Crypto Price Analysis 9-10: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, POLKADOT: DOT, APTOS: APT

The cryptocurrency market is marginally up over the past 24 hours as its recovery fizzled out, with Bitcoin (BTC) and Ethereum (ETH) losing momentum. BTC traded around the $113,000 mark on Tuesday, with analysts and investors hopeful of a push above $115,000. However, the flagship cryptocurrency failed to push higher and fell to a low of $110,826 before moving to its current level. BTC is down almost 1% over the past 24 hours, trading around $111,491. 

Meanwhile, ETH’s rally also stalled just short of $4,400 as the altcoin lost momentum and fell to a low of $4,280 before moving to its current level. The altcoin is trading around the $4,300 mark, down 1% in the past 24 hours. Ripple (XRP) is down over 1%, while Solana (SOL) is marginally up, trading around $218. Dogecoin (DOGE) is trading around $0.239 while Cardano (ADA) is down nearly 1% at $0.872. Chainlink (LINK), Stellar (XLM), Litecoin (LTC), Toncoin (TON), and Polkadot (DOT) also registered notable drops, while Hedera (HBAR) is up 0.50%, trading around $0.230. 

Vietnam Approves Five-Year Cryptocurrency Pilot Program 

Vietnam has approved a five-year pilot program for cryptocurrency trading as it opens a tightly controlled gateway into a market that has rapidly grown without formal rules in place. The pilot program will allow only Vietnamese companies to operate cryptocurrency platforms, and requires all issuance, trading, and payments of crypto assets to be settled in the local dong. Additionally, only Vietnamese companies are allowed to issue tokens and sell them to foreign investors. 

However, the country has set a tough entry barrier for crypto exchanges. Any exchange wanting to participate must hold at least 10 trillion dong ($379 million) in capital. Institutional investors are required to contribute at least 65%, while foreign ownership of the exchanges is capped at 49%. Wu Blockchain highlighted the conditions in a post on X, 

“Vietnam has approved a five-year pilot program for crypto asset trading, allowing only domestic companies to operate platforms and requiring all issuance, trading, and payments to be conducted in Vietnamese dong. Foreign investors may participate, but foreign ownership in any platform is capped at 49%. A six-month grace period will follow the issuance of the first license, after which Vietnamese investors trading on unlicensed platforms will violate the law.”

Vietnam ranked fifth in a global adoption index by Chainalysis, with an estimated 17 million Vietnamese citizens owning digital assets. 

Department of Justice Goes After Bitcoin (BTC) Tied To Fraud Scheme 

The United States Department of Justice (DOJ) prosecutors have initiated a civil forfeiture action targeting a specific crypto wallet holding 117 BTC. According to prosecutors, the assets are the proceeds from a series of SIM swap attacks targeting five victims between October 2022 and March 2023. US Attorney Jeanine Ferris Pirro stated that the perpetrators moved the BTC through a maze of wallets before consolidating all the stolen funds into a single account that funded an account on a popular online casino. 

Investigators revealed that the attackers used SIM swaps, bypassing standard security measures to gain control over their target’s mobile number. The stolen numbers allowed them to intercept two-factor authentication codes and log in to the victim’s crypto wallets, transfer assets to accounts under their control. Investigators added that the attackers attempted to hide the origin of the funds by recycling the stolen assets through multiple deposits and withdrawals at the online casino. 

“Many of these transactions were circular in that they eventually returned funds to their original source, and consistent with money laundering utilized to 'clean' proceeds of criminal activity.”

SEC Pushes Decision On Bitwise, Grayscale Crypto ETFs 

The United States Securities and Exchange Commission (SEC) has delayed its decisions on the Bitwise Dogecoin ETF and the Grayscale Hedera ETF. The applications will remain under review until November 12. Grayscale applied for the Bitwise Dogecoin ETF in March and published it in the Federal Register on March 17. The regulator also extended its review of Grayscale’s Hedera ETF, setting the same November deadline. Grayscale has also updated filings for its long-standing Litecoin and Bitcoin Cash trusts as it attempts to convert them from trusts to ETFs. 

The firm intends to move the trusts to a national exchange, enabling daily share creations and redemptions. This will help keep prices close to net asset value and reduce the steep premiums and discounts seen in OTC trading. 

The jump in altcoin ETF applications has left the SEC with a considerable backlog. At least 31 altcoin ETF applications have been filed so far, including proposals for XRP, DOGE, SOL, LTC, AVAX, and BNB. 

Democrats Offer Competing Framework For Crypto Market Structure 

US Democratic senators have released an alternate version of guidelines to influence legislation and establish a crypto market structure to secure a strong, bipartisan outcome. The Democratic senators unveiled a framework for market structure regulation in response to the Republicans’ plans. The framework includes provisions for regulatory clarity and lays out the rules by which the SEC and CFTC can handle digital assets. The senators stated, 

“We owe it to the millions of Americans who participate in this market to create clear rules of the road that protect consumers and safeguard our markets. We must also ensure that digital assets are not used to finance illicit activities or to line the pockets of politicians and their families. Achieving a strong, bipartisan outcome will require time and cannot be rushed. We look forward to working on this with our Republican colleagues.”

Republican Senator Tim Scott had said in August that he expects at least 12 to 18 Democrats to back the Republican version of the bill, called the Responsible Financial Innovation Act. 

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) is marginally up during the ongoing session, trading around $112,288. The flagship cryptocurrency failed to clear $113,000 on Tuesday, losing momentum after reaching an intraday high of $113,292. Price action has been mixed this weekend as BTC rose nearly 1% on Monday to settle at $112,072. It was back in the red on Tuesday, dropping to $111,549 before recovering during the ongoing session. 

Analysts believe BTC must remain above $111,000. Market sentiment is cautiously optimistic, but investors expect a $10,000 move in either direction thanks to high leverage, which increases the risk of liquidation-driven volatility. BTC is also facing pressure after the US Bureau of Labor Statistics (BLS) removed nearly a million jobs from the Current Employment Statistics (CES) national benchmark following a jobs data review. White House Press Secretary Karoline Leavitt stated, 

“Today, the BLS released the largest downward revision on record, proving that President Trump was right: Biden’s economy was a disaster and the BLS is broken. Much like the BLS has failed the American people, so has Jerome ‘Too Late’ Powell, who has officially run out of excuses and must cut the rates now.”

BTC was more sensitive than stocks, which barely moved in reaction to macroeconomic developments. The flagship cryptocurrency has seen considerable selling pressure and volatility despite the fact that equities have rallied to new highs. 

If BTC holds its position above $111,000, it could make a push towards the $118,000-$120,000 zone, an area that carries psychological and technical weight. A move beyond this level could set BTC towards a new all-time high and another price discovery phase. Analysts believe such an outcome is possible, thanks to continued inflows into spot Bitcoin ETFs. Stablecoin balances on exchanges have also risen, indicating that traders could be preparing for a big move. However, broader market conditions must remain positive as well. 

On the other hand, if BTC dips below $110,000, it could trigger a selloff that can drive the price as low as $100,000. 

The current week is crucial, with the Producer Price Index (PPI) and the Consumer Price Index (CPI) will release on Wednesday and Thursday. However, markets already know what they can expect. Inflation is on the higher side again, and labor market weakness has risen, putting the Federal Reserve in a predicament.

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.

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 Thursday, dropping 0.47% to $111,549. Positive sentiment has returned during the ongoing session, with the price up almost 1% at $112,551. Buyers will look to retain momentum and push the price beyond $113,000, a level they have struggled to overcome in recent sessions.

Ethereum (ETH) Price Analysis

Ethereum (ETH) remains rangebound between $4,200 and $4,500 as buyers and sellers struggle to influence price action. The world’s second-largest cryptocurrency registered marginal increases on Monday and Tuesday, moving to $4,310. The current session sees the price up 0.55%, trading around $4,336.

Despite the sluggish price action, ETH’s bullish structure remains intact as traders look to breach the $4,400-$4,500 zone. However, it is facing an unexpected drop in institutional interest as Ethereum ETF inflows declined to their lowest level in months. According to the Bitfinex Alpha report, demand for ETH has dropped significantly, raising questions about the short-term outlook for the altcoin and the broader crypto market. ETH is trading nearly 15% below its all-time high. The latest pullback, coupled with waning interest from large investors, has added to the uncertainty around the asset.

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. The current session sees the price marginally up, trading around $4,315.

Solana (SOL) Price Analysis

Solana (SOL) continues to push higher, reaching the $220 mark as bulls target a move higher. The altcoin held the $200 level over the weekend despite selling pressure and started an uptrend that has seen the price cross key levels. SOL has gained over 6% this week, with buyers in control.

Adding to the optimism around SOL is the news that the DeFi Development Corp has acquired over 104,000 SOL. Open interest has also risen to a record high of $14.68 billion. According to data from Arkham Intelligence, the DeFi Development Corp has acquired 104,379 SOL, worth over $22 million, over two on-chain transactions via Bitgo. Meanwhile, Open Interest has also been surging, with data from CoinGlass showing an 8% increase in OI over the past 24 hours. Liquidation data shows $10.38 million in short liquidations, significantly more than the $6.97 million in long liquidations. If SOL can close above $220, it could break out towards the $250 mark.

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 current session has seen the price increase by almost 2%, trading around $221.

Polkadot (DOT) Price Analysis

Polkadot (DOT)’s rally has stalled during the ongoing session, with the price down nearly 1%, trading around $4.10. The altcoin’s price action was mixed over the previous weekend, as it rose 0.53% on Saturday before falling almost 2% on Sunday to settle at $3.74. Selling pressure and volatility intensified on Monday as buyers and sellers struggled to establish control. As a result, DOT reached an intraday high of $3.89 before dropping 1.34% to $3.69. Despite the overwhelming selling pressure, the price recovered on Tuesday, rising 3.52% to $3.82. Buyers retained control on Wednesday as DOT rose 1.31% and settled at $3.87.

Source: TradingView

DOT lost momentum on Thursday, dropping over 2% to $3.78. However, it recovered on Friday, rising 1.32% and settling at $3.83. The price remained at $3.83 on Saturday before surging over 4% on Sunday to settle at $4. DOT started the current week in positive territory, rising 1.25% to $4.05. Buyers retained control on Tuesday as the price rose over 2% to $4.14. However, momentum has stalled during the ongoing session, with DOT trading around $4.10, down almost 1%.

Aptos (APT) Price Analysis

Aptos (APT) ended the previous weekend in the red, dropping 1.72% and settling at $4.25. It faced volatility on Monday as buyers and sellers struggled to establish control. As a result, the price reached an intraday high of $4.46 before dropping 1.11% and settling at $4.21. Despite the overwhelming selling pressure, APT recovered on Tuesday, rising over 3% to $4.33. Buyers retained control on Wednesday as the price rose almost 1% and settled at $4.37.

Source: TradingView

APT lost momentum on Thursday as selling pressure returned. As a result, the price fell almost 3% and settled at $4.24. The price registered a marginal decline on Friday and fell 1% on Saturday, settling at $4.20. APT recovered on Sunday, rising 1.68% to end the weekend at $4.27. Bullish sentiment intensified on Monday as the price rose over 3% to $4.40. APT rallied to an intraday high of $4.53 on Tuesday. However, it lost momentum after reaching this level and settled at $4.39, ultimately registering a marginal decline. The current session sees APT marginally up, trading around $4.40.

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.