The cryptocurrency market digest. Overview for 03.10.2022

October 3, 2022

Article By RoboForex.com

On Monday, the BTC is balancing near 19,093 USD, slightly growing.

The market situation is not changing. The area between 18,000-19,000 USD remains the range of important support levels, and all the bearish attacks until now failed to break through the lower border of the channel. To go confidently and consistently, the BTC must rise above 22,000 USD.

There is definitely some issue with the correlation between the S&P 500, Nasdaq, and the BTC. The US market is sliding down without a pause or hope. Then why the BTC is not falling, if the connection between these two is still tight? The thing is, last week the US dollar index got weak, and it somehow smoothed out the negative influence of the S&P 500 decline.

Keep an eye on the DXY, anyway.

Totally, over Q3 the BTC lost 2.61% of its weight. Over September, the leading crypto dropped by 3.13%.


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This week, the US stock market, namely, its reaction to statistics, will attract a lot of attention. A bunch of employment market reports for September are due. These reports are important for the Federal Reserve System, hence, reactions might be emotional.

Capitalisation of the crypto market today is 885.65 billion USD.

NFT: is the bubble ready to burst?

In September, the NFT trading volume amounted to 466 million USD, while in January this year, it was about 17 billion USD. In August already, the trading volume dropped abruptly to 9.34 million – against 2.7 billion in May. Investors seem to be discouraged by digital assets.

Ethereum network will be updated

The Ethereum network is getting prepared for 4 updates – Surge, Verge, Purge, and Splurge. They are to improve the scalability of the network and its safety. As soon as all updates are complete, Ethereum will be able to process up to 100 thousand transactions a second – against 20 transactions a second now.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.