Analysis
The cryptocurrency market digest (BTC). Overview for 21.09.2022
The crypto market continues falling. On Wednesday, the BTC is approaching $18,865. One of the most important things is an increase in the correlation between the S&P 500 index and the BTC – it’s 72% now, which is very close to the May h…
The crypto market continues falling. On Wednesday, the BTC is approaching $18,865. One of the most important things is an increase in the correlation between the S&P 500 index and the BTC – it’s 72% now, which is very close to the May high. What does it mean? It means that almost all risky assets are under significant pressure in the light of huge rate hikes by major global CBs. In fact, they are pumping liquidity and raising their rates. Under these circumstances, risky assets are moving in the opposite direction, because they have very few prospects for the future.
Later in the evening, the US Fed will announce its rate decision, which is widely expected to be 75 basis points. However, there are opinions that imply a 100-point (positive scenario) or a 50-point (negative scenario) rate hike.
The evening is promising to be turbulent and the BTC might be one of the most volatile assets. So far, the BTC is moving below $20,000 and may drop to $18,000 or even reach the target at $15,000.
The Merge didn’t save the market
A week after the Ethereum upgrade (it switched to PoS), it is clearly seen that digital currencies continue falling. The ETC lost over 23%. The price of RVN, a PoW-based token, dropped 43%. Miner are looking for alternatives.
The most profitable coins in the last 24 hours
The last 24 hours were quite disturbing for the crypto market. Top 5 of the most profitable coins include XRP, EOS, USDN, HT, and XLM, which added 2% on average. Ripple was better than the others – it gained almost 8%.
