The cryptocurrency market opened higher on Monday as investors priced in growing expectations that the U.S. Federal Reserve may cut interest rates in the coming months. The global crypto market capitalization rose to $3.89 trillion, while Bitcoin traded above $110,000.
At the time of writing, Bitcoin (BTC) stood at $110,447. Ethereum (ETH) was priced at $4,397, XRP at $2.81, and Solana at $204.12. Analysts noted that attention is focused on Friday’s release of U.S. nonfarm payroll data for August, with weaker-than-expected figures likely to strengthen rate-cut expectations.
Ethereum to Shut Down Holesky Testnet
The Ethereum Foundation announced that its largest test network, Holesky, will be shut down later this month as part of a planned transition to the Hoodi testnet. Holesky, launched in September 2023, was primarily used for testing staking infrastructure and validator operations.
The shutdown is expected two weeks after the Fusaka upgrade is completed in the network, scheduled for the second half of September. While Holesky enabled testing of major protocol upgrades such as Dencun and Pectra, technical issues earlier this year, including an “inactivity leak,” led to congestion in validator exits. The Foundation launched Hoodi in March as a new environment, and all staking operators will gradually migrate from Holesky to Hoodi.
Ethereum’s next major hard fork, Fusaka, is planned for early November on the mainnet, aimed at improving data availability for rollups by distributing load more efficiently among validators.
Trump-Linked WLFI Proposes Token Burn
Decentralized finance project World Liberty Financial (WLFI), which has ties to the Trump family, has put forward a governance proposal to launch a token buyback and burn program using protocol fees.
According to the proposal, fees collected from liquidity positions on Ethereum, BNB Chain, and Solana would be fully allocated to purchasing WLFI tokens from the market and burning them permanently. The mechanism is designed to reduce circulating supply, increase long-term investor share, and link platform usage directly to token scarcity.
The proposal has received broad support on governance forums, though concerns were raised over the lack of a treasury reserve in case of emergencies.
Earlier this week, WLFI unlocked 24.6 billion tokens, pushing the value of the Trump family’s holdings to about $5 billion.
RAK Properties to Accept Crypto for Real Estate Transactions
RAK Properties, one of the largest publicly listed developers in the Emirate of Ras Al Khaimah, UAE, said it will accept cryptocurrency payments for international real estate transactions.
The company will support Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), with transactions processed through global payment platform Hubpay. Hubpay will convert the digital assets into dirhams before transferring funds to RAK Properties’ accounts.
Chief Financial Officer Rahul Jogani said: “By enabling the use of digital assets, we are reaching a new customer base that is both digitally savvy and investment-conscious.”
The UAE is recognized as one of the most advanced jurisdictions for crypto regulation. According to Chainalysis, the country has seen significant growth in transaction volumes across all segments, with small retail transactions rising more than 75% year-on-year as of June 2024.
Technical Outlook
- Bitcoin (BTC): After dipping to $107,255 on Sunday, Bitcoin rebounded above $110,000. Analysts highlight $107,000 and $105,000 as key support levels, while resistance stands at $112,500–$123,000. Weakening momentum and negative RSI divergence may indicate a bull trap risk.
- Ethereum (ETH): Trading around $4,380–$4,400, Ethereum faces support at $4,200 and resistance at $4,600 and $5,000. Institutional inflows, including ETF demand, have strengthened its medium-term outlook relative to Bitcoin.
- Ripple (XRP): Priced at $2.81, XRP holds above critical support at $2.74. Analysts note that regaining the $3.00 level would provide a key psychological boost, though investor interest remains under pressure from institutional selling.
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