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The cryptocurrency market has turned bearish after a positive start to the day as Bitcoin (BTC) and other cryptocurrencies slipped into the red. The flagship cryptocurrency traded above $124,000 on Wednesday but lost momentum and fell to $121,600. Selling pressure pushed BTC even lower as it fell to $121,274 before moving to its current level. BTC is down 1% during the ongoing session, trading around $121,616.  Meanwhile, Ethereum (ETH) slipped below $4,500 and is down nearly 3%, trading around $4,345. Ripple (XRP) is down over 2%, while Solana (SOL) is marginally down, trading around $221. Dogecoin (DOGE) is down 1.43%, while Cardano (ADA) and Chainlink (LINK) are down 1.64% and 1.45%. Stellar (XLM), Hedera (HBAR), Litecoin (LTC), Toncoin (TON), and Polkadot (DOT) are also trading in bearish territory.  Tokenization Race Raises Red Flags  The race to tokenize stocks has raised concerns among traditional financial firms and regulatory experts who have warned of significant risk to investors and market stability. Crypto companies are rushing to sell tokens pegged to stocks, buoyed by President Trump’s pro-crypto stance and the SEC’s push for friendlier regulations under Chair Paul Atkins. Crypto firms Kraken, Gemini, and Robinhood have already launched tokenized stocks in Europe and are seeking approval in the United States.  According to supporters, blockchain-based trading instruments tracking traditional equities could revolutionize the stock market, allowing shares to be traded 24/7. It will also offer instant settlements, boosting market liquidity and lowering transaction costs.  However, critics have noted that while the products are marketed as stocks, they rarely offer the same rights, disclosures, and protections as traditional equities. Critics argue these products resemble riskier derivatives, increasing the hazards for investors. Additionally, tokenization could also undermine market integrity and fragment liquidity. Diego Ballon Ossio, partner at law firm Clifford Chance, stated,  “You're buying exposures to those shares through creating some sort of synthetic instrument. A lot of the burden gets shifted on you to understand what exactly it is that you're buying.” Stablecoins Could Boost Dollar Demand  JPMorgan analysts believe stablecoins could generate $1.4 trillion in US Dollar demand by 2027. According to a note to investors, the rapid growth of stablecoins could give a boost to the currency instead of dethroning it. The increase can be attributed to overseas investors adopting stablecoins for transactions and investments, which would require them to convert their local currencies into tokens backed by the US Dollar. US treasuries, bonds, and dollar-based assets also back some stablecoins. The report noted,  “Whether such a high-end scenario growth trajectory will actually play out remains to be seen, but if it does, stablecoin-related dollar inflows could become cumulatively significant.” While there are stablecoins backed by other countries in the market, none dominate the market like Dollar-backed coins. CoinGecko data reveals that dollar-backed stablecoins make up over $300 billion of the $304 billion stablecoin market cap. This means over 90% of stablecoins are backed by the US Dollar in some way.  Bitcoin (BTC) Could See Dramatic Surge: Peter Brandt  Veteran trader Peter Brandt believes Bitcoin (BTC) is set for an unprecedented price discovery phase as long as it doesn’t peak in the next few days. Brandt highlighted BTC’s historical cycle pattern, which played out during previous cycles, stating,  “It is reasonable to expect a bull market high any day now. These cycles from low-to-halving-to-high have not always been the same length, but the post-halving distance of each has always been equal to the pre-halving distance. Sooner or later, cycles change. But betting against a cycle that has a perfect three-for-three record should not be done with reckless abandon.” However, Brandt added that he is divided about the outcome, stating,  “I will remain bullish, hopeful for counter-cyclicality. In this case, a move well beyond $150,000 would be my expectation, perhaps as high as $185,000.” North Korean Hackers Going After Wealthy Crypto Holders  North Korean hackers are increasingly targeting high-net-worth crypto holders, having stolen over $2 billion from them so far this year. North Korean hackers associated with the Lazarus Group targeted cryptocurrency companies to pull off large heists. However, investigators from research firm Elliptic have warned that wealthy individuals have emerged as attractive targets because they lack security measures. According to Dr. Tom Robinson, chief scientist at Elliptic, targeting of individuals is rarely reported, meaning the actual number of individual hacks could be significantly higher.  “Other thefts are likely unreported and remain unknown, as attributing cyber thefts to North Korea is not an exact science. We are aware of many other thefts that share some of the hallmarks of North Korea-linked activity but lack sufficient evidence to be definitively attributed.” Bitcoin (BTC) Price Analysis  Bitcoin (BTC) is facing selling pressure and volatility as it looks to hold above $120,000. The flagship cryptocurrency surged to a new all-time high on Monday, reaching $126,296 before settling at $124,720. Selling pressure returned on Tuesday as the price fell almost 3% to $121,393. BTC recovered on Wednesday, reaching an intraday high of $124,254 before settling at $123,343. The price is down nearly 1% during the ongoing session, trading around $122,230.  A new price volatility analysis has predicted that BTC could flip parabolic or end its bull market within the next 100 days. According to a post on X, Bitcoin trader Tony Severino stated that Bitcoin’s next move depends on the Bollinger Bands volatility indicator. Bollinger Bands are a classic volatility gauge that act as a leading indicator for price action. Severino pointed out that the bands hit record tightness on the weekly timeframe. Market analysts have been waiting for a price breakout through the upper or lower band. However, Severino believes such a move will not come immediately.  “For now, BTCUSD has failed to break out above the upper band with strength. According to past local consolidation ranges, it could take as long as 100+ days to get a valid breakout (or breakdown, if BTC dumps instead).” According to analysts, BTC’s price action is yet to show the rapid upside characteristics observed during the final stages of bull runs. Analyst Rekt Capital noted that BTC price cycles are getting longer, not shorter.  “It’s unlikely Bitcoin has already peaked in its Bull Market because that would effectively mean that this cycle was one of the shortest of all time. Price Discovery Correction 2 is over. In the end, it was indeed shallower, but it took roughly the same amount of time to resolve as in previous cycles (2017, 2021). Now, Bitcoin is on the cusp of entering Price Discovery Uptrend 3.” Additionally, Bitwise analysts have pointed out that BTC is clear of overbought conditions, and could continue pushing higher after Monday’s all-time high.  “Despite this strong performance, technical indicators suggest the price is still moving within a stable range far from the overbought conditions that typically precede historical peaks.” BTC started the previous weekend with a marginal drop on Saturday before rising over 2% on  Sunday and settling at $112,197. Buyers retained control on Monday as the price rose almost 2% to cross $114,000 and settle at $114,365. Despite the positive sentiment, BTC fell to a low of $112,695 on Tuesday. However, it recovered from this level to settle at $114,067, ultimately registering a marginal decline. Bullish sentiment returned on Wednesday as BTC rallied, rising over 4% to cross $118,000 and settle at $118,659. Buyers retained control on Thursday as the price rose 1.65% to reclaim $120,000 and settle at $120,621. Bullish sentiment persisted on Friday despite volatility and selling pressure. As a result, BTC reached an intraday high of $123,996 before settling at $122,318. Source: TradingView Buyers retained control on Saturday as BTC registered a marginal increase and settled at $122,458. Bullish sentiment intensified on Saturday as BTC rallied, surging past $125,000 to a new all-time high of $125,559. However, it could not stay at this level and ultimately settled at $123,520. BTC surged to a new all-time high on Monday, crossing $126,000 to reach $126,296 before settling at $124,720. Despite strong bullish momentum, BTC retreated on Tuesday, falling nearly 3% and settling at $121,393. The price recovered on Wednesday, rising almost 2% to reclaim $123,000 and settle at $123,343. BTC is down nearly 1% during the ongoing session, trading around $122,600 after falling to an intraday low of $121,175.  Ethereum (ETH) Price Analysis  Bearish sentiment returned during the ongoing session as Ethereum (ETH) fell over 3% to $4,371. The world’s second-largest cryptocurrency rallied on Monday, briefly crossing $4,700 before settling at $4,687. However, price action turned bearish on Tuesday, falling over 5% to $4,451. Despite the overwhelming selling pressure, ETH recovered on Wednesday, rising 1.68% and settling at $4,525 before declining during the current session.  ETH came within $200 of its all-time high Monday when it briefly crossed $4,700. However, with sellers active at upper levels, buyers lost momentum and the price crashed to a low of $4,436. Analysts expect ETH to set a new record above $5,000 if institutional demand and optimism around its Fusaka upgrade persist. Javier Rodriguez-Alarcón, CIO at XBTO, stated,  “Ethereum’s path toward $5,000 will depend on a confluence of sustained institutional demand, upgrade-driven scalability, and supportive macro conditions. Spot ETH ETFs have seen robust inflows, over $1.3 billion in the past week alone, signaling renewed conviction from institutional allocators. On-chain metrics and whale accumulation patterns indicate that ETH may be entering an expansion phase reminiscent of BTC’s 2020 breakout.” ETH started the week strong, with spot Ethereum ETFs pulling in over $176 million in inflows on Monday. Ethereum ETFs registered $1.48 billion in inflows globally last week, making a comeback after substantial outflows the week prior. Investors and analysts believe ETH could resume its uptrend. Rodriguez-Alarcón stated that risk assets have benefited from monetary policy signals coming from the Federal Reserve.  “On the macro front, a dovish Fed tilt, ongoing pressure on fiat currencies, and positive momentum in gold could unlock additional flows into risk assets. In that environment, Ethereum stands to benefit disproportionately given its foundational role across DeFi, stablecoins, and tokenization infrastructure.” However, one cause for alarm is a record $10 billion worth of ETH queued in Ethereum’s validator exit queue, as stakers look to withdraw their funds from the network. Validators looking to exit the network are facing an average wait time of 42 days.  ETH started the previous weekend in the red, registering a marginal decline on Saturday. Price action turned bullish on Sunday as ETH rose over 3% and settled at $4,144. Buyers retained control on Monday as the price rose nearly 2% and settled at $4,217. Despite the positive sentiment, ETH was back in the red on Tuesday, dropping almost 2% to $4,145. Bullish sentiment returned on Wednesday as the price rose 4.92% to cross $4,300 and settle at $4,349. Buyers retained control on Thursday as ETH rose over 3% to $4,486. The price faced volatility on Friday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as ETH rose $0.56% to reclaim $4,500 and settle at $4,512. Source: TradingView Price action was mixed over the weekend as ETH fell 0.54% on Saturday and reached an intraday high of $4,616 on Sunday as bullish sentiment intensified. However, it could not stay at this level and settled at $4,515, ultimately rising 0.62%. ETH continued rising on Monday, reaching an intraday high of $4,738 before settling at $4,687. Selling pressure returned on Tuesday as the price fell by over 5% and settled at $4,451. ETH recovered on Wednesday, rising 1.68% and settling at $4,525. The price is down over 3% during the ongoing session, trading around $4,388. Solana (SOL) Price Analysis Solana (SOL) is down over 2% during the ongoing session as it struggles to regain momentum after Tuesday’s dramatic correction. The price fell by over 5% on Tuesday before recovering on Wednesday, rising over 4% to $229. Analysts believe that despite recent struggles, SOL could surge to $300 if bullish sentiment returns. The altcoin has registered a 22% increase in seven-day network fees, thanks to rising activity across decentralized exchanges. Network fees are key for blockchains focused on decentralized applications, as the revenue helps offset inflationary pressures. Solana’s total value locked (TVL) also rose 8% in 30 days, further helping network fees. Solana ETPs and ETFs have also registered substantial investor interest, attracting over $700 million in inflows for the week ending September 5. Investors are also optimistic about the SEC approving Solana ETFs, which could act as a catalyst for positive price action. Additionally,  several companies have rebranded themselves as Solana treasury companies. This has resulted in nearly $4 billion in SOL being held on the balance sheets of public companies. Recently, Nasdaq-listed Brera Holdings rebranded itself to Solmate after a $300 million oversubscribed PIPE raise. SOL started the previous weekend in the red, registering a drop of almost 1%. However, it recovered on Sunday, rising 3.58% to settle at $210. Buyers retained control on Monday despite selling pressure as SOL rose 0.92% to $212. Despite the positive sentiment, SOL lost momentum on Tuesday, dropping over 2% to a low of $204, before settling at $208. Bullish sentiment returned on Wednesday as the price rallied, rising over 6% to reclaim $220 and settle at $222. Buyers retained control on Thursday as SOL rose nearly 6% to cross $230 and settled at $234. Source: TradingView However, SOL lost momentum on Friday, dropping 0.86% to $232. Sellers retained control on Saturday as the price fell by over 2% and settled at $227. SOL reached an intraday high of $237 on Sunday as markets rallied. However, it could not stay at this level and settled at $228, ultimately rising 0.35%. Buyers retained control on Monday as SOL reached an intraday high of $237 before settling at $232. Despite the positive sentiment, the price lost momentum on Tuesday, falling over 5% and settling at $220. SOL recovered on Wednesday, rising over 4% to $229. However, it is back in the red during the ongoing session, down over 2%, trading around $224. Internet Computer (ICP) Price Analysis Internet Computer (ICP) started the previous week in positive territory, rising 1.90% on Sunday and settling at $4.30. However, it lost momentum on Monday, dropping 0.93% to $4.26. Sellers retained control on Tuesday as the price fell 0.94% and settled at $4.22. Despite the selling pressure, ICP recovered on Wednesday, rising over 6% and settling at $4.49. Buyers retained control on Thursday as the price rose 2% to $4.58. ICP continued pushing higher on Friday, rising almost 2% and settling at $4.66. Source: TradingView Price action was mixed over the weekend as ICP fell 3.43% on Saturday before rising 0.67% on Sunday and settling at $4.53. Bullish sentiment intensified on Monday as the price rose 1.99% and settled at $4.62. Bearish sentiment returned on Tuesday as ICP fell 4.33% to $4.42. Despite the overwhelming selling pressure, the price recovered on Wednesday, rising over 2% to $4.51. ICP is down nearly 3% during the ongoing session, trading around $4.38. Aptos (APT) Price Analysis Aptos (APT) started the previous week in positive territory, rising 1.34% on Monday and settling at $4.293. Buyers retained control on Tuesday as the price rose 2.51% and settled at $4.401. Bullish sentiment intensified on Wednesday as APT rallied, rising almost 11% and settling at $4.871. Price action remained bullish on Thursday, rising over 7% to $5.222. APT faced volatility on Friday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as APT rose nearly 3% and settled at $5.371. Source: TradingView Price action was mixed over the weekend as APT fell over 3% on Saturday before rising 5% on Sunday and settling at $5.465. Selling pressure returned on Monday as the price fell 3.32% to $5.284. APT registered a marginal increase on Tuesday but was back in bearish territory on Wednesday, dropping almost 3% to $5.177. Selling pressure has intensified during the ongoing session, with APT down nearly 5%, trading around $4.922. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.