How much Bitcoin, Ethereum and other cryptocurrencies are trading this Wednesday, September 7
BTC price fell to $18,680, its lowest level since June 3 and Tuesday, the highest cryptocurrency The world was trading around $18,900, down 4.5% in the last 24 hours, according to Tradingview’s Bitcoin price index against the US dollar.
The crypto market decline is in line with the behavior of the stock markets in which, for example, the S&P 500 index fell 0.41% on Tuesday, given the concern of operators that the Federal Reserve could maintain an aggressive interest rate policy in its campaign to control inflation.
In fact, Bitcoin often trades lower when there is increased speculation of a more aggressive monetary policy.
“Each failed attempt to break the resistance zone just above $20,000 increased the likelihood of a test of the price range bottom near $18,000,” Joe DiPasquale, CEO of hedge funds, told CoinDesk. BitBull Capital crypto.
However, he pointed out thatand “from a technical perspective, the price remains in line with projections, and I would be looking to accumulate between here and $15,000.”
The cryptocurrency market has suffered a strong capital flight since November of last year when, after reaching a total capitalization of 3 trillion dollars, today it gathers less than a third of that figure: US$920,000 million.
The end of the low rate policy worldwide, the acceleration of inflation, the energy problems in Europe and the beginning of the recession in the main economic powers marked the end of a bullish cycle of cryptocurrencies that, after having touched a floor in December 2018, multiplied by 3,300% the volume of money that entered crypto until November 2021.
During that period, the crypto market went from handling a volume of money of $92 billion to $3 trillion on November 10, 2022.
The bad news at the macro level was compounded by problems intrinsic to the young crypto industry, such as the collapse of the Terra stablecoin ecosystem, the disappearance of the hedge fund Three Arrows Capital, and the bankruptcies of Voyager Digital and Celsius Network, among other high-profile cases. .
Source: Ambito
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