Chat with us, powered by LiveChat

Choose country & language:

Close Icon

Cryptocurrencies edge lower on recession fears

Home >  Daily Market Digest >  Cryptocurrencies edge lower on recession fears


Written by:
Myrsini Giannouli

20 October 2022
Share the article

Risk sentiment remained low on Wednesday, putting pressure on cryptocurrency prices. The release of the EU and the UK inflation reports fueled global recession concerns dragging down cryptocurrency prices. Stock markets and crypto markets have been experiencing a roller coaster ride, with prices seesawing, as risk sentiment turns from positive to negative almost daily.

Eurozone inflation cooled slightly in September dropping to 9.9% year-to-year, while UK inflation climbed back to 40-year highs of 10.1%. US annual inflation reached 8.2% in September, putting pressure on the Fed to continue raising interest rates. Inflation remains high in some of the world’s leading economies forcing Central Banks to tighten their monetary policies. Continuous rate hikes, however, risk tipping the countries’ economies into recession.

Bitcoin price dropped to the $19,100 level on Wednesday as a bearish trend prevailed. If BTC declines, support can be found at the psychological level of $19,000 and further down at $18,200, while resistance may be encountered near $19,800. 

Ethereum price fell below the $1,300 level on Wednesday. If Ethereum's price declines, it may encounter support at $1,260 and further down at $1,190. If Ethereum's price increases, resistance may be encountered near $1,400.

BTC/USD 1h Chart

BTCUSD 1hr chart


ETH/USD 1h Chart

ETHUSD 1hr chart

The content provided in this material and/or any other material that this content is referred to, whether it comes from a third party or not, is for information purposes only and shall not be considered as a recommendation and/or investment advice and/or investment research and/or suggestions for performing any actions with financial products or instruments, or to participate in any particular trading strategy and cannot guarantee any profits. Past performance does not constitute a reliable indicator of future results. TopFX does not represent that the material provided here is accurate, current, or complete and therefore shouldn't be relied upon as such. This material does not take into account the reader's financial situation or investment objectives. We advise any readers of this content to seek their own advice. Without the approval of TopFX, no reproduction or redistribution of the information provided herein is permitted.


Written by:
Myrsini Giannouli

Share the article:

Latest news


Dollar supported by strong US treasury yields

Myrsini Giannouli 23 February 2024

Gold weighed down by strong treasury yields

Myrsini Giannouli 23 February 2024

Oil prices surge as US stockpiles shrink

Myrsini Giannouli 23 February 2024

Bitcoin struggles to overcome $52K barrier

Myrsini Giannouli 23 February 2024
Why TopFX
13+ years

industry presence
as a Liquidity Provider

from 0.0 pips

and reliable execution


client funds


customer support


The website you are now viewing is operated by TopFX Global Ltd, an entity which is regulated by the Financial Services Authority (FSA) of Seychelles with a Securities Dealer License No SD037 that is not established in the European Union or regulated by an EU National Competent Authority.

If you wish to proceed please confirm that you understand and accept the risks associated with trading with a non-EU entity (as these risks are described in the Own Initiative Acknowledgment Form and that your decision will be at your own exclusive initiative and that no solicitation has been made by TopFX Global Ltd or any other entity within the Group.

Don't show this message again

Cookies on TopFX

The TopFX website uses cookies to optimise user experience.

These cookies fall under the following categories: essential, functional and marketing cookies. Marketing cookies may also include third-party cookies.

Manage Preferences

You can customize your selection of which cookies you want to accept.

  • Essential

    These cookies are necessary for the website to function correctly and cannot be switched off.

  • Functional

    Functional cookies allow the website to remember users' preferences and the choices you make on the website such as username, region, and language.

  • Marketing

    These cookies are used to track visitors across our websites and show you more relevant ads. Marketing cookies also include third-party cookies from partners. For more information relating to data protection & collection please view our Privacy Policy and Cookie Disclosure.