The crypto market has laid low

0
2

Marketing image

Bitcoin fell 2% to $19K in the past 24 hours as the US dollar rose and stock indices resumed their decline. Despite adverse market sentiment ahead of Wednesday’s Fed rate decision, BTC managed to hold off updating the previous day’s low.

Ethereum lost 1.7% to $1335, with prices for the top altcoins ranging from -2.7% (Shiba Inu) to +7% (XRP), while total capitalization fell 1.2% to $927bn, according to CoinMarketCap estimates.

BTCUSD has been trading near the lower end of the trading range for the past three months. The market’s reaction to the Fed’s decision later today will determine whether we see a renewal of lows or a pullback from the bottom. The trend of the last month and a half makes a bearish scenario the main one, but still, surprises are not excluded.

News background

MicroStrategy bought an additional 301 BTC for $6 million at an average price of $19,851 in early August, according to a report filed with the SEC. MicroStrategy’s previous investment in the first cryptocurrency was in June when the company acquired 480 BTC worth around $10m.

Renowned cryptocurrency expert Willie Wu said that futures on the CME exchange are putting significant pressure on bitcoin, and this is, to a large extent, political pressure. The SEC approves cryptocurrency ETFs but prohibits the launch of spot funds. That said, hedge funds can short BTC with leverage.

The founder of Real Vision Raul Pal believes that Solana and Avalanche, cryptocurrencies with their original blockchains, will repeat the dynamics of Ethereum in the previous cycle in the next bullish cycle.

The US exchange Nasdaq is launching a crypto division that will offer clients digital asset services and tools to secure crypto companies.

This article was written by FxProAlex Kuptsikevich’s Senior Market Analyst.

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here