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Log in to today's North American session Market wrap for August 29 Today's session brought some extra volatility to complement a fairly dull trading week – Forex Markets had no idea of where to go, with all major pairs rangebound since the weekly open. Some month-end flows brought Silver and Gold to their highs, and since the end of the London session, Equities have sold off. Month-end profit-taking is nothing to be afraid off particularly amid ever-growing stock indices, but after a few months of (relative) calm in geopolitics, it seems that tensions are on the rise again. European powerhouses (France, Germany and the UK) are mad at Iran for not respecting atomic deals (anyone surprised?), Russia and Ukraine get further from a truce, and after reaching deals at the beginning of the month, as the deadlines were coming to their end, some countries like Japan want to review their tariff deals. September is a traditionally volatile month, but with the current state of things, it seems that this one should be a rollercoaster. Looking back at August, cryptocurrencies performed very well, the US Dollar rejected its highs (particularly after the month-beginning NFP report), energy commodities took a hit, metals saw big up-swings towards the end of the month, and equities, despite going higher, slowed their pace quite a bit. Some record highs for the S&P 500 and Dow Jones were still reached and the "Sell in May and go away" adage is still not performing! Read More:Markets Weekly Outlook – US Non-Farm Payrolls, US ISM Services PMIs and Eurozone InflationRisk appetite takes a hit as Markets prepare for month-end, Silver breaks yearly highsCross-Assets Daily Performance Cross-Asset Daily Performance, August 29, 2025 – Source: TradingView Gold and Silver are back on top of charts, with the post-Powell moves gaining traction. Also, keep an eye on cryptocurrencies falling off their highs as they tend to lead market sentiment. It will be key to see if the beginning of next month corroborates with this theme, but the general idea could be that Market players are putting back the currency debasing trade on top after rangebound trading in the commodities since the end of June. A picture of today's performance for major currencies Currency Performance, August 29 – Source: OANDA Labs The story of the week repeats – FX forex is subdued and charts show rangebound price action. Month-end flows have hurted both the GBP and the US Dollar, and with metals going up similarly, I wonder if some participants are putting back stagflation trades on – Keep an eye on this for the upcoming month. A look at Economic data releasing in Monday's session For all market-moving economic releases and events, see the MarketPulse Economic Calendar. Markets will be seeing a few pieces of key data for China and Europe throughout the week-end and the beginning of next week. Keep an eye on data from the Middle Kingdom for Antipodean currencies, while Euro traders will want to watch out for ECB speakers and German PMIs on Monday. Of course, keep an eye on French government turmoil... (we can't stop making headlines, sorry about that) Safe Trades and a pleasant week-end! Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

BitMine Immersion Technologies saw its stock sink nearly 8% this week, yet that didn’t stop Cathie Wood’s ARK Invest from pouring another $15.6 million into the company. The latest move comes during a period of heightened volatility in both equities and crypto markets. ARK Expands Its Holdings According to ARK’s trading disclosures on August 27, the firm bought 339,113 BitMine shares spread across three ETFs. The ARK Innovation ETF acquired 227,569 shares valued at a little over $10 million, while the Next Generation Internet ETF added 70,991 shares worth $3.27 million. The Fintech Innovation ETF purchased another 40,553 shares for $1.87 million. Despite this fresh round of buying, BitMine shares ended the day at $46 before sliding 7.80% in extended trading. Ethereum Strategy Draws Institutional Attention BitMine’s pivot from Bitcoin mining to an Ethereum-focused treasury earlier this summer has transformed the firm into a major corporate player in crypto. Its balance sheet now holds 1,714,000 ETH, worth about $8.20 billion, alongside 192 Bitcoin and $562 million in cash. That makes BitMine the world’s largest corporate holder of Ethereum. Billionaire investor Peter Thiel has also taken a 9% stake, adding more weight to the firm’s rapid rise. According to latest data, the company’s strategy has fueled sharp price movements in its stock. After surging more than 3,000% to a record high of $135 in early July, shares remain up more than 400% year-to-date despite recent pullbacks. Massive Equity Offering Fuels Expansion Reports have disclosed that BitMine dramatically expanded its fundraising plans. On August 12, the company filed to boost its at-the-market equity offering from $2 billion to $24.5 billion, a move led by Cantor Fitzgerald and ThinkEquity. Observers say the new funds will give BitMine more firepower to build its Ethereum position. Analysts projected strong gains for Ethereum, predicting $5,500 in the near term and as high as $12,000 by year-end. If those targets materialize and BitMine pushes toward its 5% supply goal, the company could one day rival Michael Saylor’s Strategy in scale. A New Corporate Champion For Ethereum? Social media reaction has been quick to frame BitMine as Ethereum’s version of Strategy — a corporate vehicle for institutional exposure to the asset. ARK’s growing position, surpassing $200 million this summer, only strengthens that concept. Yet the risks are just as visible. BitMine’s share price swings highlight how concentrated bets can move violently, even with billions of dollars on the balance sheet. Featured image from Meta, chart from TradingView

When you picture an American jet fighter on a critical mission or the latest electric vehicle (EV) rolling off a factory line, you may not realize that several of the key materials that drive these technologies, including tungsten, come from halfway across the world. Although tungsten is a critical mineral prized for its unmatched density, high melting point, and hardness, the US has gone more than ten years without producing a single ounce domestically, relying instead on foreign suppliers to fuel innovation. This gap creates US national defense implications and leaves high-tech manufacturing industries vulnerable to disruptions in the supply chain at any time and underscores the urgent need to secure a reliable supply at home. To further understand the stakes and why the current U.S. supply gap is so concerning, let’s examine how tungsten is produced and who controls it worldwide. Current state of tungsten supply Today, the global tungsten market is overwhelmingly dominated by China, which produces roughly 80 to 90% of the world’s supply. Other countries contribute only small fractions, leaving the US highly dependent on foreign sources for this critical mineral. Historically, the US once had a modest tungsten industry, peaking during the mid-20th century when domestic mines supplied defense and industrial needs. Over time, however, production declined due to competition from cheaper imports, high extraction costs, and dwindling reserves, eventually reaching zero over a decade ago. This absence of domestic supply has left the US vulnerable to shifts in global markets, trade disputes, and geopolitical tensions. In other words, relying almost entirely on foreign producers, particularly one nation with outsized control, significantly decreases our ability to respond quickly and independently in moments of crisis. National security implications Therefore, restoring a domestic supply of tungsten is about more than just mining a mineral—it’s a matter of national security, industrial resilience, and economic strength. Brodie Sutherland, CEO, Patriot Critical Minerals Corp. Submitted image. The US reliance on foreign tungsten leaves defense programs, from aircraft to armor-piercing munitions and advanced weapon systems, vulnerable to export restrictions, tariffs, and geopolitical tensions. A secure domestic supply would ensure uninterrupted access for critical defense applications, reducing vulnerabilities in military supply chains, and safeguarding the operational readiness of U.S. forces. At the same time, tungsten powers high-tech industries such as semiconductors, electronics, and EVs, making reliable access essential for innovation and growth. It also plays a key role in emerging technologies, including fusion energy research, which could shape the future of sustainable power. Bringing tungsten production home would provide a stable foundation for defense, empower industries to develop new technologies without supply-chain uncertainty, create high-skilled jobs, and strengthen regional economies. In short, restoring domestic tungsten supply would transform a vulnerability into a competitive advantage for both national security and technological leadership, making it something the country can no longer afford to ignore. Restoring domestic supply Restoring domestic tungsten supply will require a coordinated effort across government, industry, and research institutions. Identifying and developing untapped domestic deposits is the first step, followed by investing in modern mining and processing facilities capable of producing high-purity tungsten for both defense and industrial applications. Industries from aerospace and defense to electronics, semiconductors, and EVs all depend on tungsten, and even short-term shortages could stall innovation, delay production timelines, and drive up costs across these critical sectors, underscoring the urgency of building a stable domestic supply. Public-private partnerships and targeted incentives could encourage companies to take on the upfront costs of extraction and refinement, while research into more efficient and environmentally responsible methods could make domestic production economically sustainable in the long term. Strategic stockpiling and supply chain planning would further ensure that critical industries and military programs maintain uninterrupted access, even during global disruptions. Together, these measures could establish a resilient supply chain that strengthens both economic growth and technological competitiveness. Conclusion As we see it, restoring domestic tungsten supply is crucial. Securing reliable access would strengthen national defense, reduce reliance on foreign sources, and empower industries from aerospace to electronics, semiconductors, and EVs to innovate without the constant risk of supply disruptions. A stable domestic supply would create high-tech jobs, bolster regional economies, and provide the U.S. with a strategic advantage in both security and technology. It would also mitigate risks associated with overreliance on foreign suppliers, particularly China, ensuring that critical materials remain accessible even amid global uncertainties. Although the challenges are real, the opportunity is clear: by investing in domestic tungsten production, the US can transform a long-standing vulnerability into a foundation for resilience, innovation, and global leadership. Brodie Sutherland is CEO of Patriot Critical Minerals Corp., and a geologist with over a decade of experience leading mineral exploration across 20+ countries

Ethereum is staring down one of its most significant supply risks as more than 1 million ETH, valued at $5 billion, lines up for withdrawal from staking. The unprecedented exit queue has ignited debate over whether the network could face a wave of selling pressure or if the movement marks a rotation of capital within the Ethereum ecosystem. Ethereum Sees Record Validator Exodus Ethereum faces what analysts describe as the largest validator exit events in its Proof of Stake (PoS) history. Blockchain data from ValidatorQueue shows more than 1 million Ether, worth roughly $5 billion, awaiting withdrawal. Notably, validators, who play a central role in securing the network by adding new blocks and verifying transactions, have lined up to withdraw their tokens. This surge in exits has pushed the waiting period to a record of 18 days, as of writing. Etherscan also reports that on August 20, Ethereum’s validator exit queue surged past 916,000 ETH, the highest level in over a year. That figure ballooned to more than 1 million in less than two weeks, highlighting the rapid acceleration of withdrawals. At the same time, however, Ethereum’s entry queue also expanded—rising from just 150,000 ETH to over 580,000 ETH—creating a net staking increase of about 200,000 ETH in the past week. The timing of this upcoming withdrawal coincides with Ethereum’s significant price growth, which has seen the cryptocurrency gain more than 72% over the past few months. A substantial share of this pending Ether could be sold as stakers lock in profit after a rally. Moreover, if a large fraction of the $5 billion supply is unloaded on the open market, ETH could experience a sharp wave of sell pressure. However, while headline figures appear alarming, analysts caution against assuming that all withdrawn Ether will be dumped. Crypto market expert Joe Swanson notes that institutional buyers and Ethereum ETFs have been absorbing substantial amounts of ETH, thereby cushioning the potential downside. He argues that although the exit queue suggests short-term turbulence, the cryptocurrency’s long-term trajectory remains bullish, with projections still targeting levels above $5,000. Exits Signal ETH Market Rotation, Not Abandonment ValidatorQueue’s data highlights that while the exit queue surpasses 1 million, the entry queue sits above 726,000. This implies a net staking outflow of over 320,000 ETH, indicating a possible rotation of capital rather than wholesale abandonment. Supporting this, crypto expert Minal Thukral stressed on X that the spike in the ETH validator queue should not be misinterpreted as a crisis. Thukral noted that Ethereum’s protocol is designed to intentionally rate-limit exits to ensure network stability, meaning congestion may not be the issue. According to the analyst, validator exits are better understood as capital rotations. He explained that large stakers are likely reallocating funds into liquid staking services, restating, or adjusting positions in anticipation of ETFs. At the same time, demand to enter the staking queue remains strong. This interplay between exits and entries paints a picture of a maturing market, with the real question being where the withdrawn ETH will flow next.

The week had been surprisingly calm, with equities calmly marching higher, FX Markets not knowing where to go and generally low volatility. Despite of the lack of volatility, traders were not missing headlines: Between the firing of FED's Lisa Cook which pursues the corruption of the Federal Reserve's independence (A lawsuit is currently ongoing), some geopolitical distress with Russia and renewed diplomatic tension with Iran. I strongly invite you to check this piece on Gold running higher from the headwinds – The precious metal is currently breaking higher and stands less than $50 to its all-time highs. Read More: Gold (XAU/USD) Eyes Weekly Close Above $3400/oz on Renewed Haven Demand and DXY Weakness You can also access one of my weekly pieces on Silver that covers the run on the FED's independance and its influence on precious metals right here. The metal actually just broke yearly highs – check out the chart just below. Gold is attaining an intra-day top, but these flows have already degraded Market sentiment quite a bit, with Nasdaq down 1.24% as I speak and other US Indices following through (On a slower descent however). Let's take a look at the current state of Markets and look at a few key charts to spot what are the ongoing risk-off flows towards the monthly close. Markets also have reasons to reduce risk, awaiting for next week's Non-Farm Payrolls release. It seems that the move has some traction, but if it really just was about Iran or Russia tensions, Oil would have headed higher – In any case, let's see what's moving. Get ready for next week with our week ahead piece: Read More: Markets Weekly Outlook – US Non-Farm Payrolls, US ISM Services PMIs and Eurozone InflationTaking a look at the current market picture An overview on the current market, August 29, 2025 – Source: TradingView It would be wrong to say that the current flows are typically risk-off, however, something seems to be playing out. It could be month-end flows exaggerating profit-taking on a few risk-assets, but the most volatile ones like Bitcoin and Nasdaq really are not enjoying this intraday trend. It seems that the first legs of the ongoing move are over, and they have started a bit after the Core PCE release. Keeping an eye on Gold could point to some interesting dynamics. Watch for the weekly close, Equities pursuing their move lower could trigger some supplemental volatility. After all, with the pre-NFP profit taking, it would be normal to see some angst in Markets. Silver breaks yearly highs Silver 8H Chart, August 29, 2025 – Source: TradingView Silver has marked daily highs at 39.97, with the daily spike being decently strong and may have caught some participants off-guard. A continuation on Monday could lead to a test of the 2011 highs: Key levels for Silver: Daily and yearly highs 39.97All-time highs 49.87 – April 2011Weekly lows and support zone between $35 to $36.36 Keep an eye on the month-end flows which typically accelerate between 15:00 to 16:00. Safe Trades and a pleasant weekend! Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

During a recent interview on Fox Business, VanEck CEO Jan van Eck shared his view on which cryptocurrency he believes has become the top choice among Wall Street investors. He made it clear that the answer is not XRP, a token many expected to fill that role. According to him, Ethereum is becoming the primary choice for banks and large financial companies due to the rise of stablecoins and digital currencies, and institutions that want to remain competitive cannot afford to ignore it. Ethereum Crowned The “Wall Street Token” By VanEck CEO Jan van Eck said Ethereum is the blockchain network to which Wall Street institutions are increasingly turning as its smart contracts and staking features provide practical applications in finance. According to the VanEck CEO, this may be why the digital currency is becoming an integral part of today’s financial systems, with institutions already using Ethereum for stablecoin payments, decentralized finance projects, and tokenized assets. Data shows that over 19 public companies are holding 2.7 million ETH in their treasuries. Many of these companies are utilizing staking to generate a steady income. Investment advisers are also involved, with $1.3 billion in Ether ETF exposure, and Goldman Sachs accounts for more than half of that amount. VanEck itself has joined this trend. The global investment management firm launched its Ethereum ETF in July 2024 and now manages over $4 million in assets. While the fund tracks Ether’s price without holding the actual tokens, it underscores the CEO’s confidence in Ethereum’s long-term role in global finance. Stablecoin Boom Solidifies Ethereum’s Institutional Role Van Eck also connected Ethereum’s rise to the rapid expansion of stablecoins. He points to the GENIUS Act, a new law passed earlier this year that gave banks and institutions greater confidence in using stablecoins backed by the U.S. dollar. The law brought stablecoins into the regulated financial system, and Van Eck said this has only strengthened Ethereum’s role as the backbone of digital finance. “Every bank and every financial services company has to have a way of taking in stablecoins,” Van Eck said. He added that banks will eventually have to build on Ethereum or on chains that use “Ethereum-kind of methodology.” Currently, Ethereum controls over 50% of the $280 billion stablecoin market, and experts say this figure could grow into the trillions in the coming years. Van Eck says Ethereum could benefit the most from the adoption of stablecoins by more banks and institutions. For the VanEck CEO, Ethereum is more than an altcoin; it is now the network at the center of the future financial world. That is why he called it the “Wall Street token” and predicts that it will play a leading role in the stablecoin and digital dollar revolution.

Gold prices advanced to near-record levels on Friday as investors weighed US economic data and uncertainty around the Federal Reserve’s future. Spot gold rose 0.8% to $3,445.87 per ounce as of 12:40 p.m. ET, on track for its best month since April. US gold futures jumped 1.1% to $3,513.50 per ounce, just $20 short of a new record high. Click on chart for live prices. The gains come off the back of fresh US data that showed stubborn inflation, as personal consumption expenditures — the Fed’s favored price index — remained well above policymakers’ comfort zone. Still, US consumer spending rose in July by the most in four months, indicating healthy demand. Traders have increased their bets on a 25-basis point rate cut by the US central bank at its September meeting to an 89% probability, up from 85% before the data came out. A Fed rate cut would bode well for precious metals like gold, which yields no interest. “We have expectations of a Fed rate cut, or potentially two, throughout this year, (which is) generally supportive for commodity prices across the board, including gold and silver,” David Meger, director of metals trading at High Ridge Futures, told Reuters on Friday. Fed’s uncertain future Meanwhile, questions surrounding the Federal Reserve’s independence continue to linger, following US President Donald Trump’s unprecedented move earlier this week to fire governor Lisa Cook. In an emergency hearing Friday, a federal judge said they will consider issuing an order to block the firing. “Gold is benefiting from this uncertainty (around Fed independence), as shown by inflows into gold ETFs of just under 15 tons in the last two days. Nevertheless, the upside for gold above $3,400 is looking increasingly limited,” Commerzbank wrote in a note. “Another layer of geopolitical uncertainty related to risks around the Fed and overall institutional independence is moving flows into gold,” Frank Monkam, head of macro trading at Buffalo Bayou Commodities, said in a Bloomberg interview. Expectations for more bullion buying from central banks in September also supported the market, Monkam added. As the go-to haven asset amid political and economic turmoil, gold has risen more than 30% so far this year, including setting an all-time high of $3,500 in April. (With files from Bloomberg and Reuters)

Eric Trump laid out a bluntly bullish, supply-and-demand case for why Bitcoin can reach $1 million, arguing that accelerating institutional access collides with Bitcoin’s fixed 21 million-coin cap, during a “Bitcoin Takes Over the World” session with David Bailey at the Bitcoin Asia conference in Hong Kong on August 29. Bitcoin’s Path To $1 Million Is ‘No Question’ “Everybody wants Bitcoin. Everybody is buying Bitcoin. And that’s uh that’s an incredible thing. And that’s why I’ve always said that I really believe that in the next several years, Bitcoin will hit a million dollars. There’s no question Bitcoin hits a million dollars,” Trump told the audience, adding that “every person who wants an asset class and you have a very limited supply… it doesn’t take a genius to figure out where that goes.” He urged long-term accumulation over timing: “Buy right now. Shut your eyes. Hold it for the next five years and you are going to do terrifically well.” Trump also recounted his private discussions with high-level investors in the lead-up to the conference: “When you’re in the room with certain people and and I had breakfast this morning with, you know, a couple of the most powerful people in the region and the hospitality space and you’re literally sitting there trying to explain to them what digital currency is, you realize how early we all are to this race […] I hear from people all the time, you know, should I get into cryptocurrency? Did I miss it? Am I too late? And I literally start laughing at them. I go, we haven’t even scratched the surface of what Bitcoin is going to be.” Trump’s core thesis combined two pillars: finite issuance and broadening distribution rails. He repeatedly emphasized Bitcoin’s provable scarcity—“There’s only 21 million coins… It’s finite. And that’s what makes it so damn powerful”—while asserting that channels for ownership have widened to large pools of capital. “In America, people are buying it for their retirement plans for the first time… you’ve got trillions of dollars of liquidity that’s opening up,” he said, citing custody at “major financial institutions,” as well as uptake by “the biggest banks,” “the biggest families,” “Fortune 500 companies,” and “sovereign wealth funds.” According to Trump, those cohorts are long-term holders: “Those retirement accounts are not letting Bitcoin go. Those companies are not letting Bitcoin go. Those sovereign wealth funds are not letting Bitcoin go.” Pressed on what he is hearing in high-level rooms globally, Trump offered another anecdote—without naming the country—about a leader who “literally [takes] the entire energy supply of a major city in the middle of a winter and uses it to mine Bitcoin because that’s how much they believe in the asset.” He added, “You realize how early we all are […] more and more people are finding their inroads,” pointing to improving exchange usability and new consumer on-ramps. “We’re literally trying to get cryptocurrency to the masses,” he said about World Liberty Financial. Trump also highlighted his own commercial exposure to the sector. He described American Bitcoin as “one of the biggest Bitcoin mining companies on Earth,” claiming it produces “about 3% of the world’s Bitcoin every single day,” operates from “some of the cheapest energy in the world… in Texas,” and targets a “rough cost per… mining of Bitcoin… about $37,000,” with plans to list on Nasdaq “very soon.” Beyond mining, he praised his involvement with MetaPlanet alongside Simon Gerovich—whom he dubbed “the Michael Saylor of Asia”—saying the company had “single-handedly changed… the way [Japan and] a lot of Asia” view Bitcoin. The conversation returned repeatedly to Bitcoin’s evolving utility narrative. While calling Bitcoin “digital gold” and “the greatest store of value that’s arguably ever been created,” Trump argued its use cases are broadening: “Every single day they’re figuring out new ways to kind of stake it, to get yield on it, to use it for everyday purchases […] you’re taking this digital gold […] and you’re putting massive utility behind Bitcoin.” He framed volatility as an ally for long-term buyers—“Volatility is our friend”—and, with a wink to Michael Saylor’s famous extremism, quipped, “I know obviously he jokes when he says that, but he’s right. Buy it, hold it, and I think you’re going to do extremely well.” At press time, BTC traded at $110,149.

Highlights include US NFP, ISM PMIs, EZ Flash CPI, UK Retail Sales, and Canada Jobs Newsquawk Week Ahead: Highlights1st – 5th September 2025 MON: US Labor Day, South Korean Trade Balance Prelim (Aug), Chinese Caixin Manufacturing PMI (Final), EZ, UK, US Manufacturing PMI (Final), New Zealand Terms of Trade (Q2) TUE: South Korean CPI (Aug), EZ Flash HICP (Aug), US ISM Manufacturing PMI (Aug) WED: NBP Announcement, Australia Real GDP (Q2), US ADP National Employment (Aug), Chinese Caixin Services PMI (Final), mEZ, UK, US Services PMI (Final), US Durable Goods R (Jul) THU: Swedish CPIF (Aug), US ISM Services PMI (Aug) FRI: UK Retail Sales (Aug), EZ GDP R (Q2), US Jobs Report (Aug), Canadian Jobs Report (Aug) EZ FLASH HICP (TUE): Expectations are for HICP Flash Y/Y to print at 2.0% (prev. 2.0%), with the “super-core” forecast at 2.2% prev. 2.3%). As a reminder, the prior release showed headline Y/Y HICP held steady at 2%, super-core ticked lower to 2.3% from 2.4% and the services component nudged lower to 3.2% from 3.3%. Oxford Economics noted that energy prices remained in nmdeflation, demand-driven inflationary pressures continued to decrease, and services inflation steadily disinflated. For the upcoming report, analysts at Investec note that despite a downtick in services inflation, the headline rate is likely to rise to 2.1% due to unhelpful energy base effects. Elsewhere, the desk expects to see a stabilisation in food price inflation following the increase seen in 2025. From a policy perspective, markets price a circa 34% chance of a 25bps rate cut by year-end, with the odds of further loosening having faded alongside the EU-US trade agreement and a more resilient-than-expected Eurozone economy. That being said, if the strengthening of the EUR is to pose the risk of an inflation undershoot in the region, some voices on the Governing Council may grow increasingly in favour of further easing. Note, Goldman Sachs sees headline inflation broadly below target throughout 2026. US ISM MANUFACTURING PMI (TUE): As a basis of comparison, the flash S&P Global US manufacturing PMI rose to 53.3 in August from Julyʼs 49.8, marking a 39-month high and signalling a renewed improvement in factory conditions. Output climbed for a third consecutive month at the fastest pace since May 2022, supported by the largest inflow of new orders since February 2024. Manufacturing employment rebounded, recording the largest payroll increase since March 2022, while input inventories also rose sharply. Faster supplier deliveries provided a minor drag on the PMI, but less so than in July. S&P Global said that optimism in the sector was lifted by policy support, such as tariffs, and remained well above the post-pandemic average. However, firmsʼ confidence stayed below Januaryʼs recent peak due to concerns over higher costs and geopolitical uncertainties, particularly around international trade and supply chains. The report suggested continued expansion in manufacturing, underpinned by strong demand, though caution persists amid cost pressures and external risks. AUSTRALIAN GDP (WED): Q2 GDP is expected to show another subdued print, following Q1 growth of 0.2% Q/Q and 1.3% Y/Y. Westpac forecasts a 0.4% Q/Q rise, leaving annual growth at just 1.3% in six-month annualised terms, well below the RBAʼs revised trend of 2.0%. Westpac highlights that the recovery has stalled over H1, with public demand proving weaker than anticipated— public construction fell 5.1% across the first two quarters and infrastructure spending dropped more than 7%. The desk adds that private capex has failed to offset the pullback, with non-residential building activity down 2.6% and machinery and equipment investment still below late-2024 levels. Consumer spending improved modestly on real income gains, but momentum has since softened. Commodity exports rebounded, led by iron ore, though higher imports left net trade flat. Overall, a weak Q2 print would reinforce the fragile growth backdrop and support market expectations of further RBA easing into year-end. Markets currently price some 20% chance of a 25bps cut at the 30th September meeting, with Novemberʼs confab currently baking in 24.5bps worth of easing. SWEDISH CPIF (THU): The August inflation report will be key in dictating the policy decision at the next Riksbank meeting on Sept 23. In terms of expectations via SEB, analysts see core CPIF to slow in August to 2.9% Y/Y (prev. 3.2% Y/Y), but still remain a touch above the Riksbankʼs own target. However, the bank sees headline Y/Y CPIF to rise a touch to 3.2% (prev. 3% Y/Y) on higher electricity prices. As a reminder, Julyʼs inflation data printed more or less in line with the consensus, and Core CPIF Y/Y for July was a touch below expectations, whilst M/M matched consensus. The elevated inflation metrics led the Riksbank to keep rates steady at its August meeting. Within that, the Bank kept the door open for “some probability” of another cut this year – and should inflation cool in August, SEB thinks the Bank will opt for a 25bps cut in September, with policymakers also wary of the slowing activity picture in the region. The Minutes of the most recent meeting showed that some members viewed the upturn in inflation as temporary, and should that prove to be the case in August, then it may raise the probability of a cut in September. US ISM SERVICES PMI (THU): As a point of comparison, the flash S&P Global US services PMI fell slightly to 55.4 in August from Julyʼs 55.7, marking a two-month low, but signalled continued robust expansion in the sector. Services sales rose at the fastest pace since December, supported by stronger exports and improved customer confidence. Average prices charged climbed at the sharpest rate since August 2022, reflecting sustained cost pass-through, while goods price inflation eased slightly but remained elevated. Backlogs in services held at the joint-steepest rate since May 2022. S&P Global noted that business activity growth eased from Julyʼs year-to-date high, though firms remained buoyed by new product offerings and strong demand. Its report suggested a continued expansionary trajectory for services, supported by resilient domestic demand and a modest return to export growth, evenas inflationary pressures remain elevated. Source: Try Newsquawk free for 7 days UK RETAIL SALES (FRI): Expectations are for the delayed July retail sales report to show Y/Y at 1.3% (prev. 1.7%) and M/M 0.2% (prev. 0.9%). Core Y/Y is expected at 1.1% (prev. 1.8%) and core M/M at 0.4% (prev. 0.6%). In terms of recent retail indicators, BRC retail sales for July rose 1.8% Y/Y (prev. 2.7%) with the accompanying report noting “with sales growth at these levels, it is barely touching the sides of covering the GBP 7bln new costs imposed on retailers at the last Budget. If the upcoming Autumn Budget sees more taxes levied on retailersʼ shoulders, many will be forced to make difficult choices about the future of shops and jobs, and ongoing pressure would push prices higher.” Elsewhere, the Barclaycard Spending report noted that growth “was predominantly driven by clothing retailers, who had their strongest month of growth since September 2024, as Julyʼs changeable weather led consumers to double up on purchases for both rainy and sunny weather.” For the upcoming ONS report, Oxford Economics pencils in a 0.2% M/M decline in July due to “the level of sales in the non-food and non-store categories in June being much higher than in previous months,” so it thinks that there’s scope for some payback in the July report. US JOBS REPORT (FRI): The consensus expects 75k nonfarm payrolls to be added to the US economy in August (prev. 73k), with the unemployment rate seen rising to 4.3% (from 4.2%; vs Fed end-2025 projection of 4.5%). Average earnings are seen rising +0.3% M/M, matching the July figure, and average workweek hours are expected to be unchanged at 34.3hrs. Analysts at Barclays are in line with the consensus, expecting +75k nonfarm payrolls. The bank notes that their monthly models, which use weekly initial and continuing unemployment claims and other employment indicators, project a stronger payroll gain than their main forecast, although it cautions that these inputs swing substantially month-to-month due to distortions in seasonal adjustment from the pandemic, so they place more weight on the median model forecasts. On revisions, Barclays says that while late-arriving responses caused downward revisions in July, there is little evidence for meaningful serial correlation in revisions across months, so they do not expect substantial changes to June or July estimates. However, they acknowledge that tariff-related disruptions could affect non-responding establishments, which could influence hiring. In terms of the implications for Fed policy, many brokerages now expect a 25bps Fed rate cut in September following Chair Powellʼs warning at Jackson Hole on rising labour market risks. Powell highlighted downside employment risks, including potential layoffs and higher unemployment, signalling an easing bias. Barclays brought forward its previously expected September 2026 cut to 2025, while others like BNP Paribas and Deutsche Bank also revised forecasts for cuts in September and December. Goldman Sachs and JPMorgan reaffirmed expectations of a September cut, aligning with market sentiment; BofA and Morgan Stanley remain cautious, citing ongoing inflation pressures and economic mrebound, but note that further labour market softening could prompt easing. At the time of writing, money markets are pricing an 85% probability of a 25bps cut on September 17th (vs around 75% before Powellʼs Jackson Hole speech), and through to the end of the year, are now fully discounting two rate reductions. CANADIAN JOBS REPORT (FRI): The BoC will use the upcoming labour market data to help guide its future rate path, though it is only one factor, as the Bank remains on hold to assess the impact of US trade policies. In July, rates were left at 2.75% in a unanimous decision, with some members noting sufficient support for the economy while others saw a potential need for more. This 2.75% level is the centre of the BoC’s neutral estimate, suggesting limited room for cuts, depending on tariff effects. The latest BoC minutes showed that the labour market remained soft. Job losses were concentrated in sectors that are reliant on trade. Employment had continued to grow in the rest of the economy. While job growth had picked up in June, the unemployment rate was 6.9%, with some categories, such as youth unemployment, markedly higher since the beginning of the year. Some members expressed concern about the risks of further increases in the unemployment rate and the implications for households if the trade conflict were to escalate or the effects were to spread through the economy more broadly. Copyright © 2025 Newsquawk Voice Limited. All rights reserved. Registered Office One Love Lane, London, EC2V 7JN, United Kingdom · Registered Number 12020774 · Registered in England and Wales. newsquawk.com · +44 20 3582 2778 · info@newsquawk.com Check out our previous article Mastering Retracements in Trading The post Newsquawk Week Ahead: Highlights1st – 5th September 2025 appeared first on Forex Trading Forum.

Copper prices rose on Friday, putting the metal on track for a fourth straight weekly gain, as upbeat economic signals from the U.S. and China buoyed demand expectations. The benchmark three-month copper contract on the London Metal Exchange (LME) rose as much as 0.8% to $9,898 per metric ton, hovering near its highest level in a month. Futures on the COMEX also gained, with the most-active contract climbing 1% to $4.5880 per pound ($10,093/t). Economic tailwinds from the US and China In the US, revised government data showed the economy expanded at a 3.3% annualized pace in Q2, stronger than the previously reported 3% growth. The revision was driven by a pickup in business investment, which jumped 5.7%, alongside resilient consumer spending and support from trade. Meanwhile, in China, industrial profits fell in July at a slower pace than in June, hinting that government efforts to curb overcapacity and stabilize manufacturing may be beginning to take effect. A moderation in profit declines could support downstream demand for industrial metals, including copper. Bloomberg Intelligence analysts noted that metals prices “appear set for an upswing in the near term as dollar bears’ case remains compelling,” adding that recent volatility in the greenback against Group of 20 currencies is “unlikely to alter the case for a cyclically bearish dollar” in the second half of the year. Goldman Sachs analysts, however, cautioned that while US rate-cut expectations and supportive regulations have lent stability, looser physical markets and lingering weakness in Chinese economic data could weigh on the sector. The bank reiterated its year-end LME copper forecast of $9,700/t, maintaining a bearish stance on aluminum.

Crypto analyst XForce has set a $20 target for the XRP price. The analyst also highlighted two scenarios that could play out from here for the altcoin to reach this price target. XRP Price Eyes Rally To $20 In This Market Cycle In an X post, XForce declared that $20 remains the primary cycle target for the XRP price. He noted that the altcoin still faces strong resistance at the $4 level, but this does not alter the overall bullish outlook on the macro level. The analyst then went on to mention a strong impulse continuation and Wave 1-2 Flat continuation as the two scenarios that could play out for the altcoin. In another analysis, XForce provided an update on the macro trend for the XRP price, noting that it still has plenty of room for its bullish continuation. He further remarked that XRP is bullish as smart money is currently accumulating the token, while others are afraid that this is the market top. Based on his analysis of the macro count, XForce admitted that there is the short-term possibility of a pullback for the XRP price. However, he remarked that it doesn’t change the implication of the macro count, which shows there is still a lot of room to the upside. The analyst added that there is currently no indication that XRP will experience pullbacks of up to 60% to 70%, as it did in previous cycles. Instead, he believes that the current XRP price level will act as the base for the Wave 3 impulsive move to the upside. XForce also noted that XRP had a long period of consolidation before its bull run began, which makes it unlikely that it has already topped. The analyst then stated that $10 to $20 is his conservative target for the altcoin, while there is the possibility that it could reach $40 if the bull run extends. A Breakout Is Imminent For XRP In an X post, crypto analyst CasiTrades stated that a breakout is imminent for the XRP price as it continues to hold its consolidation pattern. She revealed that price action is tightening right to the apex and that there isn’t much time left before a major breakout. Meanwhile, XRP recently tested the bottom trendline of the consolidation and showed a strong reaction right to the top. CasiTrades noted that this further strengthens the consolidation pattern since no new lows were made, and that the count and macro extensions remain valid. The analyst then mentioned that the apex of this entire consolidation is the .382 support at $2.99. She added that a strong breakout through $3.08 and a backtest of that level as support would confirm bullish continuation. At the time of writing, the XRP price is trading at around $2.90, down over 3% in the last 24 hours, according to data from CoinMarketCap.

Nevada-focused Scorpio Gold (TSXV: SGN) says it has received an C$8 million ($5.8m) investment from Canadian mining entrepreneurs Ross Beaty and Eric Sprott to advance its flagship Manhattan property. The investment comprises the issuance of 32 million common shares priced at a discount of C$0.25 apiece. Beaty, who founded Pan American Silver (TSX: PAAS) in 1994 and is the current chairman of Equinox Gold (TSX: EQX), bought 20 million shares, while billionaire investor Sprott placed an order for 12 million. Scorpio Gold rose by nearly 15% following the announcement. By 10:30 ET, the stock traded at C$0.38 a share — its highest in over two years — with a market capitalization of approximately C$73 million ($53.1m). The proceeds, the Vancouver-based gold junior says, will be used for exploration and development activities at Manhattan. The property encompasses the Goldwedge mine, with a 400-tonne-per-day mill, and four past-producing pits that were acquired from Kinross in 2021. Late-stage exploration project Scorpio considers the consolidated Manhattan district property, covering 47.8-sq.-km, as a “late-stage exploration opportunity” with over 100,000 metres of historical drilling and significant resource potential. It also noted that the land package is about 16 km south of Kinross’ Round Mountain mine. Goldwedge is a fully permitted underground mine project with over 600 metres of excavation. Drilling to date has outlined mineralization over a 335-metre strike length and to a vertical depth of over 150 metres. The former Kinross projects have a history of production dating back to the 19th Century. The Reliance mine produced around 59,000 tonnes grading 12.3 g/t gold between 1932-1941, while the Manhattan Mine East & West pits outputted 236,000 tonnes during 1974-1990. To supplement historical data on the projects since production ended, Scorpio kicked off a Phase 1 diamond drill program in June, targeting three main areas: the Gap Zone sandwiched between the historic Goldwedge and West Pit mines, the Zanzibar Trend connecting Goldwedge to the third target zone, and Mustang Hill’s historic underground mines. “Previous operators have failed to consolidate the Manhattan claim package, leaving areas such as the Gap Zone, connecting the West Pit to the Goldwedge mine untested,” Harrison Pokrandt, Scorpio’s VP of exploration, stated in a June 20 news release. “This situation has now been resolved, just one of the factors that now allow Scorpio to fully unlock the potential of the district.” Focus on Manhattan To focus solely on exploring the Manhattan district, the company last month sold its other project in Nevada, the Mineral Ridge in Esmeralda County, to a third party for $7.5 million. CEO Zayn Kalyan said the sale would enable Scorpio to focus its financial and strategic resources on the Manhattan district and deploy the proceeds directly into unlocking the value of what it believes is a “highly prospective, underexplored asset in a Tier 1 jurisdiction.” “With the large amount of historic workings and past-producing assets on the property, and Kinross’ Round Mountain gold mine just 15 km to the north, on the north side of the Manhattan Caldera structure, I believe Manhattan has the potential to become a multi-million-ounce gold asset,” he stated in press release earlier. While it completes the drilling, the company plans to publish an initial resource for Manhattan in the third quarter of 2025 incorporating some of the new results, and then look to expand the resource going into next year.

China is moving closer to exploring stablecoins, a change that could reshape global payments and help push the yuan onto the world stage. Reports say the State Council is reviewing a roadmap that would set targets for using a yuan-backed stablecoin, assign roles to domestic regulators, and lay out rules to manage risks. Senior leaders are expected to meet this month to discuss yuan internationalisation and stablecoin policy — a notable shift from the 2021 ban on crypto trading and mining, and a development closely watched by projects like Conflux crypto, which position themselves as regulatory-compliant blockchains in China. If energy majors like PetroChina begin settling transactions in yuan-pegged tokens, the potential impact on global trade corridors could be massive. For China, it would mean a direct application of stablecoin technology to expand yuan-denominated settlement, reducing reliance on the U.S. dollar in oil and commodity markets. Could Conflux crypto become a major player in this sector? The answer will depend on regulatory outcomes in Beijing and Hong Kong, how smoothly Conflux’s upgrade runs, and whether major firms actually move to settle in yuan-pegged stablecoins. For now, Conflux sits at the center of a story that mixes policy, infrastructure upgrades, and corporate pilots — and that blend is why traders can’t help but watch closely. Key Takeaways China’s State Council is reviewing a roadmap for yuan-backed stablecoins. This signals a major policy shift. Conflux crypto gains momentum with its 3.0 upgrade and compliance edge, aligning with China’s blockchain ambitions. PetroChina explores stablecoin settlements under Hong Kong’s new framework, highlighting broader adoption in traditional industries. The post China is Moving on Chinese Stablecoin: Is Conflux Crypto Pump Evidence of Smart Money Accumulation? appeared first on 99Bitcoins.

We are concluding a fairly muted trading week, with participants usually taking the final trading week of August to reload their batteries before entering the volatile final four months of the year. As a matter of fact, the session close will be essential to watch as month end flows tend to move markets quite largely. Indecisive trading, Ukraine-Russia talks take a step back Markets decided to consolidate on relative low-volume trading. Action in Forex markets was almost nonexistent, with low-volatility and volumes ranges, while equities went higher step by step. The S&P 500 still reached some new all-time highs and the Dow Jones is holding above its previous record (Is a double top into work for the index? This could have big technical implications) – It isn't shocking to get timid action ahead of Non-Farm Payrolls, particularly with the current state of things in Markets. Jerome Powell is changing his tone, the Federal Reserve's independence is getting challenged harshly, and diplomatic advances are failing: The German Chancellor Merz announced that Zelenskyy-Putin talks won't take place anytime soon. With the past month's weak NFP report and a contradicting July PPI putting back tariff fears on the table, the path ahead is unclear yet again. Weekly performance from different asset classes Weekly Asset Performance, August 29, 2025 – Source: TradingView Cryptocurrencies have seen quite a selloff this week, but this comes after a decent past week. Nothing is too shocking here as volatility decreases and key data is expected next week. However, some relatively weak highs have been formed, as can be seen in our past week's analysis of the Cryptocurrency Market. Indeed, Bitcoin has formed a double top and is failing to provide much to counter its effect, while Ethereum peaked at a new all-time high on Saturday before correcting further. Ether has better prospects than its older brother, but its performance will still be contingent on BTC's performance. For the rest, Nasdaq and other stock indices weren’t performing much, but Nvidia earnings brought positive sentiment back. The winners of this week are commodities, with Oil and Gold standing on top (Silver also had quite a strong performance). It seems that Powell's pivot, although not having a big influence on other Markets, helped metals get back on their 2025 bull train. We should get a better idea if that is to continue after next week. Always keep an eye on the US Dollar to gauge the state of other markets (a strong USD usually leads to lower demand for Metals). Read More: US Oil (WTI) breaks $65, Russia–Ukraine talks regressEURUSD rangebound in the waiting for further news – breakout levelsGold (XAU/USD) Eyes Weekly Close Above $3400/oz on Renewed Haven Demand and DXY WeaknessThe Week Ahead – US Non-Farm Employment in focus (with some other key data points) The beginning of next week should see volumes slightly getting back due to beginning of the month and quarter positioning. However, the entire trading planet is awaiting for Friday's Non-Farm Payrolls report, therefore trading won't be as clear before that date. Asia Pacific Markets - Growth data for Australia with Governor Bullock and PMIs for China China and Australia will be in focus for APAC trading next week: China opens the week with Caixin Manufacturing PMI on Sunday evening, a key gauge of factory activity that often sets the tone for Asia (and has high influence on AUD and NZD performance) The Services PMI on Tuesday evening will complement the picture, amid a still slowing Chinese economy (most of the recent growth has been generated from government stimuli). Australia’s week is also packed with data – Manufacturing PMIs and Q2 GDP land on Tuesday, giving insight into growth momentum. Later, Thursday’s Trade Balance figures and comments from the Royal Bank of Australia Governor Bullock will add spice, with markets parsing every word for future policy hints – The RBA has just about one extra cut priced in for the year. Japan and New Zealand won't see much in terms of key data. The Bank of Japan is the next APAC central bank to release their rate decision, with a pause mostly expected, but either way, the decision will not come before the middle of the month (September 18th). The BoJ is trying to push back their hike (13% chance of a hike priced in for the year) and would, like US President Trump, love for the FED to cut to reduce the high interest rate differentials. In terms of Asian Equity markets, the Nikkei and Hang Sang are both consolidating around their yearly highs in search of further momentum, while the Singapore STI, which reached a new record of 4,272 on Wednesday 13th has started to decline the past two days – is it profit-taking again or is Asian economic activity starting to get dragged by the Trump tariffs? US, Europe and UK Markets - US NFP and Services PMIs, Eurozone Inflation and Canadian Employment The week kicks off slowly for Markets, but really starts to pick up on Tuesday with Eurozone inflation data. Core CPI is expected to stay soft at 2% YoY, while monthly numbers remain flat – with European inflation hanging around 2%, the European Central Bank should hold still for a while now. A very small 10 bps cut premium is priced in for the rest of the year, but except for a sudden fundamental change, the ECB Main policy rate should stay between 2% to 2.15%. In the UK, attention turns to Friday with Retail Sales (expected +0.4% MoM), a release that could give the Pound some direction after a quiet stretch. A weak number would reinforce the idea that consumer demand remains fragile, while a beat may push back some dovish expectations from the Bank of England. For North America and actually for all markets, the spotlight is firmly on the US labor market. Thursday’s ADP Employment Change will provide a first look, before Friday’s Nonfarm Payrolls report sets the tone. Markets expect around 78k jobs added – downward revised expectations after the prior month surprise revisions. The US unemployment rate is still only at 4.2%! Alongside payrolls, Average Hourly Earnings will be crucial to gauge wage pressures. Less influential but released at the same time, Canadian employment data (including unemployment, currently at 6.9%) could bring extra volatility to USDCAD. Don't forget the Canadian Trade Balance data, releasing on Thursday at 8:30 A.M. Finally, don’t overlook PMI releases across the board – ISM Manufacturing on Tuesday, ISM Services on Thursday– all of which will feed into the global growth narrative. For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (High-tier data only) Safe Trades and enjoy your weekend! Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

Burkina Faso is accelerating its drive to nationalize natural resources, requesting this week to acquire another 35% of West African Resources’ (ASX: WAF) Kiaka gold mine — a move that forced the miner into a trading halt on Thursday. The company said the government wants to raise its stake in Kiaka, which poured first gold in June, “for valuable paid consideration,” adding that trading should resume Monday. WAF has grown from a struggling explorer into one of West Africa’s biggest success stories, producing about 500,000 ounces of gold a year at low cost. The company says it has already paid hundreds of millions of dollars in taxes and royalties to Burkina Faso, with revenues expected to reach the billions once Kiaka ramps up. Orezone Gold (ASX, TSX: ORE), which operates the Bomboré mine, also halted trading after the news. The company said it has received no similar request from the government but plans to meet with officials this weekend. The development highlights the fragile investment climate in West Africa, already rattled by political instability in Mali. Burkina Faso, Africa’s fourth-largest gold producer, has added key assets to the portfolio of its new state-owned miner, Société de Participation Minière du Burkina (SOPAMIB). In June, five gold mines and exploration permits, previously held by Endeavour Mining and Lilium, were transferred to SOPAMIB. The push began in August 2024, when the government nationalized the Boungou and Wahgnion mines for about $80 million, a fraction of the $300 million their sale had been valued at. Kiaka gold mine. (Image courtesy of West African Resources.) Other operators remain exposed. Canada’s IAMGOLD continues to run the Essakane mine, in which the government holds a 10% stake. Security concerns, however, weigh heavily on its operations. A popular leader The policy shift reflects the growing influence of Ibrahim Traoré, the 37-year-old military leader who seized power in 2022 and declared himself president. Traoré has called on his ministers to expand state control over resources while framing his rule as part of a broader Pan-African and anti-Western revival. His supporters see him as a bulwark against foreign interference. In April, thousands rallied in Ouagadougou after an alleged counter-coup attempt failed. They also denounced comments by U.S. Africa Command chief Gen. Michael Langley, who accused Traoré of misusing gold reserves. Demonstrations spread to London, Kingston and Montego Bay, where members of the African diaspora voiced solidarity and praised him as a “Black liberator.” Whether Traoré can stabilize Burkina Faso and repel a long-running Islamist insurgency will determine how far his resource nationalism spreads across the region. New ‘safe’ destinations For foreign miners, the upheaval underscores how quickly long-term agreements can collapse. Countries such as Ghana, Egypt, Namibia and Botswana continue to offer more predictable frameworks, while Côte d’Ivoire and Guinea are emerging as new magnets for investment. Rio Tinto’s (ASX, LON: RIO) multibillion-dollar Simandou project highlights growing confidence in Guinea’s commitment to the rule of law. Yet the risks remain high. Success in much of Africa often depends on global majors with world-class mines, diversified portfolios and close government ties. Canada’s Barrick Mining (TSX: ABX)(NYSE: B) continues to navigate these challenges in Mali, but smaller players such as WAF now face sharper uncertainty.

Bitcoin has entered a consolidation phase after reaching $124,500 earlier this month and retracing below the $115,000 mark. The sharp move higher followed by weeks of sideways action has left the market in a state of uncertainty, with traders watching closely for the next decisive move. For many analysts, this consolidation is not a sign of weakness but rather a natural pause before the next leg higher. A push above the all-time high would be the clearest confirmation that the next wave of growth has begun. Momentum, however, remains dependent on whether buyers can reclaim lost ground and sustain pressure against resistance levels. Despite short-term caution, onchain signals suggest the broader cycle is still building toward expansion. According to key data shared by CryptoQuant, the Bitcoin Composite Probability points to an early accumulation phase. Historically, such phases occur before major breakouts, when patient investors quietly build positions while price consolidates. This indicator aligns with the idea that the market is resetting before another surge. Bitcoin Market Structure Points To Early Accumulation According to top analyst Axel Adler, Bitcoin’s current cycle can be broken down into clear phases of accumulation and distribution. The index highlights two major accumulation points: the first in March 2023, when Bitcoin traded around $22,000, and the second in August–September 2023, near the $29,000 level. These zones marked periods when long-term holders and new entrants quietly built positions before the next leg upward. Following these accumulation phases, Adler identifies five distribution waves where profit-taking dominated: first between $34,000 and $44,000, then at $62,000, followed by $90,000, $109,000, and most recently at $118,000. Each wave represented a step higher in the market structure, but also a point where sellers gradually released supply back into the market. Currently, CryptoQuant’s composite places Bitcoin at a Probability of 38% with a Min-Max of 31%, which he defines as the “repair zone.” This phase, also referred to as digestion or base formation, reflects early accumulation without yet confirming an upward reversal. In other words, while the groundwork for a new rally may be forming, conviction from buyers has not fully returned. For investors, this repair zone carries important implications. Historically, such phases have preceded new bullish waves, offering opportunities for those willing to accumulate before momentum shifts. As Bitcoin consolidates below its highs, Adler suggests that the market may be quietly preparing for continuation — a reminder that consolidation often sets the stage for the next decisive move. Testing Pivotal Level As Downtrend Extends Bitcoin is trading around $109,800 after another sharp drop, reinforcing the selling pressure that has weighed on price action throughout August. The 4-hour chart highlights BTC’s continued struggle to regain momentum following repeated rejections near the $123,000 resistance zone. Each attempt to push higher has been met with heavy supply, leaving the market to trend lower in a series of lower highs and lower lows. Currently, BTC sits just above the $110,000 mark, a level acting as short-term support. However, the broader structure remains bearish, with price trading below the 50-day ($112,725), 100-day ($115,023), and 200-day ($115,831) moving averages. These technical levels now serve as overhead resistance, further complicating the path for bulls to stage a meaningful recovery. If Bitcoin fails to hold the $110,000 support, the next downside target lies near $108,000, with a deeper correction potentially extending toward $106,000. Conversely, a bounce from current levels would require reclaiming $112,000 to ease immediate pressure, while a decisive move above $115,000 would be essential to shift momentum back in favor of buyers. Featured image from Dall-E, chart from TradingView

American Bitcoin, partially owned by Eric Trump and Donald Trump Jr, targets a September public debut on the Nasdaq, according to Hut 8 CEO, Asher Genoot. The announcement came from an interview with Reuters during the Bitcoin Asia conference in Hong Kong, with Genoot stating that Hut 8, Eric, and his brother Donald will own 98% of the entity. The new company will retain the name of American Bitcoin and trade with the ticker ABTC. According to Genoot, the Trump brothers found it more advantageous to create and list the company, rather than go for a public IPO, which would give it access to multiple financial avenues anyway. A September listing for American Bitcoin would rally up the market and bring more eyes to the crypto sector, with mining-based projects like Pepenode ($PEPENODE) potentially seeing massive long-term gains. American Bitcoin on the Path to Becoming the Largest Bitcoin Miner American Bitcoin plans to become one of the largest Bitcoin-centric entities in the world, hoarding $BTC from both mining and buying. The company already holds 215 $BTC, according to a June 2025 disclosure. Hut 8, meanwhile, is ranked 12th out the top 100 public Bitcoin Treasuries globally, with a reserve of 10,667 $BTC, based on Bitcoin Treasuries data. And it’s aiming even higher. Crypto exchange Gemini founders – the Winklevoss twins – also invested an undisclosed amount in American Bitcoin, followed by a $21M donation to the Digital Freedom Fund PAC in an effort to support the US President’s pro-crypto agenda. American Bitcoin’s September listing should finalize after the company’s merger with Gryphon Digital Mining reaches closing; at this point, the latter will have a 2% holding. Eric and Donald Trump Jr will hold 18% of the new company, with Hut 8 being the majority owner at 80%. American Bitcoin’s Nasdaq listing coincides with the rapid advancements in the GENIUS Act’s implementation process, which is set to ramp up after October. Together, these events will likely stir the market enough to fuel the coming altcoin season, which will see projects like Pepenode fire up. Pepenode ($PEPENODE) – The First Presale That Enables You to Mine Coins Virtually Pepenode ($PEPENODE) is a meme coin that offers a unique gamified mine-to-earn experience. In other words, it gives you the chance to mine meme coins in your own virtual mining rig without having to upgrade your system or experience spicy electricity bills. It all happens in the Pepenode ecosystem, where you buy nodes and facilities to build that virtual mining rig. The rig comes with a data-rich dashboard, highlighting info like rewards, hashrate, and progress to help you adjust its parameters accordingly. More importantly, the earlier you kickstart your mining machine, the higher the rewards, because early nodes mine use a higher hashrate. This creates an incentive to join the project as early as possible, along with the meaty $3,543% dynamic APY reward for stakers. Moreover, the referral program also offers 2% of whatever your referred address mines, further incentivizing organic growth and investor participation. $PEPENODE is available for the presale price of $0.0010325, which means you can buy a sizable stack with a minimal investment. As a side note, the presale just started, and it’s already performing above expectations, with $484K+ raised to date. If Pepenode looks right up your alley, visit the official Pepenode presale website today. Could America Bitcoin’s Nasdaq Listing Kickstart the Alt Season? America Bitcoin’s Nasdaq listing is likely to kickstart the beginning of the alt season indirectly, by virtue of fueling up Bitcoin. This, combined with Trump’s GENIUS Act – already in its implementation phase – and the growing institutional support, could well push Bitcoin into another ATH run. When that happens, Pepenode ($PEPENODE) is likely to see a surge in investor interest, thanks to its innovative approach to the idea of a gamified experience during presale. Remember, though, this isn’t financial advice. Do your own research and invest wisely.

Gold prices have continued to advance this week on a combination of a weak US Dollar and renewed haven demand, setting the stage for a potential retest of all-time-highs at $3500/oz next week. The return of haven demand may be attributed to the ongoing Russia/Ukraine discussions, Fed independence concerns (which are also having an effect on the Dollar) and a potential surge in tension between Iran, the US and the E3 (Germany, France and England). Rising Geopolitical Risks Just as it seemed market participants may be getting a prolonged reprieve from a heightened geopolitical risk environment which has continued throughout 2025, it appears these hopes are faltering. The Russia-Ukraine discussions are from being concluded with a potential meeting between Russian leader Vladimir Putin and his Ukrainian counterpart Zelensky facing significant challenges. On Friday, Russia stated that Western plans to give Ukraine security guarantees would increase the chance of a conflict between Russia and the West. Russia believes these guarantees would turn Ukraine into a "strategic provocateur" right on its border. Ukraine's European allies are trying to create a set of promises to protect Kyiv from a future Russian attack. These guarantees could be part of a future peace agreement. Ukrainian President Volodymyr Zelenskiy said on Thursday that he expects the details of these security guarantees to be ready as soon as next week. A spokeswoman for the Russian Foreign Ministry, Maria Zakharova, said that any security guarantees must also consider Russia's security interests. These comments will do little to quell the concerns that a deal is from being reached at this stage. Geopolitical risk is also facing another concern as tensions between Iran and Western countries have returned to the fore. France, Britain, and Germany have started the process to bring back all of the United Nations' sanctions on Iran. They are doing this because they say Iran has deliberately broken the rules of the 2015 nuclear deal, which had previously lifted these sanctions. The U.N. sanctions that were in place before the deal included a ban on conventional weapons, limits on developing ballistic missiles, and a freeze on assets and travel bans for certain individuals. The three European countries, also known as the E3, had offered Iran a chance to delay these new sanctions. The offer was made during talks in July and depended on Iran meeting three conditions: restarting talks with the United States about its nuclear program, letting U.N. inspectors into its nuclear sites, and explaining what happened to the more than 400 kilograms of highly enriched uranium that the U.N. says it has. Iran could leave the NPT as a result with growing calls in Iran for the leadership to halt negotiations they see as one-sided. This could have further implications down the line and raise the risk of another war moving forward. Fed Independence and the US Dollar President Trump's decision to fire Fed Governor Lisa Cook is seen as a move to make the Federal Reserve more political, which would normally weaken the dollar. However, the dollar's value hasn't changed much, likely for two reasons. First, Cook is fighting the firing, and it will probably be decided in court. Second, her leaving won't have a big effect on the Fed's decisions in the near future because Chairman Powell is still in charge. As long as Powell is there, the market expects the Fed's policy to be based on economic data, and there aren't enough members who want to lower interest rates faster or more aggressively to change that. The US Dollar has not changed much since the announcement but chatter continues to grow. The US Dollar remains close to YTD lows and has fallen significantly since August 1 with the US Dollar index on course to finish the month down around 2%. This coupled with rate cut expectations at the Feds September meeting hovering around the 88% mark post the PCE release today has helped Gold prices advance. Source: LSEG The question moving into next week is whether Gold will finally retest the all-time high around the $3500/oz mark? Looking Ahead Markets are entering the labor day long weekend with US markets closed on Monday. However, the rest of the week is shaping up to be a busy one. ISM services and NFP jobs data will be the key drivers next week for the US dollar. Further weakness in the labor market and continued US Dollar weakness could set the stage for fresh all-time highs for Gold prices and are definitely worth watching heading into next week. For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (click to enlarge) Technical Analysis - Gold (XAU/USD) From a technical standpoint, a weekly candle close for gold above the $3400 may be crucial, as it would be the first time this happens since early June. On that occasion though the following week saw Gold prices decline by about 1.8% the following week and failed to test or breach the $3500/oz handle. Could history repeat itself? Quite possible although on this occasion i see a lot of the macroeconomic themes supporting further upside for the precious metal. Time will tell. Gold (XAU/USD) Weekly Chart, August 29, 2025 Source: TradingView (click to enlarge) Dropping down to a four-hour chart, and a candle close above the immediate resistance at 3431.66 may be key if momentum is to continue. A pullback may find support at yesterday's swing high around the 3418 handle before the 3400 mark comes back into focus. Beyond the 3431 handle, resistance may be found at 3450 and 3475 respectively before the $3500 handle comes back into focus. Gold (XAU/USD) Four-Hour Chart, August 29, 2025 Source: TradingView (click to enlarge) Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

A crypto expert set off a fresh debate by arguing that Chainlink — not XRP — should wear the “banking coin” label. His short tweet on Wednesday got people talking and digging into the numbers behind both projects. Analyst Claims Chainlink Is Banking Coin According to Quinten, a top analyst and host at Coin Compass, Chainlink is better suited to work with banks than XRP. Quinten also admitted that XRP is 10 times larger than Chainlink, a gap he says could narrow if LINK wins more institutional deals. Based on tracker figures, XRP currently trades around $3 with a market cap of a little over $178 billion, while Chainlink trades near $24 and sits at over $16 billion. XRP’s Role In Payments XRP’s case has long been tied to cross-border payments. Ripple’s tools let big banks move money on-chain in ways that aim to cut costs and speed up settlement. Some supporters say XRP could become central as traditional firms move toward blockchain settlement and even challenge systems like SWIFT. That view helps explain why XRP has a much bigger market value today. Partnerships With Institutions Reports have disclosed that Chainlink has links with several major institutions. Advocates point to connections with SWIFT and partnerships with Mastercard, the DTCC, and some central banks. Those ties are used to strengthen the contention that Chainlink can plug into the financial system in ways that go beyond payments, such as providing data, price feeds, and settlement information that banks need. Price Targets And Forecasts Quinten put a base target on LINK of $250, arguing that a move like that would make Chainlink more comparable to XRP’s value. He based that view on what he sees as stronger institutional fit. Other commentators agree. Rekt Fencer, for example, predicted a price band of $250 to $400 for Chainlink by the end of Q4 2025. At the same time, Rekt Fencer projects XRP could reach between $8.50 and $9 in the same period. These are bold calls. They rest on adoption and partnership wins that have not yet been locked in. Community Pushback And What To Watch Reactions in online forums were split. Some users say Quinten is just talking up XRP to get attention. Others took a calmer view, saying both chains could have their moments. LINK Price Looking Up Meanwhile, Chainlink is showing signs of steady strength, with forecasts pointing to a 7.53% rise that could lift the token to $26.12 by September 28, 2025, data from Coincodex show. Technical indicators lean bullish, though the Fear & Greed Index sits at a neutral 50, suggesting balanced sentiment. LINK has logged 16 green days out of the past 30, with volatility at 16.19%, signaling active but sometimes sharp price swings. Featured image from Unsplash, chart from TradingView

Ethereum has been testing key demand levels after slipping below the $4,600 mark, a breakdown that has intensified selling pressure across the market. Bulls, who recently drove ETH to new highs, are now losing control as momentum fades, and fear is beginning to creep back into sentiment. Traders are closely watching whether Ethereum can hold support zones or if a deeper retrace is on the horizon. Yet, beneath this volatility, on-chain data tells a different story. Top analyst Darkfost shared fresh insights showing that Binance’s Ethereum reserves have dropped by more than 10% in less than a week. The exchange balance fell from nearly 5 million ETH to just under 4.5 million, a sharp decline that points to strong demand. Typically, when reserves on major exchanges fall, it means investors are moving their ETH into private wallets or DeFi protocols — often a bullish sign of accumulation. While speculation and short-term fear may be fueling the current drop in reserves, the fundamentals behind Ethereum remain solid. Strong demand, coupled with consistent outflows from exchanges, signals that large players are positioning for the long term. For many, this divergence between price action and fundamentals could shape Ethereum’s next decisive move. Ethereum Reserves On Binance Decline In less than a week, Ethereum reserves on Binance have recorded a steep decline, dropping by more than 10%. According to data shared by analyst Darkfost, the amount of ETH available on the exchange fell from 4,975,000 on August 23 to just 4,478,000 today. This reduction of nearly half a million ETH underscores a powerful shift in market dynamics, signaling that investors are actively withdrawing their holdings from the platform. When exchange reserves fall at this pace, the implication is clear: users are choosing to move their assets into self-custody or deploy them in decentralized finance protocols to earn yield. Both behaviors are widely regarded as bullish signals, as they reduce the immediate supply of ETH available for trading and selling on centralized exchanges. This trend often points to stronger conviction among holders and a preference for long-term accumulation rather than short-term speculation. While it is possible that internal transfers within Binance may have contributed to the overall decline, the consistent pace of outflows over several days suggests genuine market demand is at play. The drop in reserves comes at a time of heightened volatility for Ethereum, reinforcing the narrative that large investors continue to accumulate, even as price action remains choppy. Ultimately, the decline in Binance’s ETH reserves highlights an underlying strength in Ethereum’s fundamentals. Despite fears of selling pressure, the data suggests demand is firm, with investors positioning for what many expect to be the next phase of Ethereum’s rally. Bulls Lose Support As Sellers Pressure Market Structure Ethereum is trading near $4,338 after slipping below the $4,400 level, signaling growing selling pressure in the short term. The 4-hour chart highlights a shift in momentum, with ETH now trading under the 50-day ($4,554) and 100-day ($4,499) moving averages. This breakdown suggests that bears have gained the upper hand after weeks of volatility. For now, ETH is holding above the 200-day moving average at $4,167, which acts as the last major line of defense for the broader uptrend. If bulls can stabilize the price here, Ethereum could attempt a rebound back toward the $4,500–$4,600 range, but momentum remains weak. The inability to sustain strength above $4,600 has left ETH vulnerable to further downside. If selling pressure continues, a deeper retrace toward $4,200 cannot be ruled out. This level coincides with prior demand zones and aligns with the 200-day moving average, making it a critical support area. Conversely, reclaiming $4,500 would be the first signal that buyers are regaining control. Featured image from Dall-E, chart from TradingView

The most traded FX pair wasn't exempt of a huge decrease in trading volumes in this final week of August. Without much change to fundamentals, traders have been looking for volatility in the impatient waiting of next Friday's Non-Farm Payrolls report. However, yesterday, Markets received the news of the Zelenskyy-Putin meeting not moving forward (It could have been expected with no advances since the past two weeks). The implications for the Euro are still to be clarified, but what is sure is that as long as this conflict keeps going, EU nations are going to keep spending on defense. The fundamental background could be negative for the Euro, but national spending of that sort tends to generate economic activity and hence can be seen as a positive for the Joint currency – However, the news are already priced in and have helped the Euro already in 2025. Also, rangebound action is not worst for trading, albeit can be a bit dull; It provides boundaries for entry points. You can access this article that explains how to exploit a range effectively. One thing to consider, is that ranges will break on renewed fundamentals, like economic data (Core PCE is expected to get released promptly) – therefore one other advantage is that they also provide breakout levels Read More:Markets Today: German Unemployment at 10 Year Highs, FTSE Slides on Head & Shoulders Breakout. US PCE Up NextUSD/JPY Technical: Eyeing the ascending range support of 145.50EURUSD technical analysis – determining the range and breakout pointsEURUSD Daily Chart EURUSD Daily Chart, August 29, 2025 – Source: TradingView It's now been 17 sessions that EURUSD hasn't been able to find any direction. Despite a few break attempts and data points, the pair has been held between a 1.16 to 1.17 range Some range extremes (1.1570 lows on Wednesday 27 – 1.16420 highs last Friday) did go further than that, but most of the volume is contained within these two psychological levels. Momentum is dead within the neutral zone (Mid-line of the RSI) and the 50-Day MA corroborates, flat as it can be. Let's have a closer look to see where are the range extremes. EURUSD 4H Chart EURUSD 4H Chart The most recent extreme hit was the resistance of the range and some (slow) selling is currently ongoing. Watch for a higher breakout possibility after the Core PCE data, however for now the extremes are located at 1.1570 to 1.16 range support and the range resistance 1.17 to 1.1740. Any daily close above or below these levels would imply a breakout towards other key and support levels which are: Key levels of interest for EURUSD: EUR/USD Levels to keep on your charts: Resistance Levels 1.17430 August 22nd highs2020 Resistance around 1.18 (+/- 100 pips)1.1830 2025 topSupport Levels Range lows 1.1570 to 1.161.1450 to 1.15 Main support Level1.1350 to 1.14 Support 2 Safe Trades! Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

The euro is slightly lower on Friday. In the North American session, EUR/USD is trading at 1.1657, down 0.21% on the day. German CPI accelerates to 2.1% Germany has released the preliminary inflation report for July, with a hotter-than expected reading. Annually, EU-harmonised CPI rose to 2.1%, up from 1.8% in June and above the market estimate of 2.0%. The figure was the highest level since March, driven by higher food prices. Monthly, inflation eased to 0.1%, below the June reading of 0.4% and just above the market estimate of 0%. Headline inflation in Germany, the eurozone's biggest economy, is largely in check but the battle against inflation is not over. Services inflation remained at 3.1% and core CPI was unchanged at 2.7%. Policymakers at the European Central Bank won't be losing sleep over the slight gain in inflation. The eurozone releases July inflation next week, with CPI expected to nudge higher to 2.1% from 2.0% and core CPI to 2.4% from 2.3%. The ECB meets next on September 11 and is expected to maintain its key deposit rate at 2.0%. US Core PCE rises to 2.9% The US wrapped up the week with the Core PCE index, the Federal Reserve's preferred gauge for underlying inflation. In July, core PCE rose by 2.9%, up from 2.8% in June and in line with the consensus. It was the highest level in five months and a reminder that although inflation is largely under control, the fight is not over. Monthly, core PCE was unchanged at 0.3%. Fed Governor Christopher Waller, who is a candidate to replace Jerome Powell as Fed Chair next year, gave a hawkish speech on Thursday. Waller said he supported a rate cut in September and hinted at support for larger cuts if the labor market continued to soften. EUR/USD Technical EUR/USD has pushed below support at 1.1678 and is testing 1.1664. Below, there is support at 1.16461.1696 and 1.1710 are the next resistance lines EURUSD 4-Hour Chart, August 29, 2025 Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

Raoul Pal says two of crypto’s most-watched legacy altcoins—XRP and Dogecoin—are coiling for their next act. In a new X thread framed as “the Crypto Waiting Room,” the Real Vision and GMI co-founder argues that a broad swath of the market is consolidating before another leg higher, with capital already “full ported” into Ethereum and rotation risk building for assets lower down the stack. XRP And Dogecoin Are In The ‘Waiting Room’ “Let’s talk about the Crypto Waiting Room… many key parts of the crypto ecosystem are in the waiting room ready to launch,” Pal wrote, opening a chart-dense series that he says draws on Global Macro Investor’s probabilistic framework. He placed Total3—the market excluding Bitcoin and Ethereum—“ready to launch from the waiting room,” while stressing that “OTHERS (Outside of Top 10… purest form of Alts season where all shit rises) [is] still in the waiting room but longer to launch.” He added, “ETH… Full Port. SOL… next to leave the waiting room… Sui in the waiting room, will follow SOL.” He was explicit on the two crowd favorites: “DOGE – in the waiting room. Will full port when OTHERS does…” and “XRP… in the process of Full Porting…” Pal’s “waiting room” metaphor is shorthand for a market structure he says rhymes with past cycles: liquidity first concentrates in the highest-quality, most institutionally accepted assets, then rotates down the risk curve as momentum broadens. “People need to learn patience. The path is clear… but never, ever expect tick for tick perfection. It’s the pattern that counts,” he cautioned with regards to the infamous M2 money supply chart, emphasizing that GMI’s approach is to seek “rhythm and rhymes of markets” rather than one-for-one chart overlays. “As ever, at GMI we are working with probabilistic frameworks and contextualisation… we use a framework of around 1,000 key charts which we then simplify and simplify.” The macro pillar of the thesis is liquidity. “The rate of change is only going to rise in the key metric of Total Global Liquidity… US, EU, China and Japan all need to roll debts,” Pal wrote, calling that confluence “an absurdly bullish backdrop, along with the reg changes, DAT’s and sovereign accumulation along with Wall Street acceptance.” In his timeline, the current crypto cycle “extends into Q1 2026 and possibly Q2 2026 due to slow business cycle forcing more liquidity for longer.” Or, as he put it more colloquially: “wen banana? We’ve been in it since Aug 2024 and the acceleration phase lies ahead.” Technically, the “waiting room” framing aligns with what long-horizon charts of XRP and Dogecoin have been telegraphing. Multi-year weekly structures on both assets show a repeating cadence of broad, descending consolidations that ultimately resolve into impulsive upside, followed by new, tighter coils beneath prior cycle highs. The current phase features exactly that kind of triangular compression: XRP’s post-spring surge has bled into a small symmetrical triangle under its 2025 peak, while Dogecoin’s 2021–2024 falling channel gave way to a higher base that is now narrowing into a wedge. Pal’s point is not that breakouts are guaranteed or imminent on a given candle, but that the setup is consistent with earlier “pre-rotation” conditions. The investor also invoked cycle analogs without over-promising precision. “And it looks similar to 2017…” he noted, before repeating that GMI is “not looking for perfect matches.” The probabilistic takeaway, he said, is that the market remains in an expansionary regime, with breadth likely to improve as non-BTC/ETH segments clear their bases. “The only question is… will your bags go up or do you have the wrong allocation? That is up to you my friends. Buy the ticket, take the ride.” At press time, XRP traded at $2.84.

The Canadian dollar has posted three consecutive winning days against the US dollar. Earlier, the Canadian dollar strengthened to 1.3738, its highest level since August 8. In the European session, EUR/USD is trading at 1.3748, up 0.05% on the day. Canada's GDP projected to show marginal expansion Canada releases GDP for June later today, with a market estimate of 0.1%. This follows two straight readings of -0.1%, and if the estimate for June is confirmed, it would point to a weak second quarter with no growth. The US tariffs have taken a toll on Canada's economy, although many analysts expected that the US-Canada trade war would be far more damaging to the Canadian economy. Some 20% of Canada's economy is made of exports to the US and a prolonged disruption in trade between the two countries could send Canada into a recession. There is a tariff exemption for Canadian exports that are covered by the US-Canada-Mexico agreement but that deal is up for renegotiation in 2026, and President Trump will be a tough negotiating partner. Bank of Canada Governor Macklem has said that the economy has held up with "some reliance" despite US tariffs. At the same time, he warned that the economy would be "on a permanently lower path" due to the tariffs. US core PCE expected to remain at 0.3% The US wraps up the week with the core PCE price index, the Federal Reserve's preferred indicator for undelying inflation. The market estimate for July stands at 0.3%, unchanged from June, which was the highest level in four months. Annualized, core PCE is expected to nudge up to 2.9% from 2.8%. USD/CAD Technical USD/CAD is testing resistance at 1.3754. Above, there is resistance at 1.3768 There is support at 1.3746 and 1.3732 USDCAD 4-Hour Chart, Aug. 29, 2025 Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

Charles Hoskinson, a founder of Ethereum and the driving force behind Cardano, laid out a sweeping forecast for crypto markets and payments this week. He predicted Bitcoin could reach $250,000 in the current market cycle and said the token’s total market value might hit $10 trillion in the next five years. Reports have disclosed that he links that outlook to new US stablecoin rules and what he calls clearer market structure. Bitcoin’s Role And Limits In an interview on the David Lin Report, Hoskinson argued that Bitcoin’s design made it strong as a store of value but limited as a global payments rail. He pointed to the old “big block” debates that pushed the network toward saving rather than everyday payments. Layer Two solutions, he said, are where Bitcoin gains the speed and lower cost needed for daily use. This framing leaves room for other blockchains to offer broader financial services. Cardano’s Track Record And Staking Hoskinson framed Cardano as an alternative path — one built on research and formal methods rather than rapid experimentation. Based on reports, the network has operated continuously for about eight years and uses a proof-of-stake model that many users back. Reports also state that over 70% of ADA in circulation has been staked by holders who support the network. That figure is commonly cited when comparing Cardano’s staking take-up to other blockchains. Stablecoins, Lawmakers, And Push For Tokenization Stablecoins are central to Hoskinson’s case. He told lawmakers and audiences that tokens tied to fiat could give people in countries with weak local currencies access to dollar-like stability. According to White House materials, the GENIUS Act has moved through the political process and was signed into law by US President Donald Trump, creating a new US framework for stablecoins. Based on data, the stablecoin market has topped $250 billion in supply, a milestone that regulators and banks are watching closely. A Critique Of Traditional Markets Hoskinson was blunt about exchanges and the stock market. He called current exchange practices “preposterous” and criticized systems that rely on centralized trust, including large listing fees and gatekeeping by a few firms. He said decentralized exchanges — where the protocol enforces rules — could cut out those middlemen and give people more control over their assets. That pitch fits a wider industry argument for moving custody and trade settlement onto public blockchains. For Hoskinson, Bitcoin will stay digital gold, while stablecoins, tokenized assets, and decentralized systems grow around it. The real question, he suggests, is not only how high Bitcoin’s price can go, but how the movement of money will be reshaped. Featured image from Meta, chart from TradingView