Bitcoin at risk of drop to $56,000, Ethereum trades around $2,500 and XRP steadies at $0.55

Bitcoin and Ethereum gain ground on Monday after opening September in the red.
XRP hovers around $0.55 as pro-crypto attorneys discuss the impact of a possible SEC appeal to the Ripple lawsuit ruling.
Cardano rises slightly after successfully completing its Chang Hard Fork network upgrade.

Bitcoin, Ethereum and XRP updates

Bitcoin trades around $58,400, early on Monday. The largest crypto asset by market capitalization opened the month in the red but recovered part of the losses on Monday. Historically, BTC has yielded negative returns for traders in September even as Q4 as a whole remains relatively profitable compared to the rest of the quarters.
Ethereum trades at $2,520 after bouncing from key support at $2,400. Over the weekend, Vitalik Buterin discussed on X his recent on-chain Ether transfers, saying that he never sold the altcoin for a profit. Buterin added that he transferred Ethereum tokens to projects he found valuable and for charity purposes. Ethereum founder Vitalik Buterin says never sold Ether for profit, ETH slips under $2,400
XRP edges up slightly on Monday, trading at around $0.5550 and retracing part of Sunday’s losses. Traders digest the implications for the token in case the US Securities & Exchange Commission (SEC) decides to appeal the ruling in its case against payment-remittance firm Ripple.

Chart of the day: DOGE

DOGE/USDT daily chart

Dogecoin (DOGE) is changing hands at $0.09765 at the time of writing. The price of the largest meme coin recovers slightly on Monday, but a look at the daily chart suggests the downward trend persists. In case of a further decline, DOGE could sweep liquidity at the lower boundary of the Fair Value Gap (FVG) extending between $0.09000 and $0.09417, representing a 6.47% price correction from the current levels.

The red histogram bars below the neutral line on the Moving Average Convergence Divergence (MACD) momentum indicator suggest a negative underlying momentum in DOGE.

Still, a daily candlestick close above $0.10000 could invalidate the bearish thesis and push the meme coin towards the next key resistance at $0.12000.

Market updates

Cardano completed its Chang Hard Fork on September 1, further decentralizing the ADA ecosystem. The update introduced on-chain governance in Cardano and CIP-1694, a Cardano Improvement Proposal that outlines the changes and the community governance structure.
Ran Neuner, a widely-followed CNBC crypto trader, left XRP, Shiba Inu and Cardano out of his top 20 crypto recommendations:

20 Listed. Coins. Hold for 18 months. No selling!

1. $BTC
2. $ETH
3. $SOL
4. $AR
5. $RUNE
6. $SUI
7. $NEAR
8. $FTM
9. $INJ
10. $OP
11. $BEAM
12. $IMX
13. $CROWN
14. $SUPER
15. $OM
16. $RNDR
17. $AKT
18. $AIOZ
19. $AERO
20. $PEPECOIN

List yours below.
— Ran Neuner (@cryptomanran) September 1, 2024

Data from the Block shows that revenue from Bitcoin miners was at its lowest level in 2024 in August.

Bitcoin miner revenue (monthly)

Industry updates

Crypto exchange OKX receives a Major Payment Institution License from The Monetary Authority of Singapore.

We're taking crypto to the heart of financial markets and mainstream adoption: Singapore

We've received our Major Payment Institution (MPI) License from the MAS, allowing us to offer digital payment tokens and cross-border money transfer services.

To lead our charter in… pic.twitter.com/33y3fXM4S4
— OKX (@okx) September 2, 2024

Chief Legal Officer of Coinbase, Paul Grewal, slammed the SEC for warning bankrupt crypto exchange FTX against making payments in cryptocurrencies.

SEC warns FTX exchange against paying back creditors in stablecoins, digital assets

The SEC didn't outright state that such an action would be illegal, writing, "The SEC is not opining as to the legality, under the
federal securities laws, of the transactions outlined in the Plan," but notes that the agency, "...reserves its rights to challenge transactions… https://t.co/zAMqY7mTcd
— paulgrewal.eth (@iampaulgrewal) September 1, 2024

Metaplanet CEO Simon Gerovich announced on Monday that the firm has collaborated with SBI VC Trade to enhance its Bitcoin strategy with support from Japan-based institutions. The collaboration is focused on trading, custody and management of Metaplanet’s Bitcoins.

Pleased to announce our collaboration with SBI Group company @sbivc_official for Bitcoin trading and custody

Japanese: https://t.co/BhsdwnU2Qk

English: https://t.co/2OUiTbMfna https://t.co/swCyOX34bP
— Simon Gerovich (@gerovich) September 2, 2024

Bitcoin, altcoins, stablecoins FAQs

What is Bitcoin?

Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.

What are altcoins?

Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.

What are stablecoins?

Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.

What is Bitcoin Dominance?

Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.

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