Cryptocurrency Markets Show Bearish Momentum as Bitcoin Dips to $19K and Ethereum Drops Below $1,600 » The Merkle News
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After a slight rally on Friday, the cryptocurrency market is back in bearish territory this Saturday as BTC falls below $20,000 and ETH tries to hold support at $1,600. The global cryptocurrency market is still below $1 trillion, valued at $974 billion, down 2.5% in the last 24 hours. Let’s take a look at the relevant Bitcoin and Ethereum news affecting the market today.
- Crypto markets are showing slight bearish momentum this Saturday with BTC and ETH down 2-5%.
- Last week, the Bitcoin whale decided to offload 10,000 Bitcoins, creating further downward momentum for BTC.
- Jerome Powell’s speech last week was the most significant influence on the crypto market’s selling pressure.
- Ethereum’s outlook remains bullish as the network merger is eleven days away.
- Ethereum may show significant price growth after the merger, and we recommend that you keep a close eye on the crypto asset.
A report published today by Coindesk mentions that more than 10,000 long-dormant Bitcoins worth more than $200 million were finally exchanged last week, suggesting that whales may be cashing out at least some of their holdings.
According to data from CryptoQuant and LookIntoBitcoin, 5,000 BTC were traded in two days last week. Analysts say the transaction data is inconclusive, but suggests that long-time owners may be selling their Bitcoin bags.
It’s never a bullish sign when dormant coins go public, but at the same time, just because one whale decides to sell some of its holdings doesn’t mean Bitcoin won’t recover and go up in price.
The most significant news that affected crypto and global market prices last week was Jerome Powell’s speech in Jackson Hole on August 26, where he announced that the Fed will continue its monetary policy to curb inflation and that traders should prepare for the pain ahead. . Powell said:
“Although higher interest rates, slower growth and weaker labor market conditions slow down inflation, they also bring pain to households and businesses. These are the unfortunate costs of curbing inflation. But failure to restore price stability would mean much greater pain.”
August 26 marked a significant bearish correction for Bitcoin, with the cryptocurrency falling from a peak of $21.7,000 to $19,600 just two days later. Since then, Bitcoin has struggled to gain support as a crypto, and traditional markets remain shaky.
When it comes to Ether news, the talk of the town continues to be the network merger, which is highly anticipated by traders. In a recent interview, Vitalik mentioned that he believes the Ethereum merger has not yet been priced and will not be priced until ETH fully transitions to a stake consensus model.
There has been talk of Ethereum transforming into a fully proof-of-stake network for several years, and once the network is fully transformed, we will likely see the price of Ethereum rise.
Ethereum’s network merge is scheduled to be released in about 11 days, giving traders time to accumulate ETH before it crosses the $2,000 level.
Although the current state of the crypto market is bearish, the short-term and long-term outlook for Ethereum is very bullish, and we recommend that you keep a close eye on the crypto-asset over the next few weeks.
Disclosure: This is not trading or investment advice. Always do your research before buying cryptocurrency or investing in any service.
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