Week Ahead: Cryptocurrencies remain under pressure from macro headwinds

BTC has not been able to overcome the $20K price level and remains in a tight trading range, with analysts setting $17.5K and $16K support levels. The market focused on hodlers as more traders put their tokens into cold storage rather than selling at current levels, creating some scarcity. ETH is trading below $1.6K with a bit more upside than BTC ahead of the Bellatrix upgrade on Tuesday, setting the Merge in motion. The Merge has been the main driver of ETH and could take it to regain the $2K level, but there are concerns in the aftermath with a clear rise in investors seeking downside protection after the awaited event. Founder Vitalik Buterin said in the mid-term future; cryptocurrencies will be as volatile as gold or the stock market.

Cardano’s founder announced the Vasil mainnet upgrade is scheduled for September 22. Robinhood announced it will list Cardano on its platform.
US stocks recorded a third consecutive down week as risk appetite dried up as more central banks delivered hawkish remarks. European Central Bank is in focus next week with a potential 75 basis points rate hike.

Binance is in talks with the Nigerian government to establish a digital economic zone similar to Dubai’s. Indonesia’s GoTo acquired local crypto exchange PT Kripto for $8.4M.

In Singapore, crypto lender Hodlnaut was granted creditor protection after it suspended withdrawals in early August. Celsius announced it has enough funds to operate until the end of the year. ended talks of a potential UEFA Champions League sponsorship for $495M after former sponsor Gazprom was removed.

In regulation news, Saudi Arabia appointed a lead for its virtual asset and central bank digital program, signalling its intention to build a crypto hub in the Gulf. Singapore’s financial regulator is pondering leverage and credit used by retail investors to trade cryptocurrencies. MAS will also launch a consultation on stablecoins in October. Thailand’s SEC published new rules on crypto advertising to show the potential risks and returns with a balanced view, with operators forced to disclose payments to influencers and bloggers. The UK regulator told crypto exchanges to report suspicious transactions that circumvent sanctions against Russia for its invasion of Ukraine.

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