Crypto Market Digest for 07.09.2022

The BTC is inclined downwards, and it becomes more noticeable every day. On Wednesday, the leading cryptocurrency is balancing at 18,773 USD.

Triggers are all the same. First and foremost, the reason is the falling of US stock indices and the rally in the USD. The dollar enjoys crazy demand in anticipation of the upcoming September meeting of the Federal Reserve System. It is also growing because the euro is weak, fallig due to the energy crisis in Europe.

Technically, the BTC returned to the support area of 18,000-19,000 USD that is extremely important for buyers. The probability of a breakaway has increased significantly, and if it happens, the BTC will head for 12,000 USD through 15,000 USD.

Capitalisation of the crypto sector is 938 billion USD, the BTC taking up 38.3% and the ETH – 19.8%.

Glassnode: overall pessimism

In Glassnode, they say that a decline of the BTC to 17,000 USD is quite possible, marking 15,000 USD as an intermediate resistance level.

Ethereum is ready for The Merge

The Ethereum network has uploaded another update called Bellatrix and is now fully ready for The Merge and a new update that will bring it to the PoS protocol.

Binance will stop supporting certain stablecoins

The Binance exchange has decided that starting 29 September the platform will no longer be supporting the USDC, USDP, and TUSD. The exchange will convert all balances in these stabecoins into its own one BUSD at the rate of 1 to 1.