Crypto Price Analysis 8-29: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, BITTENSOR: TAO, CELESTIA: TIA

The cryptocurrency market tilted bearish over the past 24 hours as most coins traded in the red. Bitcoin’s (BTC) bounce fizzled out yet again after crossing $113,000 as it fell to $111,000 before registering a marginal recovery and moving to its current level. BTC is down almost 2% over the past 24 hours, trading around $111,110. 

Meanwhile, Ethereum (ETH) reclaimed the $4,600 mark on Thursday but lost momentum as market sentiment soured. As a result, the altcoin fell below $4,500 and moved to its current level of $4,470, down over 2%. Ripple (XRP) is down nearly 4% although Solana (SOL) is marginally up, trading around $211. Dogecoin (DOGE) is down over 3%, while Cardano (ADA) is down 4%, trading around $0.834. Chainlink (LINK), Stellar (XLM), Hedera (HBAR), Litecoin (LTC), Toncoin (TON), and Polkadot (DOT) also registered notable declines.

CFTC Issues Guidance Allowing Americans To Trade On Non-US Exchanges

The Commodity Futures Trading Commission (CFTC) has issued new guidance allowing non-US exchanges to legally provide trading services and market access to American citizens. The guidance, issued on August 28, upholds the Foreign Board of Trade registration system in accordance with CFTC Part 48 regulations. It lays out a clear pathway for foreign platforms and allows them to register as FBOTs instead of as Designated Contract Markets, and applies them to all asset classes, including digital assets.

The distinction clears confusion about whether offshore crypto platforms need full DCM registration. The confusion led to considerable law enforcement actions and pushed trading activity abroad. Acting CFTC Chair Caroline Pham described the move as part of the CFTC’s “crypto sprint” under the Trump administration, as it attempts to modernize outdated market and regulatory frameworks.

“Today’s FBOT advisory provides the regulatory clarity needed to legally onshore trading activity that was driven out of the United States due to the unprecedented regulation and enforcement approach of the past several years.”

US Government Puts GDP On The Blockchain

The US Department of Commerce has announced that it is uploading US GDP data on nine blockchain networks. It also announced partnerships with decentralized oracle networks, including Chainlink and Pyth, to integrate US macroeconomic data within the DeFi ecosystem and the broader crypto ecosystem. According to the announcement, the Commerce Department has already uploaded the GDP data for Q2 2025 to Bitcoin, Ethereum, Solana, Tron, Avalanche, Stellar, Polygon, Arbitrum, and Optimism.

The partnerships with Chainlink and Pyth will help in the dissemination of verified government data, including GDP statistics, Personal Consumption Expenditures, Price Index, and Real Final Sales to Private Domestic Purchasers, across the broader DeFi ecosystem. The initiative is the first time a federal agency has published economic data on-chain. Commerce Secretary Howard Lutnick discussed the move at a White House Cabinet meeting earlier this week. Commerce Secretary Lutnick stated,

“It’s only fitting that the Commerce Department and President Donald Trump, the ‘crypto-president,’ publicly release economic statistical data on the blockchain. We are making America’s economic truth immutable and globally accessible like never before, cementing our role as the blockchain capital of the world.”

US Banks Moved $312B In Dirty Money, So Why Is Crypto The Problem?

A new report has claimed that US banks were responsible for laundering over $312 billion for Chinese money launderers between 2020 and 2024. The US Financial Crimes Enforcement Network (FinCEN) analyzed over 137,000 Bank Secrecy Act reports from 2020 and 2024. Several Chinese money laundering syndicates have formed a symbiotic relationship with drug cartels based in Mexico. The cartels launder US dollar drug proceeds while Chinese launderers need US Dollars to circumvent China’s currency control laws. According to Chainalysis, illicit trading volumes in crypto were around $189 billion between 2020 and 2025.

Crypto Markets Set To Unlock $4.5 Billion In Tokens In September

Cryptocurrency projects are set to unlock $4.5 billion in vested tokens across September, according to data aggregator Tokenomist. Data shows that $1.17 billion will come from cliff unlocks, while $3.36 billion will be released via linear unlocks. Cliff unlocks are larger, one-time unlocks that occur at the end of a lockup period. Meanwhile, linear unlocks distribute the tokens over time, helping mitigate any impact on token supply and prices. Projects unlocking vested tokens in September include Sui, Fasttoken, Arbitrum, and Aptos.

Siu has around $153 million in token unlocks scheduled in September. Data from Tokenomist shows that Sui has released only around 35% of its token supply, meaning a substantial portion remains locked. Fasttoken has around $90 million in unlocks, while Aptos has $50 million set to be unlocked in September.

Bitcoin (BTC) Price Analysis

Bitcoin (BTC) finds itself back in the red during the ongoing session, down over 2%, trading below $110,000 at around $109,900. The flagship cryptocurrency started the week with a substantial drop, but recovered to reach $112,574 by Thursday. However, selling pressure has returned during the ongoing session, with the price down over 2%, trading below $110,000.

Analysts and technical indicators point to an inflection point, as BTC struggles to overcome the resistance around $113,000-$113,500. BTC’s ability to overcome this resistance could dictate its near-term trajectory. The flagship cryptocurrency’s recovery from a low of $108,670 indicates risk appetite among traders. However, while retail traders are aggressively buying the dip, larger traders are selling their holdings and securing profits or rotating their capital into Ethereum (ETH). Analysts from Glassnode identified a key level for BTC,

“Currently, Bitcoin trades beneath the cost basis of both the 1-month ($115.6k) and 3-month ($113.6k) cohorts, leaving these investors under stress.”

According to the analysis, the $113,000-$113,500 level represents the average purchase price for investors who purchased BTC over the past three months. As BTC approaches this level, any relief rally could encounter substantial resistance as short-term holders look to break even. However, some analysts have painted a bullish scenario, suggesting that a push towards $144,000-$260,000 remains in play, thanks to a “bullish megaphone pattern” on multiple time frames. The ‘bullish megaphone pattern’, or ‘broadening wedge pattern,’ forms when the asset price creates higher highs and higher lows. A breakout above this pattern’s upper boundary could trigger a parabolic rally.

According to analysts, BTC’s daily chart shows two megaphone patterns. The first, smaller one, began forming since July 11, while the second, larger one, has been forming since the “past 280 days” according to analysts. One crypto influencer posted on X,

“Bitcoin has broken out of this bullish megaphone pattern. The next leg up is inevitable.”

However, BTC’s recent decline has sent short-term holders (STH) into panic mode, with many selling at a loss. This has impacted the STH market value realized value (MVRV) ratio, which fell to the lower boundary of its Bollinger Band, implying oversold conditions.

“On the pullback to $109K, BTC tapped the ‘Oversold’ zone on the short-term holder MVRV Bollinger Band. The last occurrence was at the $74K bottom in April; since then, BTC is up +51%.”

BTC started the previous weekend in bearish territory, dropping nearly 1% on Friday (August 15) to $117,436. The price registered marginal increases on Saturday and Sunday, settling at $117,488. However, BTC was back in the red on Monday, dropping 1.02% to a low of $114,703 before settling at $116,286. Selling pressure intensified on Tuesday as BTC plunged nearly 3%, slipping below $113,000 and settling at $112,856. Despite the overwhelming selling pressure, the price returned to positive territory on Wednesday, rising over 1% to reclaim $114,000 and settling at $114,276. Selling pressure returned on Thursday as BTC fell 1.57% and settled at $112,480. Bullish sentiment returned on Friday as BTC rallied, rising nearly 4% to reach an intraday high of $117,416 before settling at $116,908.

Source: TradingView

However, the price lost momentum on Saturday, dropping 1.30% to $115,383. Selling pressure intensified on Sunday as BTC plunged to an intraday low of $110,635. However, it rebounded from this level to reclaim $113,000 and settle at $113,478, ultimately dropping nearly 2%. Selling pressure persisted as BTC started the week in the red, dropping almost 3% to a low of $109,275 before settling at $110,127. The price fell to an intraday low of $108,670 on Tuesday as selling pressure intensified. However, it rebounded from this level to reclaim $111,000 and settle at $111,788, ultimately rising 1.51%. BTC was back in the red on Wednesday, dropping 0.48% to $111,253. The price recovered on Thursday, rising 1.19% to $112,574. However, BTC has lost momentum during the ongoing session, with the price down almost 3%, trading around $109,693.

Ethereum (ETH) Price Analysis

Ethereum (ETH) is down over 4% during the ongoing session as it failed to reclaim $4,500. The world’s second-largest cryptocurrency has struggled to regain momentum after Monday’s crash. It briefly crossed $4,600 on Tuesday but fell over 2% on Wednesday and could only register a marginal increase on Thursday. The current session sees ETH down over 4%, trading around $4,332.

While ETH has seen unprecedented investor interest, pushing its value higher and helping it outperform BTC, a quiet concern is waiting in the wings. Amidst the rally, the Ethereum network is witnessing the largest validator exodus in its history. Over 1 million ETH tokens are waiting to be withdrawn from the blockchain’s Proof-of-Stake network. The exit queue crossed 1 million ETH, worth nearly $5 billion, on Thursday, with validators, responsible for adding new blocks and verifying transactions, keen to withdraw their staked tokens. The exodus has extended the validator exit waiting time to a record 18 days and sixteen hours. Marcin Kazmierczak, co-founder of RedStone, believes the exit queue hitting 1 million is a sign of healthy market dynamics, stating,

“The exit queue hitting 1 million ETH reflects healthy market dynamics rather than a cause for concern. What’s crucial to understand is that these exits pale in comparison to the institutional capital flowing into Ethereum.”

Meanwhile, Iliya Kalchev, analyst at digital asset platform Nexo, believes ETH is becoming the liquidity magnet of the cryptocurrency market. Open interest in ETH futures is nearing $33 billion, indicating institutional interest.

“Standard Chartered reiterated that ETH and ETH-treasury firms remain undervalued even at these levels, projecting a $7,500 year-end target. Combined with Polymarket odds now pricing a 26% chance of ETH reaching $5,000 this month, Ethereum’s role as the market’s liquidity magnet is hard to ignore.”

ETH started the previous weekend in the red, dropping over 2% to $4,444. Sellers retained control on Saturday, registering a marginal decline before rising over 1% to end the weekend at $4,476. Selling pressure returned on Monday as ETH fell 3.58% and settled at $4,316. Bearish sentiment intensified on Tuesday as the price fell 5.54% to $4,076. Despite the overwhelming selling pressure, ETH recovered on Wednesday, rising over 6% to reclaim $4,300 and settle at $4,338. It was back in the red on Thursday, dropping nearly 3% and settling at $4,225. The price rallied on Friday following Fed Chair Jerome Powell’s speech at Jackson Hole.

Source: TradingView

ETH surged over 14% following the speech, reaching an intraday high of $4,449 before settling at $4,830. It registered a marginal decline on Saturday before recovering on Sunday to set a new all-time high of $4,957. ETH failed to push above $5,000 on Sunday as sellers overwhelmed buyers at upper levels. As a result, it fell over 8% on Monday, slipping below $4,500 and settling at $4,380. Despite the bearish start to the week, ETH recovered on Tuesday, rising over 5% to reclaim $4,600 and settle at $4,603. The price registered a sharp decline on Wednesday, falling over 2% to $4,509. It registered a marginal increase on Thursday but is back in the red during the ongoing session, down nearly 4% at $4,353.

Solana (SOL) Price Analysis

Solana (SOL) rebounded after Monday’s crash, rising nearly 5% on Tuesday and reaching an intraday high of $212 on Wednesday. The price continued pushing higher on Thursday, rising almost 6% to $214. However, the altcoin is down 3.25% during the ongoing session, trading around $207.

SOL has been unable to push higher despite the Solana blockchain’s DeFi ecosystem registering unprecedented growth. The altcoin is attracting record amounts of capital, although price action continues to lag. The total value locked on Solana reached $11.72 billion, nearing record highs. Meanwhile, the stablecoin market cap reached $12 billion, and bridged TVL reached $42 billion. Despite these metrics, SOL has struggled to clear the $210 mark and trades significantly lower than its all-time high of $294.

Analysts have attributed the low price to the fact that much of Solana’s ecosystem activity is routed through platforms prioritizing lower costs. However, this does not translate into higher revenue for the Solana network. Revenue is one of the key metrics for SOL’s price performance.

SOL registered a sharp drop on Friday (August 15), falling 3.48% and settling at $185. However, it rebounded over the weekend, rising 2% on Saturday and 0.73% on Sunday to settle at $191. Despite the positive weekend, SOL was back in the red on Monday, dropping over 4% to $183. Sellers retained control on Tuesday as the price fell 3.69%, slipping below $180 and settling at $176. Bullish sentiment returned on Wednesday as SOL rallied, rising nearly 7% to reclaim $180 and settle at $188. However, SOL was back in the red on Thursday, dropping over 4% to $180. Bullish sentiment returned on Friday as SOL rallied after Fed Chair Jerome Powell’s Jackson Hole speech. As a result, the price surged over 11% to settle at $200.

Source: TradingView

The price encountered volatility on Saturday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as SOL rose 1.73% to $204. The price continued pushing higher on Sunday, increasing 0.93% to $206. Despite positive momentum, SOL plunged over 9% on Monday, slipping below $200 and settling at $187. Despite the selling pressure, SOL recovered on Tuesday, rising 4.60% to cross $190 and settle at $195. The price reached an intraday high of $212 on Wednesday before settling at $203, ultimately rising 3.62%. The price continued pushing higher on Thursday, rising nearly 6% to $214. However, SOL is back in the red during the ongoing session, down over 3% at $207.

Bittensor (TAO) Price Analysis

Bittensor (TAO) started the previous week in the red, dropping nearly 5% to $355. Selling pressure persisted on Tuesday as the price fell 3.75% to $314. Despite the selling pressure, TAO recovered on Wednesday, rising over 3% to reclaim $350 and settle at $353. However, it was back in bearish territory on Thursday, falling 4.62% and settling at $336. Bullish sentiment intensified on Friday as TAO rallied, rising over 10% to settle at $370.

Source: TradingView

Price action turned bearish over the weekend as TAO fell 1.71% on Saturday and settled at $364. The price faced volatility on Sunday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as the price fell 0.84% to $361. Selling pressure intensified on Monday as TAO fell over 11% and settled at $321. The price rallied on Tuesday, reaching an intraday high of $351 before settling at $335, ultimately rising 4.37%. Despite the positive sentiment, TAO returned to the red on Wednesday, dropping 1.32% to $330. The price recovered on Thursday, rising 1.61% but has lost momentum during the ongoing session, down nearly 5% at $320.

Celestia (TIA) Price Analysis

Celestia (TIA) registered a sharp drop on Monday (August 19), dropping nearly 5% to $1.74. It continued declining on Tuesday, falling 5.55% and settling at $1.64. The price recovered on Wednesday, rising almost 5% and settling at $1.72. However, it was back in the red on Thursday, dropping 3.62% and settling at $1.66. Bullish sentiment intensified on Friday as TIA rallied, rising over 13% to settle at $1.88. Price action turned bearish over the weekend, registering a marginal drop on Saturday and falling nearly 5% on Sunday to settle at $1.79.

Source: TradingView

Bearish sentiment intensified on Monday as TIA fell 9.725 to $1.61. Despite the overwhelming selling pressure, the price recovered on Tuesday, rising 4.36% and settling at $1.68. TIA registered a marginal decline on Wednesday but rebounded on Thursday, rising 3.17% to $1.73. The current session sees TIA down nearly 5%, trading around $1.65.

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

source:  https://cryptodaily.co.uk