The cryptocurrency market digest (BTC, ETH). Overview for 08.04.2022

08.04.2022

The crypto market plummeted. The BTC dropped to $42,700 for the first time in two weeks and its capitalisation plunged to $825 billion. The BTC’s market share is now estimated at 39.3%. the total capitalisation of the entire crypto market is $2.09 trillion.

The key reason for this decline is investors’ risk aversion. Another factor is the US stock market decline. It is known that there is a close correlation between the BTC and the NASDAQ index. Deterioration of external background and low risk appetite were not in favour of bulls on all fronts.

So, the BTC returned to $43,850 on Friday but no active purchases can be seen right now. To improve buyer interest, the BTC must break $45,500. After fixing above $47,500, the next upside target may be at $51,000. The closest support level is the trendline at $42,000, the next one – at $34,320.

Bitcoin chart online

ETH: local weakness

The major altcoin is trading at $3,294 and recovering after plunging earlier this week. The reasons for this weakness are the same – buyer’s low interest due to negative market conditions. In the short-term, the asset might probably consolidate between $3,167 and $3,380. To start a confident growth, the ETH must fix above $3,400.

Ethereum chart online

Terra bought some more AVAX tokens

Terra bought AVAX tokens worth $200 million. As a part of the deal, the company swapped its own token Luna for AVAX. The deal was made to strengthen the positions of Terra UST crypto reserves. Apparently, the company is thinking about supporting the development of the Terra blockchain. AVAX is perfect for that: its users are quite loyal and the ecosystem is stable.

Starbucks: plans for NFTs

Starbucks is planning to join the NFT world as early as this year. The company’s management is very interested in the NFT industry – they are sure that Starbucks will be able to offer users many unique assets, from collectibles to the company’s entire legacy.

Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.