Bitcoin’s free fall is imminent
According to Iran Economist, citing Coin, based on the volatility, it is clear that many of the long positions and price actions of Bitcoin failed to hold the support of recent days, and Bitcoin fell further after the reopening of Wall Street on September 13 as the dust settled on inflation. Unexpectedly sat above the United States.
At the time of writing, data from Cointelegraph and TradingView show that Bitcoin has fallen to $21,000.
Bitcoin’s bearish trend picked up after the US Consumer Price Index (CPI) was released in August as it came in 0.2% higher than expected, raising the possibility of a 75 or 100 basis point increase in key rates by the Federal Reserve next week. increases, which will put pressure on risk-adjusted asset markets.
Bitcoin was particularly sensitive to this event, but the downtrend was contained by the anticipated support at $20,800. It also managed to lower the last price futures (CME) gap created over the weekend, which was between $21,300 and $21,500.
US stocks faced similar problems, with the S&P 500 down three percent and the Nasdaq Composite down four percent at the time of writing.
Jurin Timmer, director of investment firm Fidelity Investments, believes that a risk asset renaissance will begin when the Federal Reserve stops raising rates altogether.
He says: Look at the 1994 cycle to understand the current cycle; Valuations are unlikely to rise until the Fed ends tapering and two-year yields begin to decline.
Meanwhile, volatility accounted for Bitcoin’s biggest long-term liquidation in a week, totaling $45 million for September 13 at the time of writing. Total long-term crypto liquidity was much higher at $168 million, according to data from on-chain monitoring source CoinGlass.
Meanwhile, the analysis platform CryptoQuant showed that the daily inflow of the exchange has reached its highest level since July 1, i.e. 84,000 bitcoins.
The total value of the global market of digital currencies is currently estimated at 997.97 billion dollars, which has decreased by 5.93% compared to the previous day. Currently, 39.19% of the total digital currency market is owned by Bitcoin, which has decreased by 0.92% in one day.
The total volume of the digital currency market in the last 24 hours is 101.37 billion dollars, which has increased by 12.09%. The total volume in decentralized finance is currently $7.50 billion, which is 7.40% of the total 24-hour cryptocurrency market volume. The volume of all stablecoins is now $93.59 billion, which is 92.32% of the total 24-hour cryptocurrency market volume.
Cryptocurrency price update (up to 07:36 AM ET)
This category contains the price changes of the 10 largest digital currencies in terms of market capitalization.
1- Bitcoin
Price: 20 thousand 393.01 dollars
Price changes in the last 24 hours: 0.33% increase
Price changes in the last week: 8.35% decrease
2- Ethereum
Price: $159,694
Price changes in the last 24 hours: 0.85% increase
Price changes in the last week: 6.40% decrease
3- Tether
Price: $1.00
Price changes in the last 24 hours: 0.00% increase
Price changes in the last week: 0.02 percent decrease
4- USD coin
Price: 1.00
Price changes in the last 24 hours: 0.00% increase
Price changes in the last week: 0.00% increase
5- Binance Coin
Price: $279.39
Price changes in the last 24 hours: 0.58% increase
Price changes in the last week: 4.51% decrease
6- Cardano
Price: $0.4726
Price changes in the last 24 hours: 0.79% increase
Price changes in the last week: 4.76% decrease
7- Ripple
Price: $0.3349
Price changes in the last 24 hours: 0.28% increase
5.35% decrease in price changes in the last week
8- Solana
Price: $33.67
Price changes in the last 24 hours: 0.62% increase
Price changes in the last week: 11.14% decrease
9 – Dogecoin
Price: $0.06038
Price changes in the last 24 hours: 0.36% increase
Price changes in the last week: 4.87% decrease
10- Polka dot
Price: $7.19
Price changes in the last 24 hours: 0.65% increase
Price changes in the last week: 5.06% decrease