Price Analysis 8/31: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB
Bitcoin's technical setup is leaning towards an additional downside, leading some traders to exit altcoins, which are struggling at levels of general resistance.
Price analysis
Bitcoin (BTC) price has been trying to reverse course while the S&P 500 is still giving up gains on a daily basis. Even though US stock markets have been falling since August 26, Bitcoin has managed to hold the $20,000 mark.
However, investor interest seems to be shifting away from Bitcoin. This led to a reduction in assets under management (AUM) for Bitcoin investment products, which fell 7.16% in August to $17.4 billion, according to a new report from CryptoCompare.
In comparison, assets under management for Ethereum products increased by 2.36% to $6.81 billion over the same period, indicating that investors are positioning themselves in Ethereum products before the merger .
Daily performance of the cryptocurrency market. Source: Coin360Even though prices are falling across the ecosystem, bear markets at least offer some attractive opportunities for long-term investors term. To capitalize on this opportunity, Reddit co-founder Alexis Ohanian's venture capital firm Seven Seven Six is aiming to raise $177.6 million for a crypto investment fund. Along the same lines, ex-executives at Galaxy Digital and Genesis are looking to...
Bitcoin's technical setup is leaning towards an additional downside, leading some traders to exit altcoins, which are struggling at levels of general resistance.
Price analysis
Bitcoin (BTC) price has been trying to reverse course while the S&P 500 is still giving up gains on a daily basis. Even though US stock markets have been falling since August 26, Bitcoin has managed to hold the $20,000 mark.
However, investor interest seems to be shifting away from Bitcoin. This led to a reduction in assets under management (AUM) for Bitcoin investment products, which fell 7.16% in August to $17.4 billion, according to a new report from CryptoCompare.
In comparison, assets under management for Ethereum products increased by 2.36% to $6.81 billion over the same period, indicating that investors are positioning themselves in Ethereum products before the merger .
Daily performance of the cryptocurrency market. Source: Coin360Even though prices are falling across the ecosystem, bear markets at least offer some attractive opportunities for long-term investors term. To capitalize on this opportunity, Reddit co-founder Alexis Ohanian's venture capital firm Seven Seven Six is aiming to raise $177.6 million for a crypto investment fund. Along the same lines, ex-executives at Galaxy Digital and Genesis are looking to...
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