Markets
Will Bitcoin’s rally sustain? DXY, SPX, GC and WTI could have the answer
Federal Reserve Chairman Jerome Powell said in a question and answer session hosted by the Cato Institute on Sept. 8 that the central bank will continue to hike rates until inflation is under control. However, these comments did not rattle the markets as much as most would have anticipated, indicating that traders might have already factored in a 75 basis point rate hike in the Fed’s next meeting on Sept. 20–21. Bitcoin has been strongly correlated with the S&P 500 and inversely correlated with the United States dollar index (DXY) for the past several weeks. With the DXY cooling off after hitting a two-decade high, risky assets have been attempting a recovery. Crypto market data daily view. Source: Coin360 U.S. equities markets are attempting to snap a three-week losing streak while Bi...
3 Bitcoin price metrics suggest Sept. 9’s 10% pump marked the final cycle bottom
The correlation between Bitcoin (BTC) and stock markets has been unusually high since mid-March, meaning the two asset classes have presented near-identical directional movement. This data might explain why the 10% rally above $21,000 is being dismissed by most traders, especially considering S&P 500 futures gained 4% in two days. However, Bitcoin trading activity and the derivatives market strongly support the recent gains. Curiously, the current Bitcoin rally happened a day after the White House Office of Science and Technology Policy released a report investigating the energy usage associated with digital assets. The study recommended enforcing energy reliability and efficiency standards. It also suggested federal agencies provide technical assistance and initiate a collaborative pr...
Bitcoin is pinned below $20K as the macro climate stifles hope for a sustainable BTC bull run
Bitcoin (BTC) crashed below $19,000 on Sept. 6, driving the price to its lowest level in 80 days. The movement not only completely erased the entirety of the 32% gains accrued from July until Aug. 15, it also wiped out $246 million worth of leverage long (buy) futures contracts. Bitcoin price is down for the year but it’s important to compare its price action against other assets. Oil prices are currently down 23.5% since July, Palantir Technologies (PLTR) has dropped 36.4% in 30 days and Moderna (MRNA), a pharmaceutical and biotechnology company, is down 30.4% in the same period. Inflationary pressure and fear of a global recession have driven investors away from riskier assets. By seeking shelter in cash positions, mainly in the dollar itself, this protective movement has caused the U.S....
Bitcoin price falls under $19K as data shows pro traders avoiding leverage longs
An $860 surprise price correction on Sept. 6 took Bitcoin (BTC) from $19,820 to $18,960 in less than two hours. The movement caused $74 million in Bitcoin futures liquidations at derivatives exchanges, the largest in almost three weeks. The current $18,733 level is the lowest since July 13 and marks a 24% correction from the rally to $25,000 on Aug. 15. Bitcoin/USD 30-min price. Source: TradingView It is worth highlighting that a 2% pump toward $20,200 happened in the early hours of Sept. 6, but the move was quickly subdued and Bitcoin resumed trading near $19,800 within the hour. Ether’s (ETH) price action was more interesting, gaining 7% in the 48 hours preceding the market correction. Any conspiracy theories regarding investors changing their position to favor the altcoin can be dismiss...
Will the Ethereum Merge crash or revive the crypto market? | Find out now on The Market Report
On this week’s “The Market Report” show, Cointelegraph’s resident experts discuss the Ethereum Merge and how it might impact the crypto market To kick things off, we broke down the latest news in the markets this week. Surge or purge? Why the Merge may not save Ether (ETH) price from “Septembear.” Options data, macroeconomic catalysts and technical signals suggest a decline in Ether price is on the table despite the Merge. Ethereum’s native token, Ether, is not immune to downside risk in September after rallying approximately 90% from its bottom of around $880 in June. Can Ethereum prove analysts wrong and break out in price following the Merge or has the price already been factored in and we’ve already seen the price spike for the end of this year? ETH Merge: CoinGecko c...
Ethereum gone wrong? Here are 3 signs to keep an eye on during the Merge
The assumption that Ethereum will just transition to a fully functional proof-of-stake (PoS) network after the Merge somewhat ignores the risk and effort necessary to move an asset that has a $193 billion market capitalization and 400 decentralized applications (DApps). That is precisely why monitoring vital network conditions is essential for anyone willing to trade the event which is scheduled for Sept. 14, according to ethernodes.org. More importantly, traders should be prepared to detect any alarming developments in case things go wrong. Apart from the $34.2 billion in total value locked in smart contracts, another $5.3 billion in Ether is staked on the Beacon Chain. The network is currently used by many tokens, oracle providers, stablecoins, layer-2 scalability solutions, synthetic as...
Price analysis 9/5: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB
The cryptocurrency markets have been quiet over the weekend. The sideways price action continues on Sept. 5 and there are unlikely to be any fresh triggers from the United States equities markets, which are closed for Labor Day. However, the bullish picture for cryptocurrencies looks clouded as the energy crisis in Europe sent the euro to a two-decade low versus the U.S. dollar. Meanwhile, the U.S. dollar index (DXY) which has an inverse correlation with the equities markets and cryptocurrencies soared above 110 for the first time since June 2002. Daily cryptocurrency market performance. Source: Coin360 A positive sign among all the mayhem is that Bitcoin (BTC) has not given up much ground over the past few days and continues to trade near the psychological level of $20,000. This suggests ...
A range-break from Bitcoin could trigger buying in ADA, ATOM, FIL and EOS this week
The decline in the United States equities markets last week extended the market-wide losing streak to three consecutive weeks. The Nasdaq Composite fell for six days in a row for the first time since 2019. The markets negative reaction to a seemingly positive August jobs report suggests that traders are nervous about the Federal Reserve’s future steps and its effects on the economy. Weakness in the U.S. equities markets pulled Bitcoin (BTC) back below $20,000 on Sept. 2 and bears sustained the price below the level during the weekend. This pulled Bitcoin’s market dominance to just under 39% on Sept. 4, its lowest level since June 2018, according to data from CoinMarketCap. Crypto market data daily view. Source: Coin360 Although the sentiment remains negative and it is difficult to call a b...
Price analysis 9/2: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB
Nonfarm payrolls rose by 315,000 jobs in August, down from the July increase of 526,000 jobs. The report was just below the Dow Jones estimate of 318,000 jobs and the slowest monthly gain since April 2021. The S&P 500 rose in response to the report, but later erased its gains, indicating that bears continue to sell on rallies. That may be because the U.S. dollar index (DXY), which had retreated from its Sept.1 20-year high, recovered part of its losses. The bears will have to pull the DXY lower to boost the prices of stocks and thcryptocurrency markets as both are usually inversely correlated with the dollar index. Daily cryptocurrency market performance. Source: Coin360 Although Bitcoin (BTC) has dropped more than 70% from its all-time high of $69,000, several traders have held on to ...
Bitcoin’s in a bear market, but there are plenty of good reasons to keep investing
Let’s rewind the tape to the end of 2021 when Bitcoin (BTC) was trading near $47,000, which at the time was 32% lower than the all-time high. During that time, the tech-heavy Nasdaq stock market index held 15,650 points, just 3% below its highest-ever mark. Comparing the Nasdaq’s 75% gain between 2021 and 2022 to Bitcoin’s 544% positive move, one could assume that an eventual correction caused by macroeconomic tensions or a major crisis, would lead to Bitcoin’s price being disproportionately impacted than stocks. Eventually, these “macroeconomic tensions and crises” did occur and Bitcoin price plunging another 57% to $20,250. This shouldn’t be a surprise given that the Nasdaq is down 24.4% as of Sept. 2. Investors also must factor in that the index’s historical 120-day vo...
The Bitcoin bottom — Are we there yet? Analysts discuss the factors impacting BTC price
When Bitcoin was trading above $60,000, the smartest analysts and financial-minded folk told investors that BTC price would never fall below its previous all time high. These same individuals also said $50,000 was a buy the dip opportunity, and then they said $35,000 was a generational buy opportunity. Later on, they also suggested that BTC would never fall under $20,000. Of course, “now” is a great time to buy the dip, and one would think that buying BTC at or under $10,000 would also be the purchase of a lifetime. But by now, all the so-called “experts” have fallen quiet and are nowhere to be seen or heard. So, investors are left to their own devices and thoughts to contemplate whether or not the bottom is in. Should one be patient and wait for the forecast “drop to $10,000” ...
3 ways to trade Bitcoin and altcoins during a bear market
Markets are scary right now, and while the situation is likely to worsen, it doesn’t mean investors need to sit out and watch from the sidelines. In fact, history has proven that one of the best times to buy Bitcoin (BTC) is when no one is talking about Bitcoin. Remember the 2018–2020 crypto winter? I do. Hardly anyone, including mainstream media, was talking about crypto in a positive or negative way. It was during this time of prolonged downtrend and lengthy sideways chop that smart investors were accumulating in preparation for the next bull trend. Of course, nobody knew “when” this parabolic advance would take place, but the example is purely meant to illustrate that crypto might be in a crab market, but there are still great strategies for investing in Bitcoin. Let’s take a look at th...
