Gold Reaches Record $3,500 per Ounce Amid Bitcoin and Ether Market Shifts
The crypto market remains subdued, with bitcoin (BTC) struggling for upward momentum while ether (ETH) attracts investor interest. Key developments include:
- Gold reached a record $3,500 per ounce, driven by expectations of Federal Reserve interest-rate cuts and fiscal concerns.
- Bitcoin traded just above $110,000 but remains below critical resistance levels. A notable whale offloaded 425 BTC for over 10,500 ETH.
- Bitcoin network activity declined, with active addresses dropping to 690,000 and transaction fees remaining low, though total transfer volumes spiked to $10.8 billion.
- Some altcoins showed significant movement: WLFI token fell sharply post-launch, while HYPE token rose over 3% after reporting $100 million in revenue.
- Traders expect a failed confidence vote in France, potentially impacting bond yields and the euro, which could influence bitcoin negatively.
- In traditional markets, U.S. equities show extreme bullishness, and the yen weakened amid hints of upcoming rate hikes by the Bank of Japan.
What to Watch
- Crypto upgrades:
- Tellor (TRB) will upgrade its mainnet on Sept. 3.
- Polygon will switch its mainnet token from MATIC to POL on Sept. 4.
- Macro events:
- U.S. lawmakers resume legislative work on Sept. 2.
- Brazil's Q2 GDP data is set for release on Sept. 2.
Market Movements
- BTC is down 1.37% at $110,373.12, while ETH is down 2.49% at $4,395.87.
- Gold futures increased by 0.91% to $3,548.00.
Derivatives Positioning
- $370 million in crypto futures were liquidated recently, affecting open interest in most top tokens.
- Perpetual funding rates for BTC and ETH are just above zero, indicating a slight long bias.
Token Events
- WLFI plans a buyback-and-burn program to address oversupply issues after a rocky launch.
- Security issues arose during WLFI’s debut, leading to significant losses for some investors.
Investors should monitor ongoing market trends and macroeconomic indicators that may impact crypto valuations.