Crypto Market Overview: The cryptocurrency market traded sideways with a bearish bias over the weekend and all major cryptocurrencies were affected. According to market data, the global crypto market capitalization is currently around $1.08 trillion. Alternatively, jump between the neutral and fear zones over the weekend.
The fear and greed index returns to the neutral zone with a score of 47/100. The overall trend in the cryptocurrency market remains downward, with bearish sentiments, especially after the feds' comments.
Cryptocurrency Fear and Greed Index | Image credit: Alternative.me
While talking about the cryptocurrency market movement over the weekend, Parth Chaturvedi, investment leader at CoinSwitch Ventures, said: โBTC entered Monday below $26,300. The support at $26,000 is crucial as failure to hold will generate additional selling pressure on BTC. โThe market expects BTC volatility to increase as $3 billion worth of Bitcoin options expire on September 29.โ
Rajagopal Menon, vice president of WazirX, also highlighted the Federal Reserve's hawkish stance as a driver of the cryptocurrency market. Menon said: โBitcoin fell below $26,300, and Ether fell below $1,600. The cryptocurrency market pullback follows a hawkish stance from the US Federal Reserve, which hints at future interest rate hikes by the end of the year.
The overall trend remains bearish as Bitcoin failed to break above its 50-day moving average of $26,876. Further downside movement is possible if Bitcoin falls below $26,000, despite historic bullishness in October. Caution is advised without a break above the 50-day MA.โ
Said Sudeep Saxena, co-founder of CoinGabbar. โCryptocurrencies have faced selling pressure in response to the Federal Reserve's rate decision. Both Bitcoin and Ethereum witnessed fluctuations, with Bitcoin falling below $26,000 and Ethereum falling below $1,600. โInvestors are acting cautiously due to possible increases in interest rates, which will result in a market defined by sideways movements, slight price changes and continued uncertainty.โ
Edul Patel, CEO and co-founder of Mudrex, underlined Bitcoin's crucial support at $25,400. Patel said: โThe current trading price of Bitcoin exceeds the threshold of $26,000. The bulls have been actively working to counter the bearish sentiments in the market. Bitcoin is currently encountering resistance around $27,500. However, if the price falls from the current position, Bitcoin may revisit the $25,400 support zone. Meanwhile, Ethereum has been trading within the range of $1,550 to $1,600.โ
In other news, Google Cloud has delved deeper into blockchain technology as it adds 11 networks, including Polygon, Optimism and Polkadot, to its 'BigQuery' program for public data sets.
Prices listed were last checked at 11:30 am today according to Coinmarketcap.com
Crypto market in the last 24 hours
All major cryptocurrencies, including Bitcoin and Ethereum, traded in the red in the last 24 hours, with Bitcoin losing 1.63 percent and Ethereum losing close to 1 percent. This Bitcoin price drop came after it attempted to recover from last month's sudden drop. Bitcoin has also lost over 1.7 percent, witnessing high trading volume in the last 24 hours.
Other cryptocurrencies, including BNB,
In a recent update, Hong Kong's Securities and Futures Commission (SFC) will list "suspicious" crypto platforms for the public to identify potentially unregulated virtual asset trading platforms.
