Bitcoin, Ethereum and Dogecoin were seen largely flat on Tuesday evening as the global cryptocurrency market cap inched up 0.4% to $1.04 trillion at the time of publishing.
Cryptocurrency
Gains +/-
Price (Recorded 10:28 p.m. EDT)
Bitcoin (CRYPTO: BTC)
-0.12%
$25,761.27
Ethereum (CRYPTO: ETH)
+0.05%
$1,635.75
Dogecoin (CRYPTO: DOGE)
-0.93%
$0.06
What Happened: The cryptocurrency news landscape on Tuesday was largely dominated by The Financial Accounting Standards Board (FASB) reaching a unanimous decision to endorse regulations for the accounting of fair values associated with companies’ cryptocurrency holdings. These regulations are scheduled to become effective in the year 2025.
Christmas came early for @saylor $MSTR and other companies with Bitcoin on their balance sheets!
FASB is moving to fair value reporting for Bitcoin holdings
Should @Swan host a livestream today to explain the implications?
— Cory Klippsten | Swan.com
#Bitcoin (@coryklippsten) September 6, 2023
Gold, Silver Or Bitcoin: What Is The Best Hedge Against Inflation? Ask industry experts directly at Zenger News’s Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won’t just be a passive spectator. Don’t let this chance slip away – secure early bird discounted tickets now!
Top Gainers (24 Hours)
Cryptocurrency
Gains +/-
Price (Recorded 10:28 p.m. EDT)
ThorChain (RUNE)
+5.93%
$1.59
Monero (XMR)
+3.33%
$142.35
Toncoin (TON)
+3.33%
$1.82
Cryptocurrencies remain lackluster in price action, while stock futures were little changed at the time of writing as investors retrain their focus on the Federal Reserve’s action on interest rates.
It was reported that the ISM services PMI rose to 54.5 for August — a signal that services saw strong growth in the month and indeed in the last six months. The PMI number is up from July’s 52.7 reading.
Meanwhile, the Greenback has been exhibiting increasing strength of late. The dollar index, which pits the U.S. unit against a basket of six currencies, rose to 104.84 on Tuesday after earlier hitting a six-month high of 105.03, reported Reuters.
Analyst Notes: “The dollar’s rise is starting to unnerve everyone. Last night, both Japanese and Chinese officials attempted to thwart the greenback’s rally, but weren’t effective,” noted Edward Moya, a senior market analyst at OANDA.
On rate cuts, Moya said that Wall Street has begun to believe that they won’t take place until next summer.
Cryptocurrency trader Michaël van de Poppe advised his followers on X, formerly Twitter, to “just survive this month” and said things would be fine from thereon. He noted that some altcoins were already breaking out, which they tend to do 8-10 months prior to Bitcoin halving.
It’s very simple.
Just survive this month and from there we’ll be fine.
Some #altcoins are already breaking out.
Once again, they tend to do that 8-10 months prior to the #Bitcoin halving.
— Michaël van de Poppe (@CryptoMichNL) September 6, 2023
In a separate tweet, Van De Poppe sounded optimistic on Bitcoin spot ETFs, which he said were “around the corner.”
There are #Bitcoin spot ETF’s around the corner.
In a month we might get #Ethereum futures ETF’s.
And now, a spot #Ethereum ETF might be a reality.
A ton of liquidity.
Yet, you’d prefer to sell the bear market low.
— Michaël van de Poppe (@CryptoMichNL) September 6, 2023
Meanwhile, Glassnode noted in a report that it has become “clear” that the market entered a “regime of capital outflow” in early August and that nearly $55 billion in capital left the digital asset space in August.
The on-chain analytics firm said that the trend was driven by capital outflows across all three assets, Bitcoin, Ethereum and stablecoins.
Produced in association with Benzinga
