The cryptocurrency market is marginally down during the ongoing session, struggling to regain momentum after Monday’s crash. Markets made a slight recovery on Tuesday as Bitcoin (BTC) reclaimed $112,000 and briefly crossed $113,000. However, market sentiment waned again on Wednesday as BTC, Ethereum (ETH), Ripple (XRP), Solana (SOL), and other cryptocurrencies lost momentum.
BTC traded above $113,000 on Tuesday but lost momentum as selling pressure returned. As a result, it fell to an intraday low of $111,460 before reclaiming $112,000 and moving to its current level. The flagship cryptocurrency is marginally down during the ongoing session, trading around $112,613.
Meanwhile, ETH is down almost 1%, trading around $4,173. The altcoin fell to an intraday low of $4,098 before rebounding to reclaim $4,10. Ripple (XRP) is down nearly 1%, trading around $2.85, while Solana (SOL) is down almost 5%, trading around $209. Dogecoin (DOGE) is down 1%, while Cardano (ADA) is down over 1%, trading around $0.816. Chainlink (LINK) is down 0.47%, while Stellar (XLM) is down nearly 1%. However, Hedera (HBAR), Litecoin (LTC), Toncoin (TON), and Polkadot (DOT) registered notable increases.
Grayscale Ethereum ETFs Move To SEC’s Generic Listing Regime
The United States Securities and Exchange Commission (SEC) has approved NYSE Arca’s request to shift the Grayscale Ethereum Trust ETF and its Mini Trust counterpart from a “generic” to a “non-generic” listing standard. The rule change was filed on September 19 and went into immediate effect, transitioning the investment vehicles from their initial, bespoke regulatory framework to a broader classification used for commodity-based trusts. The shift enables the funds to continue trading without requiring case-by-case approval for listing.
NYSE Arca stated that the rule change was consistent with the Exchange Act, citing Section 6(b)(5), which mandates that exchange rules are designed to prevent fraud, manipulation, promote fair trading, and protect investors. According to the exchange, the generic listing standard removes impediments and perfects the mechanism of a free and open market. NYSE Arca argued that by eliminating redundant, case-by-case oversight for already approved products, the market can operate more efficiently, ultimately benefiting investors through enhanced competition and smoother operations.
Pro Bitcoin Democrat To Run For California Governor
Bitcoin advocate and former California Assembly member Ian Calderon has officially entered the race for California governor. Calderon confirmed his bid for governor on X, promising voters affordable homes, groceries, and gas. He also positioned himself as a Bitcoin (BTC) proponent.
“My generation pays bills on our phones, we send money to each other with Venmo, and we save in Bitcoin — but the people running our government, they’re trying to use yesterday’s ideas to solve today’s problems, and it isn’t working. It’s time for a new generation of leadership in California.”
Calderon discussed BTC in a separate post, promising to make California a leader in Bitcoin adoption.
“California has always been a leader in technology. It’s time for us to get back to our roots and make California the undisputed leader on Bitcoin.”
Lawmakers in the US have promised crypto-friendly policies on the campaign trail after the industry emerged as one of the biggest donors during the 2024 presidential elections. Calderon also stated that California should hold BTC on its balance sheet, in a subtle promise about a strategic reserve. California goes to the polls on November 3, 2026, with several candidates in the fray to replace Gavin Newsom, who cannot run for re-election once his second term ends.
CFTC To Allow Stablecoins As Collateral In Derivatives Markets
The United States Commodity Futures Trading Commission (CFTC) plans to allow tokenized assets, including stablecoins, to be used as collateral in derivatives markets. CFTC Acting Chair Carolie Pham stated on Tuesday that her agency will work closely with stakeholders and has asked for feedback on using tokenized collateral in the derivatives markets.
“The public has spoken: tokenized markets are here, and they are the future. For years, I have said that collateral management is the ‘killer app’ for stablecoins in markets.”
If the CFTC’s plan is implemented, stablecoins, including USDT and USDC, will be treated like traditional collateral or US Treasurys in regulated derivatives trading. The United States Congress has passed several laws regulating stablecoins, resulting in their increased adoption by legacy financial institutions. Crypto executives hailed the decision, with Circle president Heath Tarbert stating,
“Using trusted stablecoins like USDC as collateral will lower costs, reduce risk, and unlock liquidity across global markets 24/7/365.”
Coinbase chief legal officer Paul Grewal stated that tokenized collateral and stablecoins can help unlock the US derivatives markets, giving them an advantage over the competition.
“Tokenized collateral and stablecoins can unlock US derivatives markets and put us ahead of global competition. Really exciting to see the CFTC put together this initiative to modernize the market by increasing efficiency, reducing costs, and upping liquidity to the benefit of all.”
SEC Exploring ‘Innovation Exemption’ To Fast Track Digital Assets
The United States Securities and Exchange Commission (SEC) is exploring the creation of an ‘innovation exemption’ to fast-track the approval of digital asset products. SEC Chair Paul Atkins mooted the idea during an interview on Fox Business, stating that the regulator is working on “rulemaking in the coming months.”
“We’re looking for an innovation exemption — to try to get that in place by year's end.”
An innovation exemption temporarily exempts cryptocurrency companies from older securities rules, allowing them to roll out new products under lighter oversight. The SEC will continue developing tailored regulations in the background. Atkins also discussed the approval of the first multi-asset crypto ETP in the US, calling it “another example of how we can move forward.”
“It’s not just an ad hoc type of approach. We’re trying to give the marketplace some kind of stable platform upon which they can introduce new products.”
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) turned sour on Tuesday as it slumped back into bearish territory after a brief revival. The flagship cryptocurrency has struggled this week as it looks to regain lost ground. It crashed over 2% on Monday, falling to an intraday low of $111,761 before making a marginal recovery and settling at $112,736. BTC attempted a recovery on Tuesday, reaching an intraday high of $113,357. However, it lost momentum after reaching this level and settled at $112,017. The price fell to a low of $111,066 during the ongoing session before recovering and moving to its current level of $112,584.
While price action has been sluggish, BTC has steadied itself after Monday’s mauling as dip buyers helped absorb some of the selling pressure. Retail investors and Bitcoin whales have continued buying BTC despite adverse market conditions. However, they are struggling to hold key levels, as sellers continue to dominate price action, increasing the chance of a deeper selloff that could drag the price below $110,000. The crypto market saw over $1.7 billion in long positions liquidated. According to the True Retail Longs and Shorts Account (Binance) metric, retail traders and whales have increased their leverage positions since Monday. Meanwhile, the 1 million to 10 million cohort anchored CVD and the 1,000 to 10,000 cohort anchored CVD highlighted a tussle between buyers and sellers.
Bitcoin bulls are not out of the woods yet, with liquidation heatmaps showing the price going through underlying bid liquidity, with a large liquidity cluster at $107,000. Open interest (OI) has fluctuated between $46 billion and $53 billion from late July to the ongoing week.
Meanwhile, BTC has defied its historically bearish September trajectory this year, rising 3.26% so far. The flagship cryptocurrency’s fourth quarter could be broadly impacted. Historically, September has been one of the worst months for BTC. However, when September has been positive, the next few months have registered substantial rallies. BTC is currently consolidating between $112,000 and $115,000.
BTC ended the previous weekend in the red, dropping 0.56% and settling at $115,314. The price faced volatility on Monday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as BTC registered a marginal increase and settled at $115,381. Bullish sentiment intensified on Tuesday as the price rose 1.26% to cross $116,000 and settle at $116,832. Selling pressure returned on Wednesday as BTC fell to an intraday low of $114,724. It recovered from this level to settle at $116,484, ultimately dropping 0.30%.
Source: TradingView
BTC reached an intraday high of $117,998 on Thursday. However, it could not stay at this level and settled at $117,117. The price lost momentum on Friday, dropping 1.22% to $115,690 before registering a marginal increase on Saturday. BTC was back in the red on Sunday, falling 0.41% and ending the weekend at $115,282. The flagship cryptocurrency plunged to an intraday low of $111,761 on Monday as bearish sentiment intensified. It recovered from this level to reclaim $112,000 and settle at $112,736. Buyers attempted a recovery on Tuesday as BTC reached an intraday high of $113,357. However, it failed to stay at this level and settled at $112,017, ultimately dropping 0.64%. BTC is marginally up during the ongoing session, trading around $112,533 after recovering from an intraday low of $111,066.
Ethereum (ETH) Price Analysis
Ethereum (ETH) is struggling to regain momentum after Monday’s dramatic crash. The altcoin ended the weekend down nearly 1% at $4,449. However, selling pressure intensified on Monday as markets crashed. As a result, ETH plunged almost 6%, falling to a low of $4,079 before settling at $4,202. Selling pressure persisted on Tuesday as the price dropped nearly 1% to $4,166. ETH is marginally up during the ongoing session, trading around $4,173.
Despite recent price struggles, ETH has remained in the spotlight after Ethereum co-founder Vitalik Buterin made a bold prediction for the asset. Buterin drew parallels between the asset’s future role in finance and Google’s dominance over the internet, suggesting that low-risk Decentralized Finance (DeFi) could become Ethereum’s own “Google moment.” Meanwhile, one analyst has predicted an optimistic outlook for ETH, stating that it could potentially reach $33,000 before the end of the year. The analyst argued that ETH has a history of overshooting targets when it breaks out of major continuation patterns, and noted that the trend had been persistent across cycles.
During earlier cycles, key bullish formations, including the Bull Flag and the Rectangle Continuation Pattern, produced significant gains. The analyst stated that ETH is currently forming a Descending Broadening Wedge, a setup that confirms bullish continuance once the price breaks out.
ETH ended the previous weekend in the red, dropping 1.27% and settling at $4,608. Sellers retained control on Monday as the price fell nearly 2%, slipping below $4,600 and settling at $4,527. ETH dropped 0.55% on Tuesday, settling at $4,502. Despite the overwhelming selling pressure, the price recovered on Wednesday, rising 1.99% and settling at $4,591. However, it was back in the red on Thursday, registering a marginal decline and settling at $4,589.
Source: TradingView
Selling pressure intensified on Friday as ETH fell 2.58%, slipping below $4,500 and settling at $4,471. The price registered a marginal recovery on Saturday but was back in the red on Sunday, dropping 0.73% to $4,449. Selling pressure intensified on Monday as ETH started the week in bearish territory. As a result, it fell nearly 6%, falling to an intraday low of $4,083 before settling at $4,202. Sellers retained control on Tuesday as ETH fell almost 1% to $4,166. The price is marginally up during the ongoing session, trading around $4,175.
Solana (SOL) Price Analysis
Solana (SOL) has extended its decline for a fourth consecutive day, struggling to regain momentum after Monday’s marketwide crash. The altcoin ended the weekend in the red, with selling pressure intensifying on Monday as it fell almost 7% to a low of $214 before settling at $220. Sellers retained control on Tuesday as the price dropped by over 3% and settled at $213. SOL fell to an intraday low of $205 during the ongoing session before recovering and moving to its current level of $211.
Meanwhile, SOL has entered a crucial price zone as it drops towards the $200 support level. The recent pullback put substantial pressure on SOL. However, despite the bearish sentiment, bulls are active at this support level. SOL trading volume has also surged, indicating strong market participation. However, analysts have warned that a drop below the key $200 level could trigger liquidity-driven volatility. The daily chart shows the altcoin is consolidating within an ascending channel, while the RSI sits close to neutral levels. If SOL manages to stay above the $210 level, a retest of $250 could be a possibility.
Institutional interest and adoption continue to grow, with around 590,000 SOL worth over $120 million added to various portfolios over the past month. Additionally, corporate staking commitments crossed 8.27 million SOL, worth over $1.7 billion.
Solana (SOL) reached an intraday high of $249 on Sunday (September 14). However, it could not stay at this level and settled at $240, dropping 0.99%. Selling pressure intensified on Monday as the price fell by over 2% to $234. Despite the overwhelming selling pressure, SOL recovered on Tuesday, rising 1.06% and settling at $226. Bullish sentiment intensified on Wednesday as the price rose over 3% to cross $240 and settle at $244.
Source: TradingView
SOL reached an intraday high of $253 on Thursday. However, it could not stay at this level and settled at $247, ultimately rising 1.11%. Selling pressure returned on Friday as the price fell 3.59% to $238. Price action was mixed over the weekend as SOL registered a marginal increase on Saturday before dropping 1.34% on Sunday and settling at $236. Bearish sentiment intensified on Monday as SOL fell nearly 7%, dropping to an intraday low of $214 before settling at $220. Sellers retained control on Tuesday as the price fell by over 3% and settled at $213. SOL fell to an intraday low of $205 during the ongoing session. However, it has rebounded and moved to $210, down over 1%.
Uniswap (UNI) Price Analysis
Uniswap (UNI) ended the previous weekend in bearish territory, dropping over 7% to $9.40. Sellers retained control on Monday as the price fell 2.44% and settled at $9.17. Despite the overwhelming selling pressure, UNI recovered on Tuesday, rising 1.58% to $9.32. Buyers retained control on Wednesday as the price rose over 2% and settled at $9.55. UNI continued pushing higher on Thursday, rising nearly 1% and settling at $9.61. However, it lost momentum on Friday, dropping almost 5% to $9.16.
Source: TradingView
Price action was mixed over the weekend as UNI registered a marginal increase on Saturday before dropping 1.36% on Sunday and settling at $9.06. Bearish sentiment intensified on Monday as markets crashed. As a result, UNI plunged over 9%, dropping to a low of $7.54 before reclaiming $8 and settling at $8.23. Sellers retained control on Tuesday as the price fell nearly 2% to $8.06. UNI is up almost 1% during the ongoing session, trading around $8.13.
Arbitrum (ARB) Price Analysis
Arbitrum (ARB) registered a sharp drop on Sunday (September 14), falling over 5% and settling at $0.513. Sellers retained control on Monday as the price fell over 4%, slipping below $0.50 to $0.492. The price recovered on Tuesday, registering a marginal increase before rising over 5% on Wednesday and settling at $0.520. ARB continued pushing higher on Thursday, rising 0.71% to $0.524. Despite the positive sentiment, ARB lost momentum on Friday, dropping nearly 7% to $0.488.
Source: TradingView
Price action was mixed over the weekend as ARB rose 0.945 on Saturday before dropping 2.51% on Sunday to settle at $0.480. Bearish sentiment intensified on Monday thanks to the market crash. As a result, the price fell by over 9% and settled at $0.436. Sellers retained control on Tuesday as ARB fell over 1% to $0.432. ARB is up over 2% during the ongoing session, trading around $0.440.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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