The cryptocurrency market digest (BTC, Etherium). Overview for 05.09.2022

Article By RoboForex.com

The BTC is going down smoothly. On Monday, 5 September, it is retreating to 19,854 USD. Over the last two weeks, the BTC has secured inside a flat of 19,500-20,560 USD. To begin some noticeable growth, the crypto needs to secure above 22,000 USD. In all other cases, the main scenario will imply a smooth decline to 18,000 USD at least.

Sales in the US stock market are unlikely to stop. To tell you the truth, there is virtually nothing that could stop them: after mixed statistics on the US employment market appeared, platforms started waiting for the September meeting of the Fed. The employment sector is stressed, though it is not yet visible in all the indices. However, the Fed will hardly be sympathetic to the problems of the labour market and will keep on increasing the interest rate until inflation gets back under control.

On Monday, markets will be calm because of the Labour Day.

The capitalisation of the crypto market today is estimated as 957.44 billion USD. The BTC takes up 39.6%, the ETH – 20.03%, and the Tether – 6.94%.

Buterin: Terra leaves for good

The co-founder of Ethereum Vitalik Buterin thinks that the default of Terra Form Labs provides some advantages for the crypto market. For example, the decline of prices revealed some problems that have been around since the very start of the crypto industry. And yet only during a crisis it became obvious that models of algorithmic stablecoins are irrelevant.

Ethereum 2.0: network activity renews highs

There is a bit more than a week left until the update of the Ethereum network, and the anticipation of the PoS algorithm has heated up network activity. For example, the number of unique addresses grew to 204.57 billion; the index grew by 2 million over a month. According to Etherscan data, the network has been acquiring 70 thousand addresses a day.

Tesla, Blockstream, and Block will mine BTC

Three companies – Tesla, Blockstream, and Block – are going to join forces in mining the BTC using solar energy. They plan to build a data centre in Texas; investments are estimated for 12 million USD. This new project might be a part of the concept of using 100% renewable energy for mining the BTC.

Article By RoboForex.com

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