The cryptocurrency market digest for 12.09.2022

On Monday, the BTC grew to 21,716 USD. This is good news, because previously there was little chance that digital assets would be able to recover after sales and a lengthy flat.

So, an important local resistance area in the BTC is now at 21,900-22,000 USD. The next spto is 22,500 USD. The market will remain under bearish control until it manages to secure above the mentioned levels.

This week, the market will be focused on the update of Ethereum. After The Merge update comes into power, the market will get access to the Proof-of-Stake mechanism, and mining of the ETH will become impossible in the current form.

Moreover, investors will focus on fresh inflation statistics from the US. Previously, assets and indices dropped quite a bit, so if no surprises occur, the market will be buying them back and going up. Correlation remains between the S&P 500 and Nasdaq indices and the BTC, so crypto might follow the indices.

For the first time since quite long ago, capitalisation of the crypto market has reached 1.019 trillion USD.

Google launched count-down before Ethereum update

To support the upcoming Merge update of the Ethereum network, Google launched a count-down before the event. The Merge is scheduled for 15 September. Near the timer, there is a cartoon shown about two pandas running towards each other with their paws stretched.

Association of Blockchains joined in trial of Ripple

The world’s leading association of blockchains Chamber of digital commerce is ready to speak in court against Ripple. The main accusation remains the same: XRP sales could be interpreted as offering unregistered securities, but the token as such is not a security.

Coinbase token accumulated over 1 billion USD of investments

The cbETH token of the Coinbase crypto exchange attracted over 1 billion USD of investments. The token is an inverted digital asset that yields profit on stacking.