified on Tuesday as the price rose 1.26% to cross $116,000 and settle at $116,832. Selling pressure returned on Wednesday as BTC fell to an intraday low of $114,724. It recovered from this level to settle at $116,484, ultimately dropping 0.30%.
Source: TradingView
BTC reached an intraday high of $117,998 on Thursday. However, it could not stay at this level and settled at $117,117. The price lost momentum on Friday, dropping 1.22% to $115,690 before registering a marginal increase on Saturday. BTC was back in the red on Sunday, falling 0.41% and ending the weekend at $115,282. Selling pressure has intensified during the ongoing session, with BTC down nearly 3%, trading around $112,378.
Ethereum (ETH) Price Analysis
Ethereum (ETH) is down over 6% during the ongoing session as the crypto market sees a substantial pullback. The altcoin plunged to an intraday low of $4,083 during the ongoing session before moving to its current level. The marketwide decline comes as crypto traders face over $1.5 billion in liquidations, leading to a sharp selloff among altcoins. Over $1.5 billion in bullish wagers were liquidated on Monday as major cryptocurrencies, including Bitcoin (BTC), tumbled.
ETH’s crash saw the altcoin come close to dipping below $4,000 after nearly $500 million of leveraged positions were liquidated, according to data firm Coinglass. More than 407,000 traders were liquidated over 24 hours, the highest in recent months. Liquidations occur when leveraged positions are forcibly closed after the price moves beyond a trader’s margin threshold, resulting in major losses. Liquidation data can gauge market sentiment. Large long liquidations indicate panic bottoms, while short liquidations typically precede a squeeze.
Liquidation spikes help identify overcrowded sales and potential reversals. When viewed with open interest and funding rate data, they offer strategic entry and exit points. Nassar Achkar, chief strategy officer at CoinW, stated,
“The market’s trajectory hinges critically on upcoming economic data and Fed signals. This macro uncertainty is likely to maintain Bitcoin’s dominance, potentially capping the upside for Ethereum and the broader DeFi sector despite their superior yield opportunities.”
ETH ended the previous weekend in the red, dropping 1.27% and settling at $4,608. Sellers retained control on Monday as the price fell nearly 2%, slipping below $4,600 and settling at $4,527. ETH dropped 0.55% on Tuesday, settling at $4,502. Despite the overwhelming selling pressure, the price recovered on Wednesday, rising 1.99% and settling at $4,591. However, it was back in the red on Thursday, registering a marginal decline and settling at $4,589.
Source: TradingView
Selling pressure intensified on Friday as ETH fell 2.58%, slipping below $4,500 and settling at $4,471. The price registered a marginal recovery on Saturday but was back in the red on Sunday, dropping 0.73% to $4,449. Bearish sentiment has intensified during the ongoing session, with ETH down over 6%, trading around $4,171 after recovering from an intraday low of $4,083.
Solana (SOL) Price Analysis
Solana (SOL) has plunged nearly 7% during the ongoing session as the crypto market failed to sustain its recovery over the weekend. The altcoin lost momentum after crossing $250 on Thursday, with the price falling over the weekend as well.
However, analysts believe the overall sentiment remains positive as institutional and corporate interest persist despite the recent downturn. The altcoin has attracted fresh institutional attention as dedicated Solana treasuries emerge. Solana treasury companies have collectively accumulated over 17 million SOL, valued at around $4.3 billion at current prices.
Solana (SOL) reached an intraday high of $249 on Sunday (September 14). However, it could not stay at this level and settled at $240, dropping 0.99%. Selling pressure intensified on Monday as the price fell by over 2% to $234. Despite the overwhelming selling pressure, SOL recovered on Tuesday, rising 1.06% and settling at $226. Bullish sentiment intensified on Wednesday as the price rose over 3% to cross $240 and settle at $244.
Source: TradingView
SOL reached an intraday high of $253 on Thursday. However, it could not stay at this level and settled at $247, ultimately rising 1.11%. Selling pressure returned on Friday as the price fell 3.59% to $238. Price action was mixed over the weekend as SOL registered a marginal increase on Saturday before dropping 1.34% on Sunday and settling at $236. Selling pressure has intensified during the ongoing session, with SOL down nearly 8%, trading around $220 after dropping to an intraday low of $214.
Ripple (XRP) Price Analysis
Ripple (XRP) traded in positive territory the previous weekend, rising over 2% on Friday and settling at $3.107. It reached an intraday high of $3.186 on Saturday but lost momentum after reaching this level, settling at $3.120, ultimately registering a marginal increase. Sellers took control on Sunday as XRP fell nearly 3% and settled at $3.030. The price fell 1.95% on Monday, slipping below $3 and settling at $2.998. Despite the selling pressure, XRP recovered on Tuesday, rising 1.29% to reclaim $3 and settle at $3.037. Buyers retained control on Wednesday as the price rose 1.53% and settled at $3.083.
Source: TradingView
Selling pressure returned on Thursday as XRP registered a marginal decline. Bearish sentiment intensified on Friday as the price fell nearly 3% and settled at $2.992. Price action remained bearish over the weekend as XRP fell 0.50% on Saturday and 0.09% on Sunday to settle at $2.974. Selling pressure has intensified during the ongoing session, with XRP trading around $2.820, recovering from an intraday low of $2.693.
Near Protocol (NEAR) Price Analysis
Near Protocol (NEAR) ended the previous weekend in the red, dropping 3.60% to $2.70. Sellers retained control on Monday as the price fell over 3% and settled at $2.62, but not before reaching an intraday high of $2.77. NEAR recovered on Tuesday, rising over 3% and settling at $2.70. The price continued pushing higher on Wednesday, rising 4.29% and settling at $2.82. Bullish sentiment intensified on Thursday as NEAR rallied, surging over 12% to cross $3 and settling at $3.17.
Source: TradingView
NEAR reached an intraday high of $3.34 on Friday. However, it could not stay at this level and settled at $3.12, ultimately dropping 1.60%. The price faced volatility on Saturday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as NEAR rose almost 1% and settled at $3.15, but not before reaching an intraday high of $3.28. Selling pressure returned on Sunday as the price fell 0.73% to end the weekend at $3.13. Bearish sentiment has intensified during the ongoing session, with NEAR down nearly 8%, trading around $2.88 after recovering from an intraday low of $2.76.
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.