The cryptocurrency market digest (BTC, ETH). Overview for 15.08.2022

15.08.2022

Something special has happened in the crypto market: the BTC has attacked $25,000 for the first time since June. On the whole, the leading cryptocurrency grew by almost 5% over last week.

Please, notice the geopolitical risks, namely – the news about a new American delegation heading for Taiwan. China reacted by calling this visit a dangerous step for Washington. Capital markets remain silent, but the S&P 500 futures at the Monday premarket are looking down. The BTC, S&P 500 and Nasdaq indices correlate; hence, if US exchanges start selling today, digital assets will follow.

Technically, the nearest future will be important for setting trends in crypto. If the day and night are neutral, buyers in the BTC might accumulate enough power to test $25,500, from where they might aim for $26,000. Let us make it clear again: all the success of the BTC is directly connected to the drive of buyers in the US stock market.

Capitalisation of the crypto market is now about $1.184 trillion. The BTC takes up 40.1%, the ETH – a little bit over 20%. The fear index has reached 45 points.

AUSD: crash under hacker attack

The AUSD stablecoin dropped significantly after the Polcadot-based Acala Network protocol was attacked by hackers. At certain points, the price of the token reached $0.05. The hackers are known to have issued about 1.2 billion coins.

Coinbase is worried about ETH future

Coinbase crypto exchange has been in the centre of attention quite frequently. This time, its representatives commented on the transition of the ETH to the PoS (Proof-of-Stake) scheme. They are sure that this and other solutions supporting scalability might threaten ETH prices.

As you know, last week ETH developers successfully completed the update of the Goerli testnet. The merger with the Ethereum and transition to PoS is scheduled for 15 or 16 September 2022.

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.