Crypto Week Ahead: Bitcoin Continues To Be Bearish As US Jobs Report Disappoint

Crypto Week Ahead: Over the past seven days, Bitcoin (BTC) price achieved a high of $59,663.41.

Bitcoin (BTC) continues to see a downward trend as a softer-than-expected US jobs report failed to lend confidence among investors. BTC price, at the time of writing, is dwelling within the $54,000 range, with a further downward push expected to take the price to $53,000, if the bulls fail to bring some much-needed rectification.

Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future. 

This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their research before taking any call. 

Crypto Prices Over The Past Week

Last Monday (August 26), the overall crypto market cap stood at $2.02 trillion. BTC price stood at around $57,000. ETH price stood at around $2,500.

A week later, the overall market cap dipped to $1.94 trillion.

DeFi's total volume stands at $2.54 billion, at 4.88 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $47.11 billion, at 90.67 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Neutral’ with 41 points (out of 100).

BTC dominance, at the time of writing, stood at 55.71 percent.

Over the past seven days, Bitcoin achieved a high of $59,663.41 (on September 3) and a low of $53,055.78 (September 7).

Ethereum, on the other hand, saw a high of $2,554.41 (September 3) and a low of $2,169.19 (September 7).

Crypto Events To Note

Ripple CEO Brad Garlinghouse recently met with Taira Masaaki, a Japanese lawmaker, during XRP Community Day to discuss Japan's growing role in the blockchain sector. Garlinghouse commended Japan for its forward-thinking approach to cryptocurrency, emphasising the nation's well-defined regulatory framework that fosters innovation while prioritising consumer protection.

During the meeting, Garlinghouse praised Japan's proactive stance on crypto, noting that the country's policies provide a clear path for blockchain development. Taira Masaaki, a strong proponent of Web3 and AI in Japan’s House of Representatives, highlighted their discussions on leveraging blockchain technology to enhance Japan's capabilities and solidify its position as a leader in the digital economy.

Russia’s central bank has broadened the scope of its digital currency pilot program, now involving approximately 9,000 individuals and 1,200 businesses. The expansion will test new functionalities, such as payments using QR codes, as part of the ongoing trials for the digital ruble.

Officials project a full-scale rollout of the digital ruble by the end of 2025. They attribute the growing demand and positive integration of the digital currency to the country’s push for financial independence amid international sanctions. The program’s expansion reflects a strategic effort to strengthen Russia’s financial infrastructure by leveraging digital payment solutions.

The Central Bank of Brazil has announced the inclusion of 13 innovative use cases for the second phase of its pilot project for the digital real (drex), its central bank digital currency (CBDC). This selection comes after evaluating 46 proposals, highlighting the potential applications of drex in various sectors.

Among the newly approved use cases are platforms designed for the tokenisation of real estate, which could revolutionise the property market by making transactions more efficient and secure. Other notable applications include liquidity pools for trading public securities, aiming to enhance market access and transparency. Additionally, the pilot will explore automated processes for automobile transactions, reflecting the digital currency's versatility in streamlining everyday financial activities.

What Crypto Traders Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, "This week, Bitcoin is likely to trade sideways between $53,000 and $60,000, following a softer-than-expected US jobs report for August. The report makes a 50 basis point rate cut by the Federal Reserve unlikely, but a 25 basis point cut is still on the table. All eyes are on the Fed's upcoming meeting for more clarity on rate adjustments. Bitcoin could face resistance around $56,200 and $57,500. If upward momentum stalls, support is anticipated at $53,200.”

Subscribe And Follow ABP Live On Telegram: t.me/officialabplive

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.