Bitcoin, Ether See Losses; Upcoming Macro-Economic Events Likely to Change Market Momentum

As the crypto market entered September 2024, most cryptocurrencies saw significant losses. On Monday, September 2, Bitcoin experienced a price drop of 2.57 percent on Indian exchanges like CoinDCX and a decline of around 1.69 percent on international platforms, according to CoinMarketCap. With this, Bitcoin’s trading value on Indian exchanges presently stands at $61,469 (roughly Rs. 51.5 lakh). Meanwhile, on international exchanges, BTC is trading at $57,480 (roughly Rs. 48.2 lakh).

Commenting on Bitcoin’s price situation, Giottus CEO Vikram Subburaj said, “Bitcoin has started September with a two percent drop and is now trading below $58,000 (roughly Rs. 48.6 lakh), a two-week low. The asset has been registering lower highs in the last 30 days suggesting that price action is fundamentally bearish. Reclaiming $60,000 (roughly Rs. 50.3 lakh) is key for bullish action while a bounce off support near $56,000 (roughly Rs. 46.9 lakh) is likely in case of a further drop.”

Ether reflected a price dip of 0.11 percent on the crypto price tracker by Gadgets360. With this, the value of ETH in India is hovering over the mark of $2,424 (roughly Rs. 2.03 lakh). Internationally, meanwhile, ETH is trading at $2,439 (roughly Rs. 2.04 lakh).

Ripple, Tron, Cardano, Avalanche, Shiba Inu, and Chainlink.

Bitcoin Cash, Polkadot, Leo, Near Protocol, Polygon, and Uniswap also showed losses on the crypto price charts on Monday.

In the last 24 hours, the total market cap of the crypto sector dropped by 1.44 percent. With this, the valuation of the sector has come to $2.02 trillion (roughly Rs. 1,69,43,760 crore), showed data by CoinMarketCap.

“A strong September US employment report could temper expectations for easier monetary policy, potentially leading to further market volatility. However, there’s also a 50% chance of an upward trend,” Avinash Shekhar, Co-founder and CEO, Pi42 told Gadgets360.

Amid loss-making cryptocurrencies, only a handful of altcoins showed gains on Monday. These included USD Coin, Augur, Circuits of Value, Dogefi, Gas, and Bitcoin Hedge.

“Over the weekend, the crypto market remained neutral to bearish, continuing its choppy behavior. The market closed August with negative returns, and with September historically being one of the worst months for returns, many expect further declines,” the CoinDCX markets desk told Gadgets360. “This trend might not hold this time due to factors like the upcoming US presidential election, anticipated rate cuts, and ETF inflows. Technically, the charts remain choppy and mixed. With the upcoming US unemployment rate data, we could see increased volatility in the market, potentially providing a clearer direction.”