Cryptocurrency Price Forecast: Bitcoin, Ethereum, and Other Cryptos – September 5 Wrap-Up
Centralized exchanges have seen a notable increase in spot and derivatives trading volumes, according to CCData’s latest monthly report. In contrast, the CME has witnessed a decrease in derivatives trading volumes, particularly in ETH options and futures.
Bitcoin (BTC) is currently trading around $58K, experiencing its lengthiest post-halving delay to reach a new all-time high. Factors contributing to this delay include supply overhangs in recent months and a robust interest rates environment, both exerting downward pressure on Bitcoin’s price.
Ethereum (ETH) has shown a marginal 0.1% increase on Wednesday, accompanied by rising outflows and diminishing trading volume across ETH products. Recent data indicates that ETH has underperformed compared to other leading assets.
Uniswap Labs (UNI) was fined $175,000 by the Commodity and Futures Trading Commission (CFTC) after facing allegations of providing illegal crypto derivative services. The enforcement action was taken against the decentralized exchange by the regulatory body.
In the crypto space, Bitcoin (BTC) is trading above $59,000 but has encountered a 7.5% decline this week, failing to breach the daily resistance level of $65,000. The drop is supported by reduced demand from US spot Bitcoin ETFs, which saw a net outflow of $103.8 million, along with a decline in Bitcoin’s Coinbase Premium Index and an increase in Network Realized Profit/Loss.
A review of Moneta Markets conducted by the FXStreet team offers an in-depth analysis based on direct testing and real experiences. The review positions Moneta Markets as an excellent broker for novice to intermediate forex traders seeking to expand their knowledge base.
In conclusion, the crypto market continues to witness dynamic shifts in trading volumes and price movements, with Bitcoin and Ethereum facing unique challenges and opportunities amidst evolving market conditions. The regulatory landscape also plays a crucial role in shaping the industry’s future trajectory.
