El Salvador buys the dip as an ethereum, Bitcoin reached lower maximum stalls; SEC sends warning

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• The steady rally since the end of July leads to sales
• Ethereum has risen more, i.e. more liked on September 7th
• Bitcoin is now the national currency of El Salvador
• Coinbase gets into a regulatory hook
• another purchase opportunity for bulls; And I told you, moment for bears

On Friday, September 3, it looked as if the two leading cryptocurrencies that hold over 60% of the market capitalization of the investment class and are heading for new record highs. Ethereum rose to over $ 4,000 on September 3. During the subsequent long holiday weekend on the Labor Day, Bitcoin rose to almost $ 53,000 per token.

The record high of Bitcoin occurred on April 14, 2021, the day of the IPO of Coinbase Global (Nasdaq :) on the Nasdaq. The leading crypto reached $ 65,520 on the futures market and almost $ 64,800 on the outdoor market. The high of Ethereum came on May 12, when the OTC value reached a little over $ 4,370 and nearby futures at a maximum of $ 4,406.50 per token.

The youngest rally at the top cryptos went out on September 7th when El Salvador Bitcoin became a national currency. Bitcoin and Ethereum pulled chart points when they reached lower highs. The bulls see the price campaign as another opportunity to charge the cryptocurrencies, while those who believe that they have no inner value tells us that this would happen.

Volatility in the investment class is unprecedented and offers many trade opportunities. In an investment class, in which extraordinary price fluctuations are the rule and not the exception, the potential returns are associated with a high risk. In the investment class, in which the mood can be as changeable as the weather, cryptos have passed from bullish trends last week.

The steady rally since the end of July leads to sales

At the end of July, Bitcoin and Ethereum reached slightly higher deep stalls than at the end of June.

Source: CQG

The above graphic shows the low of Bitcoin at the end of June at the end of June, followed by a low of $ 29.215 at the end of July, which inflamed an interest bully backup under the leading cryptocurrency. Bitcoin rose to a high of $ 53,125 when the sale came onto the market and triggered a decline in the day and weekly charts.

This pressed the price for the nearby Futures contract to a low of $ 43,705. Bitcoin rose by 84.5% from Juni-deep to September 7 and fell by 14.3% during the recent correction.

Ethereum has increased more, i.e. more liked on September 7th

While Bitcoin experienced a high volatility, the price variance at Ethereum was even more dramatic.

Source: CQG

reached a low of $ 1697.75 at the end of June. After Bitcoin, it reached a slightly higher low at the end of July at the end of July at the end of July.

Ethererum rose from the late June by 138.9% to a maximum of $ 4,056.25 and fell by September 7 by 21.6% to a low of USD 3,179.75, which reinforces the percentage movement of Bitcoin. Ethereum developed up and remained below average during the recent correction.

Bitcoin is now the national currency of El Salvador

Ironically, Bitcoin crashed on September 7 when it became the official state currency in El Salvador. The Central American nation was the first country to introduce Bitcoin as a medium. The currency of El Salvador was very volatile, and the government decided that the use of cryptocurrency as a legal means of payment would attract new investments and stabilize its economy.

Salvadorians can use a “ chivo money exchange ”, an application created by the government that provides Bitcoin worth $ 30 to promote its use. The International Monetary Fund, the Supranational Institution, which El Salvador granted an emergency loan in 2020, expressed concerns about moving and referred to economic, financial and legal effects.

Nevertheless, the government of El Salvador called September 7th "Bitcoin Day". It celebrated the introduction by bought the cryptocurrency, bought 200 coins and increased its stocks to 400 Bitcoin tokens. The leader of El Salvador, Nayib Bukele, promised to buy "much more".

Some supporters of cryptocurrencies believe that El Salvador is the first of many countries that introduce digital tokens. Brazil and Argentina are candidates and have been in the state of siege for years. El Salvador is a test case, but the price campaign on September 7 was not the kind of reception the government was hoping for - the price fell like a stone.

Coinbase gets into a regulatory hook

In other developments on the cryptocurrency market, the SEC sent a well to Coinbase last week. As mentioned above, Coin is the leading cryptocurrency exchange, which was noted on April 14, 2021 shares on the Nasdaq; The day on which Bitcoin futures reached an all-time high with $ 65,520 per token.

The share of the share of the share before the listing was $ 250, but the share rose to a high of $ 429.54 on the first trading day. Since then, Coin has fell to a low of $ 208 on May 17. The stock was noted on Friday, September 10th, just below its reference price of $ 248.32 per share.

In the wells of the US security and stock exchange commission from last week, Coin was informed that the regulatory authority intends to bring the company to court to the introduction of its new. to prevent product product. Coinbase intends to enable customers who own cryptocurrency tokens to give them on the market to borrowers who pay a fee to achieve a return.

The step of the SEC is the first regulatory rocket that was fired on the asset class and could have caused the drop in prices last week. Supervisory authorities and legislators try to get the burgeoning asset class of cryptocurrencies on their hands in order to protect " market participants. "

The underlying concern could be the control of the money supply. Cryptocurrencies are a libertarian attempt to return the money management of governments, central banks, currency authorities and supranational financial institutions to individuals. Since money is the root of power, many government officials look at cryptocurrencies worldwide as a threat to their power.

another purchase opportunity for bulls; And I told you, moment for bears

The bulls undoubtedly believe that the latest price correction at Bitcoin, Ethereum and a variety of other cryptos is another purchase opportunity on the way to higher prices. Opponents wave warning and say that the price movement is a sign of instability on the way into the dark.

bulls and bears ensure an active and liquid market, so that the opponents and supporters will probably promote a continuation of active trade and volatility. Price deviations create a paradise for dealers, but can be a nightmare for investors.

The investment class cryptocurrency is still in its infancy. The short -term picture is one of the lower highs since the highest stalls in April and May. In the medium term it remains bullish because the upgrading was almost parabolic.