The cryptocurrency market digest (BTC, ETH). Overview for 22.08.2022

22.08.2022

Last weekend, the BTC grew somewhat but nothing has changed strategically. On Monday, the leading cryptocurrency rests near $21,444.

To recover fully from the decline last Thursday and Friday, the BTC needs to reach above $22,500-$22,800. The resistance level might be on $21,800-$21,900. An important support level is still on $21,000.

So, the US stock market got negative on Friday; nothing critical, because exchange markets look overheated and need correcting, indeed. However, the decline of the BTC still looks somewhat leading, so we would consider a bounce here.

Today on the premarket the S&P 500 futures is declining. This must signal the beginning of a deeper fall in indices on Monday at the main session. The S&P 500 might step back to 4,200 points. There is a correlation between the indicator and the BTC, but it seems like it has weakened.

The capitalisation of the crypto market is about $1,021 trillion, and the share of the BTC is 40.1%, while the ETH takes up no more than 19.1%. The fear index has dropped to 29 points.

Tether: all tokens are backed by assets

According to the new report of the Tether company, all the stablecoins are 100% backed by fiat money and securities. The main part of the assets is taken up by US treasury bonds for $28.9 billion. Cash amounts to $5.4 billion.

ETH: abrupt decline

The price of the main altcoin ETH has fallen noticeably. The main reason for shrinking to $1,590 might be Jump Crypto selling a lot of the crypto before the merger of the ecosystems in order to secure positions.

Best Buy accepts crypto for goods

One of the largest retailers in the US, the Best Buy company that takes up about 17% of the US and Canada electronics market, has started selling goods for crypto. For this, it has signed a partnership agreement with the BitPay payment system.

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.