The cryptocurrency market digest (BTC, ETH). Overview for 31.08.2022

The BTC recovered to $20,195 on Wednesday. Yesterday, the major cryptocurrency didn’t break its familiar range despite the fact that investors were selling it. The intermediate resistance lies at $20,350, and if the asset secures above it, there might be a pause in sales and the price might even rise to reach $21,000. To make bulls more active, the BTC must fix above $22,000.

The US stock market remains under pressure. Investors have few reasons to be happy in anticipation of another rate hike in September. Historically, it is believed that American exchanges fall more often than they rise in the first month of autumn. The expected decline might be about 1%. There is a correlation between S&P 500/NASDAQ and the BTC, and this connection is currently stronger than ever.

The capitalisation of the crypto market declined to $994 billion, and the share of the BTC dropped to 39.4%, while the ETH takes up 19.4%. The fear index is growing again – 27 points.

ETH: growth and stabilisation

After falling earlier, the key altcoin, the ETH, managed to recover and gain almost 12% – it is now trading at $1,565. Investors are waiting for September’s highlight – an upgrade to Ethereum 2.0 network and switching to PoS. These expectations might provide ETH with significant support.

Binance and Virtuzone will promote Web 3

Crypto exchange Binance together with Virtuzone are starting their operations under the recent partner agreement to promote Web 3 in United Arab Emirates.

CME introduced futures on cryptos and the Euro

CME announced the launch of trading futures contracts on BTC and the ETH denominated in EUR.