Chat with us, powered by LiveChat

Elija el país y el idioma:

Close Icon

Cryptocurrencies collapse under increased risk aversion

Home >  Daily Market Digest >  Cryptocurrencies collapse under increased risk aversion

detail_image_market
author_img

Written by:
Myrsini Giannouli

07 September 2022
Share the article

Risk sentiment soured on Tuesday, as global recession fears mounted, propping up safe-haven assets and pushing down cryptocurrency prices. A massive energy crisis is threatening Europe, following Russia’s announcement that the Nord Stream 1 gas pipeline would be offline indefinitely. 

Risk sentiment has been low over the past few weeks on rising odds of a steep Fed rate hike in September. Severe rate hikes stifle economic activity, putting pressure on cryptocurrencies. Markets are pricing in a Fed rate hike of at least 50 bp in September, with odds in favor of a 75 bp hike.

Rising prospects of aggressive economic tightening are also weakening stock markets. The decline of stock markets has pushed cryptocurrency prices down, as crypto markets have been following stock market trends. 

Bitcoin traded collapsed below the key $20,000 level support and the $19,200 level support on Tuesday, falling to $18,700. Further support can be found at the $17,600 level representing the yearly low, while resistance may be encountered near $20,500 and further up at $21,800. 

Ethereum started the day strong, rising above the $1,640 resistance but then pared its gains, plummeting to $1570. If Ethereum's price declines, it may encounter support near $1,550 and further down at $1,420. If the Ethereum price rises, resistance may be encountered near $1,640 and higher up to $1,720.

Ethereum has gained support this week on reports that Ethereum main net merge will begin on September 6th. Ethereum Classic, a hard fork of Ethereum, hit an all-time high hash rate on Monday. 

Ethereum price has been boosted in anticipation of the so-called ‘merge’, which will pass through a series of phases in the next couple of weeks and is expected to be finalized on September 19th. The Merge from the Proof-of-Work to the Proof-of-Stake method will be a significant network upgrade that is expected to lead to an increase in demand for Ethereum. 

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.

author_img

Written by:
Myrsini Giannouli

Share the article:

Latest news

main_image_market

Dollar steady ahead of key US economic data

Myrsini Giannouli 28 March 2024
main_image_market

Gold prices advance as US treasury yields decline

Myrsini Giannouli 28 March 2024

Oil prices rise on lower-than-expected US stockpiles

Myrsini Giannouli 28 March 2024

Bitcoin struggles to maintain key $70,000 level

Myrsini Giannouli 28 March 2024
Por qué TopFX
10-years
13+ años

presencia en el sector como proveedor de liquidez

Spreads
Spreads desde 0.0 pips

y una ejecución fiable

Segregated
Fondos de clientes

segregados

First-class
La mejor

atención al cliente

IMPORTANTE

El sitio web que está viendo ahora es operado por TopFX Global Ltd, una entidad regulada por la Autoridad de Servicios Financieros (FSA) de Seychelles con una Licencia de Agente de Valores No SD037 que no está establecida en la Unión Europea o regulada por una Autoridad Nacional Competente de la UE.

Si desea continuar, confirme que su decisión será por su propia iniciativa exclusiva, y que TopFX, o cualquier otra entidad dentro del Grupo no han realizado ninguna solicitud.

No volver a mostrar este mensaje

Cookies en TopFX

La página web de TopFX usa cookies para optimizar la experiencia del usuario.

Estas cookies pertenecen a las siguientes categorías: esenciales, funcionales y publicitarias. Las cookies publicitarias también pueden incluir cookies de terceros.

Administrar preferencias

Puede personalizar su selección de las cookies que desea aceptar.

  • Esenciales

    Estas cookies son necesarias para que la página web funcione correctamente y no se pueden desactivar.

  • Funcionales

    Las cookies funcionales permiten que la página web recuerde las preferencias de los usuarios y las elecciones que hagan en la página web, como el nombre de usuario, la región y el idioma.

  • Publicitarias

    Estas cookies se utilizan para rastrear a los visitantes en nuestros sitios web y mostrarle anuncios más relevantes. Las cookies de marketing también incluyen cookies de terceros de socios. Para obtener más información relacionada con la protección y recopilación de datos, consulte nuestra Política de privacidad y Divulgación de cookies.