Monday Market Report - Sep 19 to Sep 25, 2022 - BTC, ETH & more
📢 Market Updates
➡️ Approximately one million Australians will purchase cryptocurrency for the first time over the next 12 months.
➡️ Adding to the existing regulatory hurdles for the crypto ecosystems, California Governor Gavin Newsom refused to sign a bill that would establish a licensing and regulatory framework for digital assets.
📻 Crypto News
➡️ CFTC Comes After DAOs – CoinDesk
➡️ Crypto Market Intelligence Provider Messari Raises $35M – PR Newswire
📝 Key Notes
➡️ Cardano Vasil Hard Fork went live last week.
➡️ Bitcoin (BTC) hit its lowest weekly close since 2020 on Sept. 25.
➡️ Bitcoin (BTC) has outperformed both the major indexes and has fallen less than 4% week on week.
➡️ ETH down close to 10% since the merge hype cleared.
➡️ XRP witnessed a 35% rally, towards the end of last week.
📊 Cryptocurrency Overview
There's not much to say in terms of BTC performance of late, and the asset has been in the C$24,000-C$27,000 range for a few months now, just as it was close to 2 years ago. Bitcoin (BTC) hit its lowest weekly close since 2020 on Sept. 25 as a week of tough macroeconomic decisions took a toll on the asset. The impact of this was seen across several leading alts, with ETH down close to 10% since the merge hype cleared. The largest altcoin by market cap circled C$1,775 at the time of writing, back to its mid-July levels again. Having said that, despite all the turmoil in the financial markets, Bitcoin (BTC) has outperformed both the major indexes and has fallen less than 4% week on week, which is an encouraging sign.
The only token that opposed this overall market downtrend, was XRP, which has been rallying as the market hoped for a victory in the ongoing court battle between Ripple and the SEC. The asset witnessed a 35% rally, towards the end of last week. Another major event that took place last week was the Cardano (ADA) Vasil Hard Fork. The Vasil fork allows block transmission without full validation, enabling faster block creation. The update will also see improvements in the network's Plutus smart contracts, enabling increased efficiency and allowing decentralised applications (dApps) to deploy and run at lower costs. As such, news of the Vasil update going live has had a positive impact on Cardano's price action. ADA, the network's native cryptocurrency, has climbed nearly 6.65 percent over the last 24 hours following the success of the update and is currently trading at C$0.602.
In conclusion, the markets continue to remain choppy. A BTC led rally is much anticipated, but seems a little untimely due to the macroeconomic uncertainty, coupled with some key regulatory challenges.
📈 Bitcoin Technical Analysis
BITCOIN has been trading sideways below its 20 Day Moving Average in a range from C$24,500 to C$26,500 over the past ten days. The asset has a strong support zone from C$24,000 to C$22,750 (C$22,950 Previous Bottom) whereas C$27,000 and C$29,500 are acting as strong resistance levels. Downsloping Moving Averages and RSI below 50 indicates that the bears still have the upper hand.
✨ September 21st – Next FOMC interest rate decision
✨ October 19-20th – Canadian Blockchain Summit
Disclaimer: This content is not intended to provide investment, legal, accounting, tax or any other advice and should not be relied on in that or any other regard. The information contained herein is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of cryptocurrencies or otherwise.