Chat with us, powered by LiveChat

Choose country & language:

Close Icon

Cryptocurrencies volatile amid market turbulence

Home >  Daily Market Digest >  Cryptocurrencies volatile amid market turbulence


Written by:
Myrsini Giannouli

28 September 2022
Share the article

Most major cryptocurrency prices exhibited high volatility on Tuesday amid overall market turbulence. Cryptocurrency prices rose sharply early on Tuesday but plummeted later in the day paring their gains. Stock markets also climbed in early trading but later reversed their gains, dragging down cryptocurrencies, which followed stock market trends on Tuesday. 

The US Fed raised its interest rate by 75 basis points last week, driving down crypto markets. Steep rate hikes increase global recession concerns, putting pressure on risk assets, such as cryptocurrencies. The Fed’s rate hike was largely expected and had already been priced in by markets. Cryptocurrencies have been retreating for the past couple of weeks in expectations of a hawkish Fed outcome and so the effect of the rate hike was somewhat muted. The EU, the UK, Switzerland, and Canada have also tightened their monetary policies recently. 

Bitcoin briefly touched the key $20,000 level early on Tuesday but dropped below moving below $19,000 later in the day. If BTC declines further, support can be found at $17,600, while resistance may be encountered near $19,700. 

Ethereum price also rose sharply early on Tuesday, almost touching $1,400 but dropped down to the $1,300 level later in the day. If Ethereum's price declines, it may encounter support at the psychological level of $1,000. If the Ethereum price increases, resistance may be encountered near $1,407.

Ethereum price had been boosted in anticipation of the merge from the Proof-of-Work to the Proof-of-Stake method. The hype created around the merger had created a bullish sentiment for the cryptocurrency, which deflated following its completion, triggering a selloff.

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.