According to CoinDesk, Bitcoin remained stable over the weekend, trading between $54,000 and $55,000. Earlier, the US employment report showed a weak labor market, which led to the liquidation of a large number of long cryptocurrency positions. This week will see the presidential debate and the release of US economic indicators, including CPI and PPI. Market analysts at Presto Research believe that despite macroeconomic concerns, Bitcoin is undervalued due to its record network security. Bitcoin's computing power has reached an all-time high of 679 EH/s, making it the most secure network, and believe that BTC is currently severely undervalued.
Some traders said that the US employment data was lower than expected, indicating a weak labor market, but the lower unemployment rate eased concerns about a recession. The crypto market is expected to remain highly volatile before the next Fed meeting. The August CPI data will be released on Tuesday and the PPI data will be released on Wednesday. In addition, Republican candidate Trump will debate with Democratic candidate Harris on Tuesday, and both sides may propose policies to promote the development of the crypto industry.
BTC has seen low trading volumes over the weekend, with major tokens such as ETH, SOL, ADA, XRP, and TRX up just 0.5% in the past 24 hours. Mid-cap tokens such as NEIRO and BTT have gained 25%.
