Crypto market moves sideways, Bitcoin sustains its $26,000 support
Crypto market overview: The crypto market has traded sideways with slight buying pressure. As per the market data global crypto market capitalisation continues to be above the $1 trillion level. Markets at large, including crypto and even global equities, are currently dealing with the rate hike concerns and rising treasury yields.
Continuing its oscillation between the neutral and fear zones, the crypto fear and greed index is back in the fear zone with a score of 46/100 after shedding off a point since yesterday.
Crypto Fear & Greed Index | Image credit: Alternative.me
While talking to Republic about the crypto market movement, Shubham Hudda, Senior Manager, CoinSwitch Markets Desk said, “Similar to broader markets, BTC traded flat in the last 24 hours as it continues to trade above $26,000. ETH also edged up and is currently trading just below $1,600. In an interesting take, data compiled by Token Terminal shows that Ethereum has generated over $10 billion in revenue in a record seven years—faster than most top technology companies except for Alphabet.”
Rajagopal Menon, VP, WazirX underlined the impacts of the growing fear of potential rate hikes. Menon said, “Along with the global equity markets, cryptocurrencies also grapple with growing pressure from concerns regarding potential interest rate hikes and rising treasury yields. These developments disrupted a four-day decline initiated by the US Federal Reserve’s hawkish monetary stance.”
Sudeep Saxena, Co-Founder, CoinGabbar said, “The strong US dollar Index may keep Bitcoin and select altcoins under pressure in the short term. However, there’s early morning buying seen in Bitcoin near $26,000, with bulls determined to defend this level. Bitcoin aims for its first positive monthly close in September since 2016, and the potential approval of a Bitcoin spot ETF and the upcoming 2024 halving event could provide further support to its price.”
Edul Patel CEO & Co-founder Mudrex said, “Bitcoin is currently trading above the $26,200 mark. This modest uptick in value may be attributed to recent reports of MicroStrategy (MSTR) acquiring nearly $150 million worth of bitcoin (BTC) from August 1st to September 24th. Ethereum’s price, on the other hand, remains range-bound, fluctuating between $1,550 and $1,600.”
Shivam Thakral, CEO, BuyUcoin, also underscored the impact of Powell’s speech on the crypto market. Thakral said, “Fed Chairman Powell’s speech on Thursday may have a significant impact on the crypto market as he may give clarity on the next rate hike. The markets are expected to remain choppy in the coming weeks due to uncertain macroeconomic factors.”
In other news, MicroStrategy(MSTR), in its recent regulatory filing disclosed that the company has purchased BTC worth approximately $150 million since August 01. Total BTC holdings currently sum up to nearly $4.7 billion. The company has always maintained a long-term strategy with BTC, and this may be one such step in the same direction.
Prices listed were last checked at 11:30 am today according to Coinmarketcap.com
Crypto market in last 24 hours
Bitcoin and Ethereum both recorded very little but positive movement in the daily charts with Bitcoin gaining 0.67 per cent and Ethereum recording a 0.79 per cent surge. After a sudden decline on Monday, Bitcoin can be seen recovering and finding strong support at $26,000. Ethereum’s movement over the last 24 years has also been limited while it is facing a strong monthly resistance near the $1,650 level.
Other leading cryptocurrencies including BNB, XRP, Cardano, Dogecoin, Polygon, and Litecoin also recorded minor gains. While Solana and Toncoin continued the downward trend.
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