The cryptocurrency market digest (BTC, ETH). Overview for 12.08.2022

The BTC is looking neutral on Friday and trading at $23,962. It feels like the asset is slowly pushing its trading range upwards. The BTC owes its positive momentum to improved sentiment in the US stock market – the major crypto has a direct correlation with S&P 500/NASDAQ. Indices moved upwards yesterday and the BTC followed. However, this enthusiasm disappeared by Thursday evening.

The current situation in the BTC is looking quite bullish. There are several important resistance levels at $25,000-$25,500, and it’s very important for bulls to break $25,000. The sooner they break it, the fewer chances investors will have to record a profit: everyone will be focused on buying.

At the end of this trading week, the capitalisation of the crypto market is estimated at 1.144 trillion; the fear index has grown to 42 points.

Coinbase rating declined

The S&P Global agency downgraded Coinbase long-term to ВВ from ВВ+, negative forecast. In the comments, the agency explained that the company had an unimpressive financial statement in the previous quarter. Another reason is an increase in competitive pressure.

ETH takes the centre stage

It became known yesterday that the Ethereum upgrade is known as the “The Merge”, and the whole network switch is now scheduled for 15 September, not 19. It’s going to be one of the most significant events in the history of the company and the entire crypto world. The point of this two-stage update (Bellatrix and Paris) is to shift the ecosystem to Proof-of-Stake. After the second stage, the platform will operate at its full power. The first stage, Bellatrix, is scheduled for 6 September. Apart from switching to Proof-of-Stake, the update will improve scalability and increase the network’s ecological sustainability.