Global cryptocurrency market fell by 3 per cent today to $2.07 trillion as of 9 am IST as Bitcoin (BTC) slipped below $49,000 with an intra-day low of $47,700. BTC closed the day with a 2 per cent decline at $48,200, its current support level. Microstrategy announcing the purchase of 3,900 Bitcoins hasn’t moved the market much though it augurs well from an institutional adoption front.

Total trade volumes remained healthy at $117 billion, an 1 per cent increase while BTC trade volumes dropped by 4 per cent today. BTC is expected to showcase more corrections this week though a strong bounce of $45,000 levels is possible. BTC dominance has increased by 0.4 per cent to 43.7 per cent.

Ethereum (ETH) also underwent a correction of 3 per cent to end the day at $3,200. It faces resistance on its way up at $3,300 and $3,380, while it is likely to find support at $3,100 and $3,030.

Key altcoins bled today with Avalanche (AVAX) being the only gainer in the top 20 with a 7 per cent rally. Chainlink (LINK), Internet Protocol (ICP), Solana (SOL) and Dogecoin (DOGE) recorded losses of more than 6 per cent. Cardano (ADA)’s bullish run was halted as it corrected to a $2.63 intra-day low before ending the day at $2.78.

BTC has failed to hold important support levels this week. $48,900 remains the key resistance to break to continue its bullish trend. On the lower side, BTC is likely to find strong support at $45,500 and $44,600. Once BTC retests the support levels, analysts expect it to surge quickly towards $55,000, carrying the broader market along.

Top Gainers today:

1. Mdex (MDX): 9.5%

2. Quant (QNT): 9.2%

3. Avalanche (AVAX): 8.2%

Top Losers today:

1. SwissBorg (CHSB): -13.11%

2. Telcoin (TEL): -12.5%

3. Helium (HNT): -8.3%

The analysis includes the top 100 coins only as of 9 am IST

Source: CoinMarketCap

Crypto News at a Glance:

1. Europe’s largest derivatives exchange Eurex will list Bitcoin Exchange-traded Note (ETN) Futures on September 13.

2. Leading BI software provider and Bitcoin Institutional Investor, MicroStrategy, has purchased an additional 3,907 bitcoins for approximately $177 million in cash at an average price of $45,294 per Bitcoin. Microstrategy holds around 108,992 Bitcoins in a total post this purchase.

3. According to data analytics platforms CoinMetrics and Messari, the total number of Cardano wallets that hold at least $1 million worth of ADA tokens has surged by 173 per cent in 34 days from 3,625 to 9,830.

4. Bitcoin infrastructure firm Blockstream has raised $210 million in a Series B funding round led by investment management firm Baillie Gifford and iFinex, valuing the company at $3.2 billion.

5. PAWS Chicago, a US animal rescue organisation, announced that it would accept Bitcoin, Ethereum, Dogecoin, and other tokens to support its operations.

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