Bitcoin remains stable despite the technical downward trend
Bitcoin remains stable despite the technical downward trend
- "The increase in the GBP this week together with other currency instabilities has led to a stronger offer and a stronger narrative for Bitcoin that we have not seen for several months," Katie Talati, research director at Arca, told Blockworks
- Coinbase Global (coin) fell by 8.28 %after it was recommended by Wells Fargo as a underweight share
The British pound reached records this week and fell to $ 1.03 - which was sending shock waves over the world markets and the already strong interest rate increases in the United States.
Although the US dollar index has had a monthly upward trend since May this year, six of the 11 Wall Street share indices gave up by over 2 %, since the concern continues through global economic loss.
The price of Coinbase Global (Coin) also fell by 9.5 %in the last 24 hours from 2:00 p.m. ET, after Wells Fargo was downgraded to "underweighted" on Thursday.
In recent years, inflation has often correlated with an increase in local interest in the purchase of cryptocurrencies, Serhii Zhdanov, CEO of Exmo, a cryptocurrency exchange based in Great Britain, told Blockworks.
The crypto bear market, which was cascaded by the crashes of several crypto systems, had damaged the call and interest in cryptocurrencies, he said.
"Cryptocurrencies are no longer perceived as hedge assets," said Zhdanov.
All in all, the prices of other bitcoins and ether remained relatively stable.
decreasing correlation with tech
Bitcoin briefly rose by 2.7 % of around $ 18,000 last Thursday to a maximum of $ 19,600 today. Similarly, Ether's price remained stable last week and rose by $ 1 % from $ 1,270 last Thursday to around $ 1,300 today.
The leading cryptoasset has been traded in a range between about $ 6,500 and $ 20,300 since September 13th.
Katie Talati, research director at Arca, notes that “crypto generally correlated very negatively with the US dollar, especially with Bitcoin, which makes sense, since Bitcoin is a monetary replacement for the US dollar”.
Bitcoin and the wider cryptoma markets tend to be correlated with the technology-heavy NASDAQ index (QQQ).
But both correlation trends have shifted noticeably this week - that is, BTC correlates less with technology and more with the dollar than with its typical reverse relationship.
"The increase in the GBP this week together with other currency instabilities has led to a stronger offer and a stronger narrative for Bitcoin that we have not seen for several months," said Talati.
other remarkable prices for cryptocurrency this week are the Cel token of the struck lender Celsuis, who fell from $ 1.5 to $ 1.3 after CEO Alex Mashinsky announced that he would withdraw from his position. The nuclear token from Cosmos, which rose to almost $ 17 in the run-up to the Cosmos Verse conference this week, has since fallen back to around $ 12 until the end of the conference.
In the following week, Talati said that some of the tokens that they will look for contained the Chz token from Chiliz and Algo token from Algorand, which will be presented during the FIFA World Cup in November, as well as apecoin, while it is prepared for the start at the end of October.
she added: "[Ether] is at the top of my list, since after the merge every new delivery is blocked and the newly issued deliveries are far less than at the time when Ethereum was a Pow chain. I think the market is very much underestimating this trend."
Macauley Peterson contributed to reporting.
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The contribution "Bitcoin remains stable despite the tech downward trend" is not a financial advice.