The cryptocurrency market digest (BTC). Overview for 19.08.2022

19.08.2022

The BTC lost more than 7% in the last 24 hours. At the moment, the major crypto continues to fall and may soon reach $21,380.

The key reason for this decline is that the euphoria passed. Earlier, the crypto market was rising due to the CPI report from the US. Based on the data, investors drew optimistic conclusions that the Fed might not raise the rate as quickly and aggressively as before. However, the FOMC Meeting Minutes published earlier this week said that there were no grounds for such conclusions – it was just one report. Just one.

It turned out that prices were pushed upwards only by expectations, and nothing more. Investors came down to earth and started selling.

The closest support for the BTC is at $21,000. Right now, it’s too early to discuss any further developments – markets are overwhelmed with emotions.

Polygon is a strategic partner of a new hedge fund

Polygon, is a decentralised Ethereum scaling platform, became a strategic partner and the major investor for a new hedge fund of SuperLayer. The sum to be invested is about $25 million.

Crypto exchanges cut jobs

Another crypto exchange decided to reduce staff by 21% to decrease expenses during “crypto winter”. An Australian platform Swyftx fired 74 employees.

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.