The crypto market is losing ground but slowly
September 26, 2023 @ 10:32 +03:00
Market picture
The positive correlation between cryptocurrencies and the stock market is temporarily back on track. The crypto market capitalisation approached 1.05 trillion (+0.9% in 24 hours). On Monday evening, the crypto market recouped its losses following the US stock indices, but since Tuesday morning, there has been renewed selling strength. This time amid pressure on Chinese stocks.
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Bitcoin closed lower on Monday, remaining in the clutches of the bears after touching the 50-day moving average a week ago. With markets still under pressure, the focus remains on the first cryptocurrency’s momentum in the $25.0K-$25.6K area. Without confident buying in this area, be prepared for a failure towards $20K on weak hand capitulation.
XRP is giving up ground after a failed attempt to get back above the 200-day moving average. Although it is pointing up, it acts as solid resistance in September. The pressure in the equity markets is not helping.
It forms a death cross (the 50-day will cross below the 200-day) after Ethereum and BTC. From the current level of 0.4980, 0.46 is a critical support level, where several supports and the 50-week moving average are concentrated.
![](https://fxpro.news/wp-content/uploads/2023/09/xrpdaily_230926.png)
News background
MicroStrategy has acquired an additional 5,445 BTC, according to founder Michael Saylor. MicroStrategy now owns 158,245 BTC worth approximately $4.68 billion (at an average price of $29,582).
According to CoinShares, investments in crypto funds fell by $9 million last week; outflows have continued for 9 of the previous 10 weeks. Bitcoin investments fell by $6 million, and Ethereum investments decreased by $2 million.
Weekly trading volumes totalled $820 million, well below the annual average of $1.3 billion. XRP and Solana saw small inflows, CoinShares noted.
According to Arkham, Coinbase holds nearly 1 million Bitcoins or about 5% of its total supply.
The FxPro Analyst Team