24 Crypto Update, 03 Sep: Crypto markets remain quiet before Labor Day

Cryptocurrency Prices Consolidate Amid U.S. Holiday and Ongoing Bearis

BTC and ETH trade below $26K and $1,650; Altcoins mixed

Cryptocurrency prices have found themselves in a state of consolidation due to a three-day holiday in the U.S. market. As September kicked off, the crypto market maintained its bearish momentum, following the downward trend that commenced in August. Several prominent coins underwent extended corrections, retracing back to their monthly support levels. With the overarching downtrend still intact, it's crucial for potential traders to construct a clear and solid strategy before considering new positions.

Grayscale's legal victory against the SEC took center stage this week. In a landmark ruling from a federal court in Washington, Grayscale was granted approval to launch a spot-based BTC ETF in the United States.

Top Crypto Currency Updates:

Bitcoin (BTC)

At the moment, Bitcoin is priced at $25,961, reflecting a 0.30% increase in the past 24 hours. In India, Bitcoin's value stands at Rs 22,82,100.

Ethereum (ETH)

As of now, Ethereum is priced at $1,637, with a 0.10% 24-hour gain. In India, Ethereum is valued at Rs 1,45,200.

Binance (BNB)

At the time of writing, the price of Binance was $214.80 showing a gain of 0.30% in 24-hour. In India, the price of Binance stood at Rs 18,764.

Cardano (ADA)

At the time of writing, the price of Cardano was $0.2565, showing a 24-hour gain of 0.40 percent. In India, the price of ADA stood at Rs 22.52.

Dogecoin (DOGE)

DOGE saw a 0.30% 24-hour loss, trading at $0.06319. In India, Dogecoin was priced at Rs 5.54.

Litecoin (LTC)

Litecoin experienced a 0.50% 24-hour drop, with its current price at $64.21. In India, LTC was valued at Rs 5,713.

Ripple (XRP)

XRP's price, recorded at $0.5097, experienced a 24-hour gain of 1.20 percent. In India, Ripple's price stood at Rs 45.22.

Solana (SOL)

The price of Solana was recorded at $19.73, reflecting a 24-hour increase of 0.80 percent. In India, the price of SOL stood at Rs 1,775.

Major Event to be watch

Crypto Fear and Greed:

In the last 24 hours, the cryptocurrency market has remained remarkably stagnant in terms of its overall outlook. The crypto greed and fear index continues to show a flat trend, currently holding at a value of 40 out of 100.

Worldwide News Update:

• The US SEC has greenlit the nation's inaugural Bitcoin ETF, marking a pivotal moment after years of scrutiny. This move is expected to attract substantial investments, simplifying access for both retail and institutional investors, potentially reshaping the cryptocurrency landscape. However, critics remain wary of potential risks in the largely unregulated market.

• Preparations are underway for Ripple's Proper Party, celebrating a partial victory in its SEC lawsuit. Speculation abounds about potential announcements at the event, but experts doubt an SEC settlement or IPO news.

• Florida Governor Ron DeSantis, a prominent US presidential candidate, pledges strong support for Bitcoin and opposition to a US Central Bank Digital Currency (CBDC). He plans to protect entrepreneurship, defend cryptocurrencies, and prevent intrusive regulation if elected.

• Shibarium protocol is thriving after community support. Updates by core team member Kaal Dhairya include Blockscout explorer integration, low gas fees, 1 million wallets, more bridges, and plans to revoke the BONE contract. Shibarium proves its resilience.

• Bitcoin gains investor confidence with decreased exchange reserves, while Ethereum faces uncertainty. $380 million ETH left exchanges in a week, erasing gains after Grayscale's SEC victory, risking downside.

• Cathie Wood, Ark Invest CEO, expresses optimism about the convergence of Bitcoin and AI's transformative potential, citing her investment in AI-related stocks and the ARK Invest Bitcoin ETF developments.

COIN GABBAR Views: Is the BTC price dilemma pushing it towards $30k or $20k? Are we witnessing a resumption of crypto weakness, and could the bottom be on the horizon? Did cryptocurrency prices decline on Friday due to unexpected U.S. August unemployment data, and are analysts expecting heightened uncertainty about the Federal Reserve's future interest rate decisions? Stay tuned for the latest news at www.coingabbar.com

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

For More News: SEC Approves Country's First Bitcoin Exchange-Traded Fund (ETF)