Bitcoin Falls Below $55,000 as Quant Emerges as Top Gainer in Cryptocurrency Market

Bitcoin (BTC), the leading cryptocurrency by market capitalization, fell below the $55,000 threshold early on Monday, continuing a downward trend that started over the weekend. Other major altcoins, including Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC), also experienced declines, with the overall Market Fear & Greed Index registering a neutral score of 41 out of 100, according to CoinMarketCap data. In contrast, the Quant (QNT) token stood out as the biggest gainer, surging nearly 8 percent in a 24-hour period, while SATS (1000SATS) suffered the largest loss, dropping over 6 percent.

At the time of writing, the global cryptocurrency market cap was approximately $1.94 trillion, reflecting a slight increase of 0.54 percent over the past 24 hours.

Bitcoin's price was recorded at $54,927.22, showing a 24-hour gain of 1.04 percent, with Indian exchanges quoting BTC at Rs 46.06 lakh.

Ethereum's price was at $2,299, marking a 24-hour loss of 0.54 percent, while in India, ETH was priced at Rs 1.93 lakh.

Dogecoin saw a modest gain of 1.37 percent, currently trading at $0.0967, with its Indian price at Rs 8.12.

Litecoin experienced a decline of 3.85 percent, trading at $60.53, while its price in India was Rs 5,077.50.

XRP was priced at $0.5282, reflecting a minor loss of 0.03 percent, with its Indian counterpart at Rs 44.34.

Solana's price stood at $128.39, showing a slight increase of 0.08 percent, with SOL priced at Rs 10,990.25 in India.

According to CoinMarketCap, here are the top five crypto gainers and losers over the past 24 hours:

Mudrex co-founder and CEO Edul Patel commented to ABP Live, "Bitcoin maintained its position above $55,000 following the US jobs report released on Friday, which indicated fewer jobs added in August than anticipated. This scenario makes a 50 basis point rate cut unlikely but keeps the possibility of a 25 basis point cut open. The focus now shifts to the Federal Reserve's upcoming meeting regarding rate changes. The next resistance levels for BTC are around $56,200 and $57,500, while support is expected at $53,200 if BTC struggles to climb."

CoinSwitch Markets Desk noted, "The negative funding rates on BTC futures indicate that retail investors are anticipating a price drop. Historically, such conditions have led to short liquidations and subsequent rallies. BTC dominance is trending downwards, while altcoins are performing relatively well, suggesting that altcoins may be at their lowest and ready for a rebound. Meanwhile, institutional investors continue to accumulate Bitcoin. Key upcoming events include the US CPI on September 11 and PPI and jobless claims on September 12, which could steer market direction."

Avinash Shekhar, Co-founder & CEO of Pi42, stated, "Despite recent fluctuations in Bitcoin ETF flows and ongoing lukewarm interest in Ethereum ETFs, it’s essential to recognize that market cycles are a natural aspect of investing. The sustained outflows from Bitcoin ETFs indicate a period of reassessment, but this does not necessarily reflect a fundamental change in the long-term outlook. For Ethereum, the lack of significant demand underscores the need for innovation and compelling use cases to attract investors. Investors should maintain a balanced perspective and focus on the underlying technology and long-term potential of these assets."

Sathvik Vishwanath, CEO and co-founder of Unocoin, remarked, "Bitcoin (BTC) fell below $54,000, its lowest point since early August, following a disappointing US jobs report for August. The report revealed only 142,000 new jobs added, below expectations, and significant revisions to prior months' data heightened recession fears. Although the unemployment rate slightly decreased to 4.2%, investor anxiety remains, affecting risk assets like Bitcoin. The S&P 500 and Nasdaq 100 also declined, while WTI futures and US 10-year yields hit new lows. Analysts are divided on the recession outlook, with some suggesting the current bearish sentiment may be exaggerated. In the long term, Bitcoin could benefit from future monetary easing, but short-term risks persist, including potential declines below $50,000."

Shivam Thakral, CEO of BuyUcoin, added, "The market is experiencing a wave of optimism due to expectations of an interest rate cut, as new data suggests the Federal Reserve may finally take action after a prolonged delay. In the last 24 hours, investors have reacted positively, with many predicting a possible reduction in September, which could stimulate economic activity and provide a much-needed boost to the markets. The global cryptocurrency market is witnessing a positive surge, with Bitcoin maintaining its dominance and new projects like Musk Moon generating significant excitement. Over the past day, Bitcoin's market share has risen to 55.79%, with notable gains of 1.14% and 0.68% for Bitcoin and Ethereum, respectively. The meme coin market is also booming, with forecasts suggesting Musk Moon's value could soar above 18,000%."

The CoinDCX Research Team informed ABP Live, "Over the weekend, the overall crypto market remained bearish, with BTC dropping below $53,000 for the first time in recent months. It is still uncertain whether BTC has reached its bottom, as there is no solid confirmation yet. This week, the primary focus will be on the U.S. CPI and PPI data releases, which could influence market direction. For BTC, key support levels to monitor are around $54,500 and $52,650, while resistance levels are at $59,650 and $61,600."

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer documents along with related important literature on the subject carefully before making any investment. Cryptocurrency market predictions are speculative, and any investment made shall be at the sole cost and risk of the readers.