Crypto News:
Funding:
- • VC Continues to Prioritize Web3. Funding this week – Blockworks
- • Seven Seven Six To Launch $177M Crypto Fund – Blockworks
Industry News:
- • Crypto Faith Strong Across Americas Despite Global Drop — Blockworks
- • Bitcoin Mining Has Never Been More Competitive – Cointelgraph
Market Updates:
- • The SOL high-speed smart contract platform has suffered full or partial outages at least seven times over the last twelve months.
- • Support slips from BTC bulls' grasp.
- • The Brazilian SEC seeks to change its role in cryptocurrency regulation.
- • Armenia aims to position itself as a Bitcoin mining hub.
- • Cryptocurrency-related adverts in Thailand will have to meet strict rules as the Securities and Exchange Commission look to emulate foreign standards.
Key News:
- • It was a fairly quiet weekend, with little movement across any major asset. The market is anticipated to remain in this rage-bound state, as consolidation seems to have started. Liquidity across derivative and spot markets has dipped over the last week.
- • The main event over the next two weeks is the ETH Merge. The Bellatrix upgrade on Ethereum is scheduled for Tuesday, a preparatory event for the Merge, which is likely to happen late next week.
- • The FOMC meeting this month has Americans anticipating another hike. The question remains, will the rate hike by 50bps or higher? However, it is safe to assume that the market does seem to have factored in this impact to some degree.
Overview:
Despite a packed calendar for September, it was a quiet weekend, with only 34% implied volume on BTC and 51% on ETH. However, it seems likely that this is short-lived.
The Ethereum Bellatrix upgrade is scheduled for Tuesday. This upgrade aims to bring the Beacon Chain into a steady state. For more information about the Ethereum 2.0 merge, please visit our blog: ETH 2.0: Ultimate User Guide to Ethereum's Merge.
It’s conference season, with DAS and SALT in NYC next week and Token2049 in the last week of September.
Lastly, The FOMC didn’t meet in August, so it will have that much more attention when it does meet this month. Currently, the market is pretty well-divided on if we’ll see a 50 or 75-bps hike.
Weekly Snapshot:
BTC Technical Analysis:
After facing stiff resistance around the key level of C$32,000 (50% Fibonacci Retracement Level), Bitcoin witnessed a sharp correction. The asset gave a breakout on the downside of the ‘Rising Channel’ pattern on August 26th and dropped to C$25,555. Following this move, BTC started trading sideways in a narrow range from C$25,600 to C$26,800. Breakouts on either side of the range could decide the trend for the asset.
KEY LEVELS:
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