What to Know

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The recent bearish sentiment stemming from disappointing U.S. non-farm payroll data faded over the weekend, allowing certain cryptocurrencies, including Ethena’s ENA, Worldcoin (WLD), Hyperliquid (HYPE), and Dogecoin (DOGE), to record significant gains in the past 24 hours.

Bitcoin (BTC), which had dipped below the crucial support of $112,000, is now reportedly forming a bullish inverse head-and-shoulders pattern, signaling potential upward momentum. Additionally, BTC’s mining difficulty has surged to new peaks, with hints from Michael Saylor regarding new BTC acquisitions.

Despite these signs, on-chain data reveals a more complex situation, with illiquid supply reaching all-time highs, indicating strong holder conviction, yet whales are divesting their holdings at unprecedented rates since 2022.

Meanwhile, discussions on X regarding Ethereum’s vitality suggest that despite lower revenue figures, Ethereum remains robust in several other metrics like total value locked (TVL) and active addresses. Tom Dunleavy emphasized that revenue alone does not adequately represent the health of blockchain ecosystems.

Furthermore, Ethena has seen its governance token ENA rise after StablecoinX, a treasury linked with a synthetic dollar issuer planning a Nasdaq listing, announced a $530 million fund to purchase the tokens.

The macroeconomic landscape reveals stability in the yen compared to the dollar, contrasting with France’s potential governmental instability. Watch out for crucial employment data revisions expected from the Bureau of Labor Statistics on Tuesday, indicating weaker job growth earlier this year.

What to Watch

• Crypto

  • Sept. 9: Shares of SOL Strategies expected to begin trading on Nasdaq under symbol STKE.
  • Sept. 10: Comptroller Jonathan V. Gould will discuss digital assets at the CoinDesk: Policy & Regulation Conference in Washington.

• Macro: Various consumer price inflation data releases and employment data revisions are anticipated.

Market Movements

BTC is experiencing a modest uptick from the previous Friday while major indices hold steady. DOGE has demonstrated remarkable resilience, with an upsurge in open interest signaling renewed retail interest.

Conclusion

As Bitcoin shows signs of recovery and altcoins make significant strides, the crypto market is poised for dynamic movements in the days ahead. Stay alert for updates and potential shifts in market sentiment.