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CryptoMarket Analysis: 1 Sept


Total MarketCap 1.05T
Fear & greed index: 34 Fear
BTC dom: 49%
DOW: 34,838
S&P 500: 4516
NASDAQ: 14,032

- BTC: $25,993 (▼ 4.66%)
- ETH: $1,647 (▼ 3.49%)
- Solana: $19.80 (▼ 4.72%)
- Polygon: $0.55 (▼ 5.69%)

Presently, the cryptocurrency market has seen a retracement, relinquishing the gains achieved following the SEC/Grayscale headlines. Bitcoin (BTC) has retreated to $26,000, while Ethereum has declined to $1,644. This recent period of underperformance, despite positive fundamental news, represents an unusually protracted consolidation phase.
However, there remains an underlying belief in the potential for a day when the market turns decisively bullish. While the duration of this consolidation is uncertain, it's vital to maintain a DCA strategy. It's worth noting that the SEC has deferred its verdict on spot BTC ETF applications from major players. This deferral has led to the market's full retracement.
The SEC's decision deadline extensions are poised to become a new focal point, characterized by speculative build-up until an eventual verdict. The SEC's ability to reject these applications, after its prior defeat against Grayscale, seems improbable. Yet, further delays may be anticipated. The SEC has a maximum of 240 days for official review, beginning on July 14th. Consequently, the final deadline falls on Tuesday, March 11th, just a few weeks ahead of the next BTC halving scheduled for April 2024.

Although short-term price action remains uncertain, there's an optimistic outlook for the crypto market in 2024. For more insights, refer to the following tweet: "" target="_blank" class="text-blue-500 text-sm underline">https://twitter.com/osf_rekt/status/1697550364742967308>" target="_blank" class="text-blue-500 text-sm underline">Link.





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