| Indices | LTP | Change (%) |
|---|---|---|
| Tomb Shares | $272.92 | 758.18% |
| Memu Inu | $0.016 | 100.24% |
| Aurora Chain | $0.00013 | 99.73% |
| dfohub | $0.0015 | 81.55% |
| Tokenplace | $0.00021 | 53.58% |
On Tuesday morning in Asia, Bitcoin's value dropped below the weekend's resistance level of US$26,000, while Ether dipped close to the US$1,600 mark. Other top 10 non-stablecoin cryptocurrencies had varying trading performances, with XRP showing the largest gains and Solana leading the losses. Digital asset investment products experienced a minor outflow last week, but trading volumes surged, indicating mixed sentiment among institutional investors.
On Monday, Reuters reported the resignation of Mayur Kamat, who served as Binance's global head of product. This development comes as the world's largest cryptocurrency exchange is currently dealing with lawsuits from both the U.S. SEC and the Commodity Futures Trading Commission (CFTC), in addition to an ongoing investigation by the U.S. Department of Justice (DOJ).
In the week ending September 1st, digital asset investment products saw a small outflow of $11.2 million, down from the previous week's $168 million, according to a report from CoinShares, a European asset management firm. Despite the modest outflow, trading volume for digital investment products surged to $2.8 billion, marking a 90% increase compared to the year-to-date average.
The upcoming Bitcoin halving event is set to reduce the issuance of new tokens every 10 minutes by half, effectively enhancing its scarcity. This is widely expected to result in a significant price surge for the cryptocurrency. The next Bitcoin halving is anticipated to occur in April 2024.
China's release of crucial economic data on Tuesday weighed on the markets. The Caixin China Services Purchasing Managers Index (PMI), a private measure of the country's service industry activities, fell from 54.1 in July to 51.8 in August. This marked the lowest level in the past eight months. A PMI above 50 signifies growth, while a reading below 50 indicates contraction.
According to a Tuesday report from Reuters, Japan's manufacturing PMI increased from 53.8 in July to 54.3 in August, marking its highest level in three months.
Investors are eagerly awaiting the Reserve Bank of Australia's interest rate decision, scheduled for later today. According to a report by Bloomberg, analysts anticipate the central bank to keep the rate steady at 4.10% for the third consecutive month.
The U.S. Federal Reserve is scheduled to convene on September 20 to deliberate on interest rates, which are presently at their highest point in 22 years, ranging from 5.25% to 5.50%. More information regarding the Fed's rate intentions is expected from official speeches on Thursday. Furthermore, S&P is set to unveil its U.S. Services Purchasing Managers Index (PMI) for August on Wednesday.
