In the crypto market report covering the week of August 26 – September 2 prepared by the ICRYPEX Research team, we compiled current developments regarding crypto assets, price movements of crypto assets and macroeconomics.
You can take a look at the general flow of this report below, and access all the developments that took place in the 7-day period in the Weekly Crypto Market Reports: August 26, 2024.
Weekly Crypto Market Report Overview August 26
The rise that took place following the reaction from the $50,000 region, which can be considered the bottom region for cryptocurrencies, continued last week.
The cryptocurrency market value fell to $1.97 trillion, and Bitcoin dominance rose to 57.60% over the weekend. Ethereum, on the other hand, broke downwards from its critical region of 2720 – 2850. In ETF performances, Bitcoin saw an outflow of $175 million on Friday, while a weekly outflow of over $260 million was achieved. The Ethereum side still finished the week negative due to ETHE’s outflow pressures.
In terms of macroeconomics, this week, data will be concentrated after Wednesday. In the US, ISM Manufacturing PMI and ISM Manufacturing Prices data and the Atlanta Fed’s GDPNow update are at the forefront. In the middle of the week, services PMIs from Japan, France, Germany and the UK will be monitored and are expected to show a stable performance. In addition, the Bank of Canada is expected to announce a major interest rate cut. At the end of the week, Germany’s Factory Orders and US Nonfarm Payrolls data will be closely monitored, while GDP data from the Eurozone will have a significant impact. US labor market data, especially the unemployment rate and average hourly earnings, will play a critical role in shaping expectations for the Federal Reserve’s future policy moves.
When we turn to altcoins, we see that the pressure on TON is slowly calming down. TRON, SUN have started to pullback and profit sales. The same price structure is seen in almost all altcoins. Most products have received a reaction from the demand zone. With Bitcoin breaking $60,000 again, altcoins will also see increases.
Those who want to get more comprehensive information about the week covering August 26 – September 2 can review the Weekly Crypto Market Reports: August 26, 2024.
