Crypto Daily Update!!!!

As of September 3, 2024, the cryptocurrency market is experiencing a challenging period, particularly for major coins like Bitcoin (BTC) and Ethereum (ETH).

Bitcoin has fallen below $58,000, its lowest point in 15 days.

Analysts suggest that this could lead to more liquidations, although some are optimistic about a potential rally later in the year, as the months following September historically show stronger performance.

Ethereum has also been struggling, hitting a seven-month low, with its revenue dropping 99% following the Dencun upgrade.

This decline is largely due to competition from Layer-2 scaling solutions that have reduced the demand for ETH, challenging its deflationary narrative.

Altcoins have seen significant movements as well.

For example, Bitcoin SV (BSV) has been one of the top gainers, rising by 5.59%.

Overall, the crypto market is showing bearish tendencies, with major tokens experiencing notable declines, but there are still pockets of optimism for a potential rebound later in the year.

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