The Forkast 500 NFT Index, which measures the performance of non-fungible tokens, kept decreasing, indicating more challenges for the NFT industry.
Experts believe that the current negative sentiment in the crypto market might become even stronger in the upcoming fall months.
Bitcoin’s value has decreased by 0.12 percent to reach $26,050.51 in the 24 hours before 7:00 a.m. Hong Kong time. Based on CoinMarketCap’s data, the cryptocurrency has experienced a 0.30 percent decline over the week. During the early hours of the day, Bitcoin reached its highest point at $26,198.58 before dropping again.
Ether also saw a decrease of 0.40 percent, bringing its value to $1,650.23. Over the week, Ether’s value has dropped by 0.99 percent.
“There could be another sell-off, but currently we have seen the usual correction in August and September, making it likely that we will not continue this decline for long and see more of an uptrend from now on,” said Michaël van de Poppe, the CEO of the Amsterdam-based MN Trading, as quoted by Dailynationtoday.
Van de Poppe’s statements aligned with a JPMorgan Chase & Co. report that forecasted a reduced potential for losses in the crypto market. Experts at the U.S. banking institution observed a decline in the count of unsettled bitcoin futures contracts on exchanges, suggesting that the declined prices are gradually losing their strength.
In a recent tweet, van de Poppe expressed optimism about a potential upcoming rally, primarily expected during the fourth quarter of 2023, a period historically favorable for crypto markets (usually October to December).
Van de Poppe indicated that Bitcoin’s upcoming halving event, scheduled for April 16, 2024, is poised to trigger optimism starting in the fourth quarter of this year. This event involves cutting the new issuance of Bitcoin in half every 10 minutes, thereby enhancing its scarcity and increasing its value.
Van de Poppe then discussed the release of this week’s U.S. employment data and the Purchasing Managers’ Index, highlighting that they are additional factors that could bolster Bitcoin’s value.
He also noted that the decision by the SEC regarding Bitcoin exchange-traded fund applications submitted by prominent investment firms such as BlackRock and Fidelity would also have an impact.
Cardano’s ADA saw gains due to optimistic statements from founder Charles Hoskinson, who predicted that its price could surpass Ether and Bitcoin.
The coin went up by 1.46 percent to $0.2669, with a weekly increase of 1.24 percent. ADA is currently the world’s seventh-largest cryptocurrency with a $9.36 billion market cap.
In contrast, Solana’s SOL decreased by 1.35 percent to $20.50 for a weekly loss of 3.61 percent, despite partnering with Shopify to offer USDC stablecoin payments. The token briefly went up to $21.98 on August 24, the day of the partnership announcement.
Matrixport’s Benjamin Stani noted that integrating Solana into an e-commerce app is a minor industry gain and may not heavily impact the markets.
However, he also mentioned that this represents an additional move in the direction of stablecoins becoming widely accepted, similar to what PayPal has done with PYUSD.
Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.
Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
This site is using Cloudflare and adheres to the Google Safe Browsing Program. We adapted Google's Privacy Guidelines to keep your data safe at all times.
Crypto Gambling is not available at your location.
For US visitors, we recommend playing at Stake.us Social Casino instead.