Crypto Weekly (02/09 – 08/09): BTC Plummets at the Start of September

Crypto Market Last Week

The crypto market in the first week of September witnessed a sharp drop in Bitcoin (BTC), as it fell from $59,800 to a low of $52,600. The main reason is believed to be a significant sell-off by ETF investment funds after a prolonged period of continuous buying.

Bitcoin’s sharp decline also affected Ethereum, the second-largest coin on the market, which experienced a similar drop. ETH lost all its gains from 2024, plummeting to $2,200.

As for other altcoins, most continued to bottom out, reflecting the overall market situation.

Top 10 biggest gainers last week

Top 10 biggest losers last week

Key news last week

• New York Authorities Launch Investigation into Uniswap
• CZ Banned from Any Involvement in Binance Activities
• Whales took advantage of the dip to buy Toncoin as the price dropped.
• Polygon transitioned its MATIC tokens to POL.
• Ethereum underperformed Bitcoin by 44% since The Merge.

Token unlocks this week

Here are some token unlocks this week to keep an eye on:

• $APT: $68.40M
• $MOCA: $17.77M
• $CFX: $11.38M
• $HYPC: $10.94M
• $SDEX: $7.78M
• $AGI: $7.60M
• $WLD: $7.05M

Macroeconomic news this week

This week, there are two noteworthy pieces of news on Thursday (September 5):

• At 12:30 PM on Wednesday (September 11), the Consumer Price Index (CPI) will be released. CPI measures the change in the price of goods and services and is one of the key indicators for assessing inflation. If the actual figures are higher than the forecast, it is considered positive for the USD, and vice versa.
• At 12:30 PM on Thursday (September 12), the Initial Jobless Claims data will be released. If the actual numbers are higher than expected, it will be considered negative for the USD, and vice versa.