The global crypto market closed the weekend at $2.08 trillion, a 0.4 per cent daily drop as of 9 am IST. On a weekly timeframe, this represents a 3 per cent decline from the previous week. The market registered lower activity today as Bitcoin (BTC) failed to hold $49,000 levels intra-day. Total trade volumes across exchanges dipped by 3 per cent to $90 billion.

BTC hit $49,400 early morning today before breaking down to $48,400 levels at the close with an overall 0.4 per cent decline today. BTC has struggled to break resistance levels above $49,000 this week as the market sentiment turns bearish in the short term. BTC trade volumes were down nearly 5 per cent, with buyers anticipating a drop in prices this week. BTC dominance remained stable at 43.7 per cent.

Ethereum (ETH) traded below $3,200 at day’s close, a 1 per cent decline, after an intra-day high of $3,260. ETH enjoys local support at $3,150 and needs to break the resistance at $3,290 to rally further. BTC and ETH remain volatile within individual ranges, with long-term investors waiting to confirm a breakout on either side before hedging their bets.

Key altcoins were in the red today as a result of BTC inaction. Bitcoin Cash (BCH), Litecoin (LTC), Chainlink (LINK), Polygon (MATIC), and Polkadot (DOT) registered up to 6 per cent losses. Solana (SOL), which hit an all-time high of $100 today, was the only outlier with a strong 6 per cent gain, while Cardano (ADA) and Terra (LUNA) had less than 1 per cent gain.

Analysts expect BTC to go lower this week and test $45,000 before an eventual breakout happens towards $51,000, with indications of a strong rally happening from mid-September. The altcoin market will follow BTC’s price actions.

Top Gainers today:

1. The Sandbox (SAND): 45.3%
2. Revain (REV): 27.3%
3. Flow (FLOW): 27.2%

Top Losers today:

1. Bitcoin Gold (BTG): -15.1%
2. Arweave (AR): -9.1%
3. Near Protocol (NEAR): -6.9%

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

Source: CoinMarketCap

Crypto News at a Glance:

1. Miller Opportunity Trust, US asset fund manager, has bought 1.5 million shares of Grayscale's Bitcoin Trust (GBTC) valued at $45 million, representing about 1.5 per cent of the fund’s net assets.
2. The US Air Force is partnering with Constellation's Hypergraph Network to develop an end-to-end data security solution using blockchain encryption and distributed data management to securely exchange data with commercial partners on missions.
3. XinFin Network (XDC) becomes the first blockchain company to join the Global Trade Finance Distribution (TFD) initiative to bridge the $19 trillion trade finance asset class with any type of funding through tokenization and digital assets.
4. A recent whitepaper by Visa, a top payments company, describes non-fungible tokens (NFTs) as a promising medium for fan engagement with a strong underlying technology. Visa recently bought an NFT worth $150,000. NFTs registered $2.5 billion in sales in the first half of 2021.
5. EA Sports, a part of video game giant Electronic Arts, is looking to hire a cryptocurrency-savvy senior director of brand for its competitive gaming division.

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