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After a month of impressive returns, the crypto market has observed more sideways movements and lowered trading volume going into September — a month that’s known to have a historical tendency to form monthly red candles. The price of Bitcoin is trading below the $48k resistance zone and the 100-hourly moving average. On the other hand, ETH has started a steady increase as it cleared the $3,400 resistance. On-chain metrics reveal that there is little resistance in ETH’s path towards a new ATH. Ether’s rally is largely attributed to the DeFi and NFT craze. The correlation between ETH and DeFi perpetuals illustrates the cyclical nature of the crypto markets, and paints a picture of how capital is rotated from Bitcoin to altcoins.
Updates from El Salvador: The finance commission of El Salvador’s Legislative Assembly has approved a $150 million trust fund to support the country’s plan to adopt Bitcoin as a legal tender. Part of the fund will support the distribution of a $30 bonus in Bitcoin to citizens that sign up for Chivo, a wallet that supports transactions in Bitcoin and U.S. dollars when it goes live on Sept. 7.