Bitcoin (BTC) is down 2%, retreating after encountering stronger-than-expected resistance at the $65,000 level. This pullback can be linked to several factors, including weak macroeconomic data, concerns over a potential stock market correction, and uncertainty surrounding the upcoming US presidential election’s impact on the crypto market. Adding to the volatility is the upcoming monthly and quarterly options expiry on September 27, which has intensified price swings.
Meanwhile, Ether (ETH) is striving to hold above the $2,600 resistance level but has struggled to reclaim $3,000. Increased Ether issuance has weighed on price action, with Ultrasound Money data showing an additional 58,856.4 ETH was added to the supply over the past 30 days, representing a 0.6% annualized inflation rate. This, along with rising competition from lower-cost platforms like Solana and BNB Chain, has raised concerns about Ether’s upside potential.
On a positive note, PayPal’s recent move to enable business accounts to buy, sell, and trade crypto represents a significant development in the mainstream adoption of digital assets.
