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Crypto Market Under Bearish Pressure As BTC And ETH Fail To Hold Support

Kyle Portman by Kyle Portman
October 11, 2022
in News
Reading Time: 4 mins read
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bitcoin ethereum price news oct 11th 2022
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As BTC struggles to keep support at $19k and ETH breaches the $1,300 threshold, crypto markets continue to lose value after displaying bearish momentum over the course of yesterday’s Indigenous Day holiday. Today’s loss of 1.38% brought the total market capitalization of cryptocurrencies down to $921 billion.

Summary:

  • As BTC and ETH battle to maintain support, the global cryptocurrency market continues to exhibit bearish signs.
  • As long as the Fed maintains its aggressive monetary policy, stock markets will continue to underperform.
  • While BTC and ETH are now trading at low levels, this is a great time to dollar-cost average your long-term positions and investments.
  • Bitcoin transactions of $100k+ and $1million+ declined to 2020 levels.
  • The fear and greed score is at 24, which indicates extreme fear but under better circumstances than last week.

General Market Update

While stocks are currently displaying a slight bullish momentum, this week’s trend in the cryptocurrency markets has not yet been reversed. This Tuesday, the NASDAQ and Dow Jones are making marginal gains as the S&P 500 opened down.

According to a report published by the Washington Post today, the Fed’s aggressive activity in raising interest rates is to blame for the stock market’s poor performance.

The Federal Reserve has increased interest rates five times since March, which is the most aggressive move in decades. The research also predicts that two additional swift rate increases would probably occur before the end of the year, thwarting any realistic stock market recovery.

At this juncture, continuing to “fight” inflation by undermining the stock market with high interest rates while concurrently producing money worth trillions of dollars almost seems counterintuitive. “The FY [Fiscal Year] 2022 print order ranges from 6.9 billion notes to 9.7 billion notes.” according to the Federal Reserve.

It seems to make sense that cutting back on the annual issuance of billions of dollars worth of currency will help combat inflation rather than relentlessly raising interest rates and further stifling the economy.

When considering this fact in the context of crypto tokenomics, picture a cryptocurrency in which the creators continuously produce additional tokens for their own use while also raising the buy/sell tax to “fight” the inflation they themselves first cause.

Crypto Market Update

At $19,103, Bitcoin is currently down 1% over the last 24 hours. With a $29 billion 24-hour trading volume, it has a market capitalization of $366 billion. The good news is that the market has gathered momentum, as the daily trading volume has increased by 27% over the past 24 hours.

Like Bitcoin, Ethereum is trading at a relatively low price of $1,280, but the 24-hour trading volume has increased significantly by 21%.

It’s important to note that bitcoin transactions of $100k+ and $1million+ have declined to levels last seen in 2020, according to statistics from Santiment.

🐳🤷 As #Bitcoin's price action has become relatively "boring" the past four months, we see that the lack of whale presence has had a lot to do with this lower volatility. $BTC transactions valued at $100k+ and $1m+ have fallen to levels last seen in 2020. https://t.co/92ksM3jp7b pic.twitter.com/zjpyhoUi71

— Santiment (@santimentfeed) October 11, 2022

The fear and greed index for today is 24. It indicates extreme fear, as usual, but the situation is still better than it was the week before when the index read 20 points.

If you want to make an investment, now might be a fantastic time to dollar-cost average your long-term positions and buy cheap crypto assets, NFTs, or even Metaverse lands.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.

Follow us on Twitter @thevrsoldier to stay updated with the latest Metaverse, NFT, A.I., Cybersecurity, Supercomputer, and Cryptocurrency news!

Image Source: igorigorevich/123RF // Image Effects by Colorcinch

Tags: bitcoinEthereum
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