Alexander Kuptsikevich
FxPro Financial Services Limited
Bitcoin rose 2.6% to $22,300 in the past 24 hours amid rising stock indices and a weaker US dollar. Ethereum lags the market, losing 0.7% to $1715. Top altcoins performance ranged from -1.5% (Cardano) to +10% (Solana).
Total crypto market capitalisation, according to CoinMarketCap, rose 1% overnight to $1.06 trillion. The cryptocurrency Fear & Greed Index added 9 points to 34 by Tuesday, the highest since mid-August.
BTC is just a hair above its 50-day average, which should hardly be considered an encouraging bullish sign. The following intermediate stage of recovery that could revive the market is the 200-week average at $23.2K.
The latter dynamic suggests cautious market players, who are likely to shift their attention to global macro issues. The most critical of these today is the US inflation report, which could return optimism to the markets if price growth slows and sell-offs otherwise. TradingView shows a correlation between bitcoin and the S&P 500 index started to strengthen again last week.
Solana posted the highest daily gain among top coins. Despite the overall market decline, the number of NFTs issued on the Solana blockchain rose sharply, reaching 312K. The trading volumes of collectable assets on the network have also jumped.
According to CoinShares, crypto funds saw a $63 million outflow last week, the highest in 12 weeks. Ethereum funds lost $62M, bitcoin funds – $13M, and short-BTC funds got an $11M inflow. These dynamics starkly contrast to the price behaviour and overall market capitalisation, showing that the institutions are not setting the prices here at all.
The bitcoin network's hash rate has renewed its all-time high of 281.79 million TerraHash, shifting the projected date of the next halving from May 2024 to Q4 2023.
According to a Harris Poll survey, 70% of cryptocurrency investors are hoping to become billionaires, which is significantly above the number among traditional investors.
On September 19, due to increased regulatory pressure, Huobi will delist seven anonymous cryptocurrencies, including Dash (DSH), Monero (XMR) and Zcash (ZEC).
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Ethereum price is giving up on its bid for a pre-Merge rally amid concerns over rising inflation levels. The leading smart contracts token exchanges hands slightly above $1,600, with losses expected to close below the same level on Tuesday. On the bright side, this pullback might give investors another chance to catch an anticipated Merge-triggered bullish breakout above $2,000.
Polkadot (DOT) price action has seen bulls only enjoying life very briefly above the monthly pivot near $8.00. The biggest issue here seems to be the combination of the 55-day Simple Moving Average (SMA) and that same monthly pivot.
Binance Coin price is following up with its push for a sustainable rebound from support formed at $262. Despite the overarching losses experienced over the last three weeks.
Solana (SOL) price sees bulls firmly breaking above the 55-day Simple Moving Average (SMA) after they failed to close above it on Monday. Though a telling sign, when viewed within the broader picture.
Bitcoin price has not only swept key swing lows, as noted in last week’s articles, but it has also reached its first recovery level target. While the recovery rally was as quick as it was a surprise, investors can hope for a minor retracement to get on the next leg-up.
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