The cryptocurrency market digest (BTC, ETH). Overview for 23.09.2022

23.09.2022

The BTC is trying to recover, but its hopes were shipwrecked. Yesterday, the major crypto gained almost 4%, but today it is retreating to $19,065. We’ve already told earlier that important support level at $18,000-$19000 “survived”. However, the BTC still stands a good chance to reach this range, because there are no good reasons to buy it.

To reverse and start a proper growth, the BTC must fix above $21,500, and $22,000 would be even better.

The BTC’s still has a strong correlation with the S&P 500 index, which is expected to continue falling. Investors aren’t interested in risky assets right now due to negative external background.

Ripple: the struggle continues

The SEC’s lawsuit against Ripple won’t be brought into a jury courtб because the judge has enough proof to deliver a verdict. It’s a good sign for Ripple: it means that the parties have no controversy on particular facts. Yesterday, the XRP leaped up 30%; today it gained almost 4%.

Ethereum merge didn’t help NFT

NFT projects got no positive boost after the Ethereum upgrade. This assumption was made based on the fact that Ethereum dominates as a basis for NFT projects in most cases. Lack of interest to NFT is unusual: the upgrade to PoS was expected to attract potential investors.

Novogratz: the low in ETH is ahead

Billionaire Mike Novogratz believes that after successful upgrade of Ethereum, the ETH is very close to the bottom. However, he isn’t expecting a dramatic decline in the BTC.

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.