Macroeconomic pressure slows down the crypto market

Now, on to the rest of this week’s update:

Every week, Amdax summarizes what’s happening in the crypto market for you. Want to dive deeper? Click on the links in this email for more insights.

This newsletter is a co-production with our partner, Bitcoin Alpha. 

Market update

Stay informed in three steps:      

1. Bitcoin slips out of its stable range
After hovering just below the $120,000 mark for weeks, bitcoin gave up ground last week. The price fell to $114,000, with no strong rebound in sight. ETF outflows suggest a more cautious stance among investors. The key question: is this a temporary correction, or the start of a longer consolidation phase?

2. Altcoins follow bitcoin, but with more volatility
Altcoins are mirroring bitcoin’s downward trend—but with sharper swings. Smaller tokens are correcting more aggressively and bouncing back more slowly. Once again, the risks of altcoin exposure in uncertain conditions are on full display. So far, investor optimism has not shifted into altcoin territory.

3. Macro pressure weighs on crypto
Friday’s U.S. jobs report was revised significantly downward. Previous employment data had painted an overly optimistic picture. With the economy proving weaker than expected, equity markets dropped—and crypto followed. Monetary policy and growth outlooks remain highly uncertain.

News Overview

The key headlines from this week:

• JPMorgan partners with Coinbase. Starting this fall, Chase customers will be able to buy crypto via credit card on Coinbase. Direct bank links and crypto reward conversions (via Ultimate Rewards) are coming in 2026. Notably, CEO Jamie Dimon—long critical of crypto—is now opening the door to stablecoins, tokenized deposits, and Coinbase’s Base network.

• Kraken eyes 2026 IPO at $15 billion valuation. The crypto exchange is preparing a $500 million funding round ahead of a public offering targeted for Q1 next year. After years of legal friction, the path appears clearer. CEO Arjun Sethi remains cautious: “We’ll only go public when it truly benefits our clients, partners, and shareholders.”

• Senator Lummis: crypto should count in mortgage applications. A new bill would require Fannie Mae and Freddie Mac to include digital assets—like bitcoin and ether—in credit evaluations. This could support younger savers without forcing them to sell their crypto. Critics warn of volatility risks and systemic exposure. A milestone could be near: crypto as official collateral for a home.

• PayPal launches ‘Pay with Crypto’ for 650 million users. Merchants will soon be able to accept over 100 digital assets via wallets like Coinbase and MetaMask. Payments will be instantly converted to USD or PYUSD, at up to 90% lower cost than credit card processing. PayPal’s stablecoin even offers 4% interest to merchants. A significant step toward global crypto payments—with PayPal bridging two financial worlds.

Amdax’s Take

Weaker-than-expected macroeconomic data is placing pressure on all risk assets. Equity and crypto markets alike are reacting to deteriorating growth expectations and uncertainty around interest rates. While the likelihood of rate cuts is increasing, the debate remains: are lower rates a luxury, or a necessity? In this environment, a key question emerges: can crypto decouple from broader market sentiment? Can bitcoin push toward new highs even as traditional markets face a pullback? History suggests the answer might be yes.