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Bitcoin trades lower over weekend on news of jobs data: Bitcoin is currently trading at $19,770, up 0.7% over the past day while down 0.3% WoW. We saw bitcoin rallying to $20,400 upon the release of the US jobs report on Friday, but the rally was short lived & it erased its gains shortly after. On-chain analytics has shown large quantities of Bitcoin inflows into exchanges and dormant wallets turning active last week, which could signify a bearish sentiment in markets. It is important to note that September has historically been one of the worst months for Crypto in general.
ETH prices up over the week: Ethereum meanwhile traded hands at $1,560, up 7.8% over the past week. The Bellatrix upgrade which kickstarts the consensus layer upgrade will activate tomorrow, followed by the Paris upgrade that will take place between 10th-20th September. As the merge is getting closer, we are starting to see volumes of Ethereum derivatives slowly surpass that of Bitcoin.
Altcoins mixed over the week: Largest gainers over the past week were marked by Lido and Cosmos, increasing 23% and 22% respectively.
NFT volumes continue to fall, focus placed on Sudoswap: Trading volume of NFTs over the past week stood at $88 million, down 21% week over week. NFT markets were focused on Sudoswap as the retroactive airdrop was announced for users and XMON holders. Top bluechip gainers included Loot and Artblocks, up 65% and 35% over the past week.
US Equities closed lower on Friday, continuing losing streak: Stocks closed lower on Friday, marking a third-straight week of decline in prices of equities. The US jobs data released on Friday showed that non-farm payrolls grew by 315,000 in August, while unemployment rate rose to 3.7% (3.5% est.). While the jobs data was reassuring and showed some resilience in the economy, markets are still pricing in three quarters of a percent hike this month. Markets were also significantly weighed down by the European gas crisis, as Russia’s Gazprom has shut its main pipelines to Europe indefinitely.
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Latest Crypto News
- CME goes live with euro-denominated bitcoin, ether futures (TheBlock)
- Indonesia plans to set up its crypto bourse by the end of 2022 (Cointelegraph)
- FIFA Launches NFT Platform on Algorand in Run-Up to World Cup (Decrypt)
- Bill Murray’s Ethereum Wallet Hacked for $174K After NFT Charity Auction (Decrypt)
- BlackRock to Use Kraken Subsidiary for Crypto Offering (Coindesk)
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