The cryptocurrency market digest (BTC). Overview for 28.09.2022

Yesterday, the BTC did try to grow and even reached $20,381, but couldn’t keep the momentum and dropped to $18,759.

The key market driver for cryptos is the correlation with the American stock market, which has nothing to show right now – the stock market is overwhelmed by bears. Due to the rate hikes, conditions for companies and enterprises are slowly worsening, having huge influence on the stocks. Stock markets are falling and everything else is following.

We’d like to remind you there will be two more meeting to be held by the US Fed. Each of them might end with a rate hike. By the end of 2022, the rate is expected to reach 4.00%.

Technically, the range between $18,000 and $19,000 is once again on the radar as the area of strong supports. Until now, this range managed to weaken the bearish pressure, so we’ll see what happens now. The main scenario remains the same – to start a proper growth, the BTC must fix above $22,000.

The capitalisation of the crypto market dropped to $880,06 billion, and the share of the BTC is 40.87%, while the ETH takes up no more than 17.89%. The third place is occupied by the USDT (7.71%).

US Fed: no decisions for the digital USD

The Fed Chair Jerome Powell told the media yesterday that the regulator didn’t make any decisions to promote CBDC in the country. At the moment, the Fed is focused of politics and technologies.

Greece promotes crypto ATMs

Greece is ranked sixth in Europe in the number of crypto ATMs – 64 units, mostly in Athens and Thessaloniki. However, the country’s population is not very aware of cryptocurrencies – only 1.87% of Greeks use digital assets.