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Bitcoin Fails to Hold $26,000 Support, U.S. Labor Market Eases Rate Hike Fears

Bitcoin Fails to Hold $26,000 Support, U.S. Labor Market Eases Rate Hike Fears

On Monday in Asia, Bitcoin saw a slight increase but remained below the resistance level of $26,000. This resulted in the loss of most of the gains made last week due to a favorable court ruling on Grayscale’s spot Bitcoin exchange-traded fund application. 

Ether remained within a range of around $1,650, while other top 10 non-stablecoin cryptocurrencies had mixed results, with XRP being the top winner and Dogecoin being the highest loser.

U.S. stock futures experienced a minor decline on Monday morning, following a positive close for Wall Street the previous week. This was largely due to a slowdown in the U.S. labor market, which alleviated fears of additional interest rate increases.

Grayscale’s Victory Momentum Died Off Quickly

In the last 24 hours, Bitcoin saw a slight increase of 0.30% to $25,958.25 in Hong Kong, according to CoinMarketCap data. However, it traded 0.46% lower for the week and lost control of the $26,000 support level on Friday, fluctuating around the mark over the weekend. 

Bitcoin briefly reached a weekly high of over $28,000 last Tuesday due to a court ruling that required the U.S. Securities and Exchange Commission to review Grayscale’s Bitcoin ETF application. However, all gains were lost after the SEC delayed all pending ETF applications on Thursday.

Grayscale's Victory Momentum Died Off Quickly

In the past 24 hours, Ether saw a slight increase of 0.17% to $1,635.19 but was down 1.27% over the past seven days. Most other top 10 non-stablecoin cryptocurrencies had mixed results over the past 24 hours, with no more than a 1% increase. 

The exception was XRP, which led the winners by gaining 1.07% in the past 24 hours to $0.5048 but remained 3.46% lower for the week. Dogecoin led the losers, dropping 0.62% in the past 24 hours to $0.06315 and remaining flat for the seven days.

Toncoin, the native token of the Ton network, saw a significant increase of 23.86% in the past week due to the network’s launch of its new smart contract programming language Tact on August 22. 

The total crypto market capitalization decreased slightly by 0.09% to $1.04 trillion, while trading volume dropped by 10.77% to $19.78 billion.

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