Bitcoin continues to disappoint, altcoins are actively bought
On the first day of autumn, the cryptocurrency market retains a positive momentum, received in the absence of signals from Fed Head Powell about changes in monetary policy last Friday. The news background is dominated by reports of unimaginable figures about activity in the NFT space (the trading volume on the OpenSea marketplace in August exceeded $ 3 billion) and about new all-time highs in terms of blocked funds in Defi protocols.
As a result, Ethereum is at $ 3500, at new highs after the May correction and support for this movement by a number of other assets. In Solana on Wednesday, runaway rally gave way to a pullback. There were other cryptocurrencies, where buyers launched a bullish game, in particular, the stagnant Polkadot, Chainlink, Uniswap. XRP also demonstrates digging amid news that, in the process with the SEC, the court ordered the regulator to disclose information before September 28 why it treats Ethereum and Bitcoin not as “securities”. This could potentially completely dispel all claims of the Commission against Ripple.
Bitcoin, in turn, continues to disappoint. On the eve of the jump to the significant horizontal level of $ 48,200, it was unsuccessful. In the latest report, Glassnode analysts noted low transaction activity, which, against the background of price increases in the past, signaled an early stage of a bull market (as an example, the end of 2020). This thesis is confirmed by the transition to the accumulative behavior of even “young” coins (transactions less than three months ago). We wait and believe. According to the standard consolidation chart, support is located at $ 46,200. Fixing above $ 48,200 will raise the rate to $ 49,200 and then to $ 50,400.
At 15-15 Moscow time today, there are data on employment in the US private sector from the ADP. If they turn out to be weaker than expectations, investors will be able to allay their concerns about the official report on the US labor market on Friday and its impact on the Fed’s actions. With the proliferation of the delta strain, the chances of this are definitely high, which can energize bulls, including in bitcoin. The warnings of the head of the SEC Gary Gensler about the problems of crypto platforms, if they do not work in the legal field, did not affect the mood.
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Aaron Chomsky,
Head of Investment Department,
ICB Fund
Read more: https://mcc.exchange/2021/09/01/bitcoin-continues-to-disappoint-altcoins-are-actively-bought/
Text source: MCC.EXCHANGE
