US markets are closed for Labor Day, while crypto opened lower. Bitcoin is down 0.6% near $108,000, extending last week’s 4% decline. Ethereum slipped 1% to around $4,400, losing 6% over the week. XRP fell 3% today and 8% on the week, now under $2.75.
Most major altcoins are in red both today and for the week. Only a few tokens in the top 100 show modest gains, leaving the overall market direction negative.
The Weekend Hangover
Friday’s PCE inflation report showed core inflation at 2.9%, keeping expectations for Federal Reserve rate cuts in September uncertain. Combined with earlier whale sell-offs and thin liquidity, crypto extended its decline into the weekend.
Bitcoin’s drop below $108K brought the lowest levels since early July, with some analysts pointing to support in the $105K–$101K range if the momentum continues. XRP’s move under $2.75 is less forgiving – the coin lost ground last week, and reclaiming the $3 might not be straightforward.
Still, looking at the bigger picture, crypto prices remain high. Bitcoin is still trading comfortably above $100,000, Ethereum continues to hold over $4,000, and many leading altcoins are significantly higher than they were months ago. The current pullback reflects near-term caution, but the broader uptrend remains intact.
Read also: How to recognize a crypto presale scam? Full guide
Macro events ahead
Attention now turns to a series of US data releases later this week, including JOLTS job openings, ADP private payrolls, and Thursday’s jobless claims. The key release will be Friday’s nonfarm payrolls report, expected to show 75,000 jobs added and unemployment rising to 4.3%.
Markets remain focused on whether the Fed will confirm a September rate cut at its meeting on the 16th–17th. Until then, September opens with crypto on the defensive.
