Bitcoin Price- Bitcoin and Major Tokens Flatlined as U.S. Economic Indicators and Presidential Debate Loom
Bitcoin Price– Bitcoin (BTC) experienced minimal fluctuations over the weekend, trading within a narrow range of $54,000 to $55,000. The stability comes as the market anticipates a busy week marked by a high-profile Presidential debate and the release of crucial U.S. economic data.
Lower Trading Volumes and Market Impact
Weekend trading volumes were relatively low, partly due to a sharp market drop on Friday. Over $220 million in crypto long positions—bets that Bitcoin prices would rise—were liquidated following a jobs report, leading to reduced trading activity.
Major Cryptocurrencies See Limited Movement
Major cryptocurrencies, including ether (ETH), Solana (SOL), Cardano (ADA), Ripple (XRP), and Tron (TRX), saw only modest gains of around 0.5% in the past 24 hours. In contrast, mid-cap tokens experienced notable increases, with memecoin neiro (NEIRO) and BitTorrent (BTT) surging by 25%.
Bitcoin’s Undervalued Potential According to Analysts
Presto Research analysts Peter Chung and Min Jung believe Bitcoin is currently grossly undervalued. They highlight Bitcoin’s network security, with the hashrate reaching a record high of 679 EH/s, making it the most secure blockchain network. The analysts suggest that with favorable conditions, such as the availability of a spot ETF, Bitcoin’s current price presents a strong buying opportunity.
Bitcoin Miners Expand Amid Rising Hashrate
Bitcoin miners have been expanding their operations since August, reflecting the all-time high in hashrate. Historically, such peaks in hashrate have coincided with price bottoms for Bitcoin, signaling potential future price increases.
Impact of U.S. Economic Data and Presidential Debate
Traders are closely watching U.S. economic indicators. Lower-than-expected payroll figures have raised concerns about a weaker labor market but reduced fears of an imminent recession. The Consumer Price Index (CPI) for August is set to be released on Tuesday, with the Producer Price Index (PPI) following on Wednesday.
Presidential Debate and Its Potential Influence on Crypto Policies
On Tuesday, Republican candidate Donald Trump will debate Democrat Kamala Harris. Trump has expressed a goal of making the U.S. the crypto capital of the world, while Harris’s aides are reportedly considering policies to support the industry. The outcome of this debate could have implications for future crypto regulations and market sentiment.
FAQs
What were Bitcoin’s (BTC) price movements over the weekend?
Bitcoin (BTC) traded within a tight range of $54,000 to $55,000 over the weekend. Trading volumes were lower, reflecting reduced market activity.
What caused the recent drop in crypto long positions?
On Friday, over $220 million in crypto long positions were liquidated following a sudden market drop triggered by a jobs report. This led to decreased trading activity.
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