The crypto market has not withstood the pressure
September 07, 2022 @ 12:10 +03:00
Bitcoin lost more than 5% to $18.8K in 24 hours, ending an extended lull. Ethereum loses more than 8.5%, falling to $1520.
The crypto market’s capitalisation is down 5.8% to $940B, according to CoinMarketCap, which is in line with the amplitude of the crypto flagship’s decline. As is often the case, BTC was the first to go, and only hours later, the sell-off spread to the entire sector.
Continued pressure in equity markets eventually forced the crypto bulls to retreat. The local situation focuses on whether the previous low $17575 will hold or the sell-off won’t stop this time.
It is worth bearing in mind that this time the closing of the stop outs may cause the price to slip down to $13K. However, in our view, chances are high that there will be some lull near current levels, as BTCUSD has entered the oversold area on the daily charts.
Glassnode says bitcoin could fall to $17,000 based on on-chain indicators analysis. At the same time, the long-term outlook for the first cryptocurrency remains ‘constructive’, as evidenced by the growing number of coins at HODLers.
The International Monetary Fund (IMF) has called for global regulation of cryptocurrencies, which have evolved from niche products into payment instruments, speculative investments and hedging tools.
Europol praised blockchain technology as a tool for fighting crime. The agency said Blockchain’s ability to track transactions makes finding and recovering stolen funds easier.
The Ethereum team has activated the Bellatrix upgrade. The upgrade is the last step before migrating the core network to the PoS algorithm. The Merge is set to complete on 15 September.
The FxPro Analyst Team