9/7 Price Analysis: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB
Bitcoin and some altcoins have fallen to critical support levels and the strength of the bounce is lacking strength, increasing further downside risk.
Price analysis
After trading near $20,000 for several days, Bitcoin (BTC) declined sharply and fell below $19,000 on September 6. The fall was not limited to cryptocurrency markets, as US stock markets also closed lower on September 6. 6.
Risky assets have come under selling pressure in recent days as investors fear that the Federal Reserve will continue its aggressive tightening policy.
The CME FedWatch tool shows the likelihood of a 75 basis point rate hike at the September meeting has risen to 80% from 69% a week ago. This extended the rise in the US Dollar Index (DXY), which closed above 110 on September 6.
US stock markets and cryptocurrency markets attempt a relief rally on September 7, but the recovery is only expected to continue after the DXY shows signs of bottoming out.
Daily performance of the cryptocurrency market. Source: Coin360While the bear market has been brutal, it's an encouraging sign to see that venture capital firms have continued to inject money in cryptocurrency and blockchain companies. According to a KPMG report published on September 6, total investments by these companies in the first half of 2022 reached $14.2 billion, after record investments of $32.1 billion...
Bitcoin and some altcoins have fallen to critical support levels and the strength of the bounce is lacking strength, increasing further downside risk.
Price analysis
After trading near $20,000 for several days, Bitcoin (BTC) declined sharply and fell below $19,000 on September 6. The fall was not limited to cryptocurrency markets, as US stock markets also closed lower on September 6. 6.
Risky assets have come under selling pressure in recent days as investors fear that the Federal Reserve will continue its aggressive tightening policy.
The CME FedWatch tool shows the likelihood of a 75 basis point rate hike at the September meeting has risen to 80% from 69% a week ago. This extended the rise in the US Dollar Index (DXY), which closed above 110 on September 6.
US stock markets and cryptocurrency markets attempt a relief rally on September 7, but the recovery is only expected to continue after the DXY shows signs of bottoming out.
Daily performance of the cryptocurrency market. Source: Coin360While the bear market has been brutal, it's an encouraging sign to see that venture capital firms have continued to inject money in cryptocurrency and blockchain companies. According to a KPMG report published on September 6, total investments by these companies in the first half of 2022 reached $14.2 billion, after record investments of $32.1 billion...
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