Top Crypto Performers Today September 3 – MANTRA, BSV, dogwifhat
Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology...
On Tuesday, as risk assets retreat and major cryptocurrencies lose a substantial portion of Monday’s gains, traders are searching the altcoin markets for today’s top crypto performers to potentially protect against further losses.
Renewed strength in the Japanese yen has become a focal point, alongside a potential continuation of the unwinding of the “carry trade,” following hints from the Bank of Japan governor regarding further interest rate hikes.
An increase in the yen interest rate has undermined the foundation for this pro-risk trade, as global traders have funded trillions of dollars in risk asset investments by borrowing the historically low-interest-rate yen.
With the decline in US equity markets on Tuesday, Bitcoin (BTC) and other major cryptocurrencies have also faced downturns.
BTC was last trading in the upper $57,000s, down 2.5% for the day, according to TradingView.
Meanwhile, Ethereum (ETH), BNB (BNB), and Solana (SOL) showed mixed or flat performance in the past 24 hours, as reported by CoinMarketCap.
The bulls hope that upcoming economic data, such as the ISM PMI and US jobs reports due later this week, will bolster market sentiment.
Ideally, this data would strengthen narratives of a soft landing and prompt a series of interest rate cuts by the Federal Reserve, expected to begin later this month.
However, these cuts will likely only be beneficial for risk assets if accompanied by solid US economic growth.
As markets await these key data releases, it’s no surprise that investors are pre-positioning themselves
Read more on cryptonews.com
