On Friday, the crypto market suffered further losses as investors were worried about an economic slowdown. The US Federal Reserve raised interest rates to curb inflationary pressures. Ethereum fell 10 percent, posting its largest loss in the last month. After the Merge, the long-awaited software upgrade, Ethereum fell below $1500. All other top crypto tokens, with the exception of Tron and USDC, were in the red Friday. Avalanche and XRP have both fallen by 4%. Global crypto market cap fell more than 3 percentage points to $959.65 billion. The total trading volume rose by almost 8% to $84.22 billion.
On September 15, Bitcoin experienced a second day scaring over $20,000 support as markets evaluated Ethereum Merge. Data showed that BTC/USD dropped below $20,000 overnight and only briefly recovered above the ceiling. September 13 saw risk assets take a plunge. Bitcoin provided traders with little inspiration, as it was down 13.5% from its weekly high. Although the S&P 500 Index and the Nasdaq Composite Index were slightly higher at the beginning of trading, this was similar to crypto’s recovery from earlier losses.
Altcoin markets followed the news that Ethereum did not react positively to the merger. ETH/USD fell 8% despite the headlines and fluctuated at $1470 in the face of volatility. The seamless transition from Proof of Work (PoW) to Proof of Stake was an “exceptional” achievement. The Securities and Exchange Commission (SEC) may have placed Ethereum’s Proof-of-Stake upgrade in its sights. According to The Wall Street Journal, Gary Gensler, Chairman of the SEC, stated that cryptocurrencies and intermediaries that provide holders with an “interest” enable their cryptocurrencies to be classified as security under the Howey test.
The macro-economic front saw the US stock and crypto markets rise ahead of the September 13th release of August CPI data. However, the rally ended when the data showed that inflation had increased rather than fallen. The Fed’s negative data ended any hopes of a near-term turnaround and caused a sharp drop in risky assets. On September 13, shares plunged to $1.6 trillion and the market cap for crypto markets was below $1 trillion.
BITCOIN traded in a ‘Rising Channel Pattern. It faced stiff resistance at its upper trendline and then saw a sharp correction. The pattern was broken on the downside, and it dropped to $18,510 last Wednesday. BTC did not make a breakout on the downside and it failed to test $17,622 as its previous low. It reversed from $18,510. BTC rallied to $22,799. BTC prices fell below $22,500 resistance and reached a weekly low of $19 497. If the asset holds above this support, then it can expect some consolidation and an up-move.
After reaching the $2,030 high, ETH prices saw a sharp correction. They fell nearly 29% to $1,422. The asset then made a Tweezer Bottom and Bullish Engulfing’ formation at the low, and rallied to $1,789.7. ETH was confronted with strong resistance at $1750 (23% Fibonacci retracement level) and again experienced a correction. Prices fell by almost 20%, reaching a weekly low of $1.447.5. The asset is supported by $1,422 & $1,275, while $1,750 & $2,000 will be strong resistance.
Matic was trading sideways between $0.76 and $0.84, consolidating. The asset broke out of the range and reached the weekly high at $0.943. The prices fell to $0.81 after they faced resistance at $0.95. Matic faces multiple resistance from $0.95 to $1. To witness a further rally, Matic must close above $1 and maintain it. The asset will be supported by strong support from $ 0.75 to $0.625
USD ($)08 Sep 2215 Sep 22Previous WeekCurrent WeekCloseClose% ChangeHighLowHighLowBTC$19,330$19,7011.92%$20,402$18,703$22,674$19,625ETH$1,635$1,472-10.01%$1,697$1,534$1,785$1,457MATIC$0.84$0.82-2.36%$1.05$0.76$0.94$0.82crypto1w – % Vol. Change (Global)BitCoin (BTC)35.75%Ethereum (ETH)20.26%Polygon (MATIC)23.78%Resistance 2$28,500$2,000$1.05$0.60Resistance 1$22,500$1,750$0.95$0.45USDBTCETHMaticBATSupport 1$17,500$1,420$0.75$0.33Support 2$15,000$1,275$0.63$0.25
According to local media reports, computing power on the Ethereum Classic or Raven Coin blockchain networks has jumped a few hour after mining on Ether (ETH). This is because the network that underlies Ether (ETH) has been ranked second in terms of cap crypto underlying the world. Do Kwon, co-founder and chief executive officer of Terraform Labs, was reported to be trying to get his passport back. Venture capital firms Tiger Global Venture Partners and Tusk Venture Partners have led a $15 million round of seed funding for Magna, a token management platform. The valuation was $70 million. Co-founders Bruno Faviero (left) and Arun Kirubarajan (right), announced the news.
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