The cryptocurrency market digest (BTC, ETH). Overview for 23.09.2022

The BTC is trying to recover, but its hopes were shipwrecked. Yesterday, the major crypto gained almost 4%, but today it is retreating to $19,065. We’ve already told earlier that important support level at $18,000-$19000 “survived”. However, the BTC still stands a good chance to reach this range, because there are no good reasons to buy it.

To reverse and start a proper growth, the BTC must fix above $21,500, and $22,000 would be even better.

The BTC’s still has a strong correlation with the S&P 500 index, which is expected to continue falling. Investors aren’t interested in risky assets right now due to negative external background.

Ripple: the struggle continues

The SEC’s lawsuit against Ripple won’t be brought into a jury courtб because the judge has enough proof to deliver a verdict. It’s a good sign for Ripple: it means that the parties have no controversy on particular facts. Yesterday, the XRP leaped up 30%; today it gained almost 4%.

Ethereum merge didn’t help NFT

NFT projects got no positive boost after the Ethereum upgrade. This assumption was made based on the fact that Ethereum dominates as a basis for NFT projects in most cases. Lack of interest to NFT is unusual: the upgrade to PoS was expected to attract potential investors.

Novogratz: the low in ETH is ahead

Billionaire Mike Novogratz believes that after successful upgrade of Ethereum, the ETH is very close to the bottom. However, he isn’t expecting a dramatic decline in the BTC.