Cryptocurrency markets continue to trade laterally, with little change in Bitcoin’s price, while Ethereum maintains its high $1,500s. The global cryptocurrency market cap remained below $1 trillion, indicating that the bears continue to dominate the market. European financial markets show volatility as news of Russia suspending its energy delivery to Europe spreads.
Summary
- US financial markets are closed this Labor Day, while European markets are falling as Russia cuts off gas supplies.
- Bitcoin remained in the $19,000 level, with data indicating that long-term investors are stockpiling BTC.
- The network merging of Ethereum is only nine days away, which is fueling positive momentum in Ether markets.
Stock Market Update
As European markets fall, global market circumstances remain bleak. Today’s essential news affecting stock markets is Russia’s halt of gas flows, which is causing market instability as traders express anxiety over energy supply.
CNBC report states:
“The pan-European Stoxx 600 was down 1.2% by early afternoon in London, having recouped some of its earlier losses. [] The sharp downward moves for risk asserts came after Russia’s state-owned energy giant Gazprom announced that gas flows to Europe via the Nord Stream 1 pipeline would be halted indefinitely.”
During this Labor Day holiday, the United States markets remain closed. Nonetheless, they are expected to open in the red on Tuesday as traders prepare for the Fed’s aggressive monetary policy, as Jerome Powell warned during last week’s Jackson Hall meeting.
Newest Update On Bitcoin
A Coindesk study shows that long-term investors are adding to their stashes and continue to accumulate their bags with the current low pricing, which is some good news for Bitcoin today.
Investors have boosted their buying interest, according to The Puell Multiple, a statistical indicator that measures one-year revenue growth among Bitcoin miners. Long-term holders are accumulating BTC since current prices are cheap and the prospects of BTC falling drastically this year are little to none.
However, Bitcoin might plummet as low as $15k in a hurry, but the $19k support level has been a crucial range for Bitcoin in recent months and during this year’s weak market. Despite the possibility of Bitcoin falling to lower $15k levels, it still has a greater chance of making a quick recovery above $20k Levels once the bulls take over the market.
Now is an ideal time to open a position for anyone intending to hold BTC for 3-5 years.
Ethereum Market News
Ethereum’s network merge is nine days away, and the price of Ethereum remains strong in the high $1,500s / low $1,600s range.
The price of Ethereum is expected to rise above $2k following the merger, which is scheduled to take place in October, once the network switches to proof-of-stake and users benefit from improved transaction throughput and lower costs.
Ethereum’s network merger will drive bullish momentum for the cryptocurrency this year as traders anticipate a new Ether paradigm.
With a market capitalization of $192 billion, Ethereum is presently trading at $1,571. Its 24-hour trading volume is $10.3 billion, a 23% increase over the previous 24 hours despite the general dull market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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