The cryptocurrency market digest (BTC, ETH). Overview for 02.09.2022

On Friday, the BTC is barely moving close to $20,101. The major crypto is slowly cheapening, but market players remain cautious and don’t want to sell without news. The news might come up later today – labour market data for August from the US. Actually, market expectations are rather average: both Unemployment Rate and Average Hourly Earnings are expected to remain unchanged. The key intrigue lies in Non-Farm Payrolls. Strong numbers will help capital markets grow and the crypto sector will follow. However, if the BTC fails to secure above $22,000, one should forget about the growth potential.

At the end of this trading week, the capitalisation of the crypto market is estimated at $984 billion, and the share of the BTC dropped to 39.1%. The fear index has dropped a bit, 25 points.

Buterin: BTC is in danger

Ethereum founder Vitalik Buterin is worried about the BTC security. He surfaced the reasons for being concerned about the prospects of the major cryptocurrency – the BTC won’t be able to get enough revenue yield from commissions. In this case, mining won’t be efficient enough.

Justin Sun bought ETH

In the last four days, Tron founder Justin Sun bought 20,633 ETHs for the total amount of $33 million. Sun supports the PoS concept and allows ETHW and ETHS tokens in his exchange Poloniex.

BABL plummeted 95%

The BABL price plunged 95% after they announced the shutdown of Babylon Finance. The project’s founders said that they weren’t able to handle the negative impulse that appeared after DeFi-platform Rari Capital was hacked.