Major coins traded mixed Tuesday night as the global cryptocurrency market capitalization fell 0.8% to $973.7 billion at press time.
|dogecoin Doge/US Dollar||-3.3%||-10.3%||$0.06|
|Cryptocurrency||24 hour rate of change (+/-)||price|
|NEAR protocol (shortly)||+6.5%||$4.28|
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Important reasons: Bitcoin It broke below the psychologically important $20,000 level on Tuesday as it tracked a soft close in the stock market. Both the S&P 500 and Nasdaq closed 1.1% lower, while futures were flat at the time of writing.
new york federal reserve president John Williams I took a hawkish stance on Tuesday.he Said The Wall Street Journal says, “We will need restrictive policies for some time.”
“I think the real interest rate needs to be above zero because demand is far outstripping supply,” he said. “Somewhat restrictive policies are needed to slow down demand, but we’re not there yet.”
Edward MoyaSenior Market Analyst at OANDA.
“Bitcoin looks very vulnerable here if the broad sell-off on Wall Street intensifies. A 3% drop in the S&P over the next few days could be a catalyst for bitcoin to return to its June lows. It could be,” Moya said in a note seen by Benzinga.
The Dollar Index, which measures the dollar’s strength against its six peers, fell on Tuesday. At the time of writing, it was down 0.1% to 108.65.
Justin Bennett The dollar index has broken below the 109.30 resistance, which is “usually a bullish sign ahead” when broken.
of $DXY For now, it is still below the 109.30 resistance.
However, a consolidation below resistance is usually a bullish sign ahead.
— Justin Bennett (@JustinBennettFX) August 30, 2022
The trader tweeted, “I think it will be 112-113 in September.” Notably, Bitcoin has recently moved in the opposite direction of the dollar index.
chartist Ali Martinez About 82,600 BTC, worth $1.7 billion, was withdrawn last month from wallets on known cryptocurrency exchanges, it said.
— Ali Martinez (@ali_charts) August 30, 2022
Michael van de Poppe He tweeted that Ethereum is heading towards $2,200 as it nears the move to a proof-of-stake mechanism.
“I still hope that this upward structure will continue. [Bitcoin] We will sweep $19,000 for liquidity,” said the cryptocurrency trader.
Appropriate retesting across the market, $ETHFor example, we’re still on our way to $2,200 as one of our biggest events, a merger, is coming up.
Still waiting to see if this upward structure continues #bitcoin Sweep $19,000 for liquidity.
— Michael Van de Poppe (@CryptoMichNL) August 30, 2022
He said there was “distrust” among Ethereum traders amid a volatile trading week. santimento on Twitter.
of #Ethereum Distrust from traders is strong during a week of particularly volatile trading.the crowd #short, the largest ratio since June 2021, across exchanges. Historically, price increases are more common in these situations. https://t.co/DpG1E1TI9Y pic.twitter.com/e6xAWOXeFM
— Santiment (@santimentfeed) August 30, 2022
“The crowd [shorted]the largest percentage since June 2021, across exchanges. Historically, price increases are more common in these situations.
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