Bitcoin and Ethereum Display Modest Gains; Crypto Market Observes Mixed Responses

In recent crypto market movements, Bitcoin demonstrated a modest increase on Thursday, reclaiming the $25,800 territory. Meanwhile, Ethereum mirrored similar growth patterns, though it didn’t manage to surpass the $1,650 benchmark.

This week saw Bitcoin grapple to maintain its gains, especially after nearing its six-month low. Yet, some buying activity within the market temporarily alleviated the prevailing bleak sentiment. As the G-20 summit in New Delhi this weekend approaches, stakeholders eagerly anticipate potential implications on macroeconomic stances and crypto regulations.

Bitcoin’s recent trade value hovers above $25,600 as it tests the resistance at $26,000 once again. Despite these efforts, the crypto giant hasn’t gained adequate momentum to leap past the $26,000 and $26,200 thresholds. Historically, September has consistently witnessed Bitcoin’s value dip for the last six years, noted Edul Patel, the Co-Founder & CEO at Mudrex.

Ethereum’s trading activity has remained constricted, oscillating between $1,600 and $1,700 over the past seven days. In a significant move, asset management conglomerates Ark Invest and 21Shares have proposed a fund — Ark 21Shares Ethereum ETF — to the US SEC. Upon approval, this endeavor would represent the inaugural attempt to introduce a spot Ethereum ETF within the US.

The broader crypto market observed a modest uptick in several tokens on Thursday, though a downturn in larger cryptocurrencies exerted pressure. Noteworthy performers included Toncoin and Tron, appreciating by 4% and 2%, respectively. Conversely, Solana, Dogecoin, and Cardano each witnessed a marginal decline.The global crypto market capitalization remained relatively stable, hovering around the $1.04 trillion range.

Although trading volumes experienced a significant 10% spike, reaching $26.72 billion. As BTC’s price displayed restricted fluctuations, the market was momentarily stirred by the revelation that tech investor heavyweight Cathie Wood’s ARK Invest has sought to establish a spot Ethereum ETF in the US. Shubham Hudda of CoinSwitch Markets Desk provided this insight.

In a significant policy shift, Google’s advertising division is now permitting NFT game developers to advertise their in-game digital asset exchanges, provided no gambling elements are incorporated. This move follows Google’s decision in July to include such games within the Play Store.

Technical Analysis from Giottus Crypto Platform:

Focusing on Enjin (ENJ), a gaming-oriented network leveraging blockchain technology, Enjin stands out with its innovative offerings. Key among them is the Enjin Network, a gaming-centric platform facilitating the creation of websites, clans, and virtual in-game stores.

The current ENJ/USDT trajectory has successfully surpassed the descending channel pattern on a daily scale. The price movement appears optimistic as the RSI crosses the 60-mark after a two-month gap. A noticeable spike in the 24-hour volume suggests bullish sentiments. Resistance is anticipated at 0.285 USDT, with immediate support projected at 0.25 USDT.

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