Bitcoin's recent correction and retracement of gains linked to BlackRock's BTC ETF application indicate weakness in the market, prompting one crypto trader to stay on the sidelines until Bitcoin either reclaims $30,000 or experiences a major collapse, while also noting that trader sentiment currently favors altcoins.
Crypto prices, including bitcoin and major tokens, experienced a decline due to profit-taking and a general risk-off environment, erasing gains from Grayscale's court victory, with prices weakening ahead of the U.S. jobs report release.
Bitcoin and other cryptocurrencies remain stable with low volatility, indicating a decline in investor interest in the crypto market.
A bankrupt crypto firm holding billions of dollars in digital assets could cause a price collapse, with traders selling due to fears of FTX liquidating its $3 billion crypto holdings.
Genesis, the crypto-trading business owned by Digital Currency Group, has ceased all trading operations due to worsening industry conditions and business reasons.
August saw the crypto markets experience a downturn, with Bitcoin and Ether losing significant value due to liquidations on the derivatives market, while venture capital investment in the blockchain industry hit a new low and derivatives drove negative sentiment for Bitcoin.
Crypto gambling platform Rollbit is shutting down its trading platform, Degen EXchange, due to regulatory uncertainty and low adoption, but reassures that its core products, including RLB and NFT collections, will remain unchanged.
Experts suggest that the crypto industry's most urgent needs, such as SEC decisions on ETF applications and progress in court cases, won't be entirely derailed by a potential government shutdown, although there may be temporary slowdowns and a halt to SEC enforcement against crypto firms. Federal courtrooms are expected to operate normally for a few weeks, and criminal trials will continue, but the progress of cryptocurrency legislation in Congress may be stalled. If the shutdown persists, it may have significant repercussions as unpaid employees leave and government offices exhaust their funds.
US-based crypto exchange Gemini is shutting down its trading operations in the Netherlands due to requirements imposed by the central bank, but may reopen Dutch customer accounts in the future.
The global cryptocurrency market remains significantly impacted by the collapse of FTX and other major players, resulting in lower prices, trading volumes, and venture capital investment compared to the peaks of 2021.
Cryptocurrency traders lost over $100 million in liquidations during Monday's market downturn caused by the Middle East conflict, with the largest amount of long liquidations in a day since September 11.
Summary: Cryptocurrencies remained relatively stable after a significant decline, suggesting that the worst of the downturn may be over.
The crypto market experienced a significant downturn this week, with Ethereum being hit particularly hard, trading at its lowest point since March. Other major coins and tokens, including Toncoin, Solana, Ripple, Polygon, and Bitcoin Cash, also suffered losses. Only Bitcoin saw a relatively smaller decline.
