This week, the cryptocurrency market has been actively correcting downwards: BTC is trading at 59300.00 (–7.6%), ETH is at 2530.00 (–8.6%), USDT is at 1.0003 (–0.01%), BNB is near 534.00 (–6.8%), and SOL is at 139.50 (–12.2%). The total capitalization by the end of the week decreased to 2.08T dollars, and the share of BTC on it was 56.1%.

Experts disagree on the reasons for the negative dynamics. Many believe the traders’ enthusiasm caused by the September interest rate adjustment the US Fed Chairman Jerome Powell announced has already been exhausted. The monetary policy easing will occur against the growth of the American economy, which in the second quarter amounted to 3.0%, exceeding the projected 2.8%, reducing the pressure on the dollar and maintaining its investment attractiveness relative to alternative assets. Some analysts note that the decline in cryptocurrencies is due to the financial statements of Nvidia Corp. Although the Q2 revenue amounted to 30.04B dollars compared to estimates of 28.9B dollars, experts expected much more from the leading manufacturer of chips for artificial intelligence (AI). In each of the three previous quarters, revenue growth exceeded 200.0%. However, this time, it was much less, and the disappointment of traders could have caused a correction not only in the company’s shares but also in other high-tech instruments. In addition, the arrest of Telegram messenger founder Pavel Durov in France, followed by a significant weakening of the TON token, could have put pressure on digital assets. Experts do not rule out that his representatives could have sold off part of their BTC reserves to ensure the deposit of 5,0M euros, legal and other expenses. Finally, the aggravation of the geopolitical situation in the Middle East has cast doubt on the possibility of a peaceful settlement in the region, as a result of which investors are abandoning risky instruments and resorting to buying the dollar as a traditional shelter asset.

Overall, the sector’s activity remained low during the week, as confirmed by the Bitcoin-ETF trading data. Over the past four sessions, the net outflow amounted to 101.6M dollars. The SOL coin showed the largest decline, losing more than 12.0% in value under pressure due to uncertainty about the launch of the Solana-ETF. Thus, in the middle of this month, the Chicago Board Options Exchange (Cboe) removed from its website the 19b–4s (document on the placement of new instruments on trading platforms) applications related to new exchange-traded funds based on Solana. It raised suspicions that the US Securities and Exchange Commission (SEC) rejected the possibility of launching a Solana-ETF, considering SOL a security, not a commodity. Bloomberg analysts are confident that the launch of these funds will be possible only after a change in the US presidential administration.

Overall, the situation in the digital market remains difficult: next week, most of the largest assets may continue to decline or consolidate.