The cryptocurrency market digest (BTC, ETH). Overview for 24.08.2022

24.08.2022

Activity in the BTC dropped again. On Wednesday, the major cryptocurrency is trading at $21,340; investors are waiting.

The digital asset is moving within a clear sideways channel. Market players are relaxing and saving strengths in anticipation of US Fed Chairman Jerome Powell’s speech, to be delivered on Friday in Jackson Hole. During the Economic Symposium, the most powerful monetary policymakers share their ideas and opinions on the present and the future. Investors believe Powell will confirm the regulator’s intentions to continue its aggressive policy.

Since the BTC failed to fix above $25,000 after all, there are chances of a decline to $17,500.

To have any even slightest chances to rise, the BTC must secure above $22,000.

The capitalisation of the crypto market remains at $1,024 trillion, and the share of the BTC dropped to 39.9%, while the ETH takes up no more than 19.3%. The fear index has decreased to 25 points.

Nike earned on NFTs

Nike earned good money on selling NFTs; the revenue was $185 million. Perhaps, it’s the most successful example of earning on selling digital assets by a company from the real sector of economy.

Investors accumulated a record-breaking number of ETHs

In anticipation of an important Ethereum upgrade and switching to Proof-of-Stake, miners accumulated on their accounts the biggest number of coins in the last three years – 254,846 ETHs.

Bitfinex launched a derivative on ETHW

Crypto exchange Bitfinex launched trading derivatives on PoW-fork ETH. It is believed such an asset will be interesting for miners, because it keeps an opportunity to mine tokens open.

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.