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The Cryptocurrency Market Is Still at $960 Billion as Bitcoin and Ethereum Price Remains Same

Kyle Portman by Kyle Portman
October 5, 2022
in News
Reading Time: 4 mins read
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As Bitcoin and Ethereum remain near $20k and $1.3k, respectively, cryptocurrency markets have been moving sideways this week. With no change over the previous day, the market capitalization of all cryptocurrencies is $960 billion. The market is likely gathering steam for a potential bull run next week as support is holding relatively well this week.

Key Notes:

 

  • As sideways trading continues, cryptocurrency markets manage to hold support rather well.

 

  • Rumors that the Fed may ease up on its interest rate hikes and monetary policy this month are one factor contributing to this week’s lack of bearish momentum.

 

  • Since September 27th, addresses holding 100 to 10K $BTC have received 46,173 BTC back.

 

  • The fear and greed index for bitcoin stands at 25, indicating a better mood than the previous week.

 

  • After the network merger, Ethereum is under scrutiny from regulators since the SEC views it as a security for crypto assets.

 

Bitcoin Market News Update

Rumors that the Federal Reserve may be easing up on its fight against inflation as the economy cools are one factor in Bitcoin’s reasonably positive price movement this week. The economy appears to be showing signs of recovery after months of interest rate increases, which may encourage the Fed to forego boosting rates this month.

This week, stocks like the S&P 500 performed reasonably well, rising by more than 83 points (2.26%) during the previous five days. The NASDAQ also experienced gains, rising 184 points, or 1.69%, over the last week.

It’s hardly unexpected that Bitcoin is trading above the $20k area, given that stocks display bullish momentum.

Data from Santiment shows that since September 27th, a total of 46,173 BTC have been added back to addresses holding 100 to 10,000 $BTC while substantial $USDT holdings have declined.

🐳 #Bitcoin whales are showing signs of sustained accumulation, which has been a rarity in 2022. Since September 27th, addresses holding 100 to 10k $BTC have collectively added back 46,173 BTC back to their wallets as large $USDT holdings have dropped. https://t.co/v6oUduVux1 pic.twitter.com/8JGDC0g5a9

— Santiment (@santimentfeed) October 5, 2022

There is growing discussion about Bitcoin acting as an inflation hedge and a safe haven for investors. The concept that Bitcoin is becoming a safe haven for investors trying to protect themselves against the global and American economies is raised by the apparent trend of Bitcoin’s price trajectory toward gold.

Another encouraging development is that Bitcoin’s fear and greed index for today is 25, up 5 points from yesterday. The market is not as low as it was last week when it was hovering at 20 points, but it is still displaying extreme fear.

Ethereum’s Post-Merge News Update

As the SEC gets ready to decide whether ETH meets the criteria for being considered a security, Ethereum is the target of federal regulators. The SEC asserted in a recent filing against crypto influencer Ian Balina that because most of Ethereum’s validators are located in the United States, ETH is subject to their regulation and qualifies as a security.

The SEC established a special office for crypto assets, launching enforcement actions against promoters and businesses that might be held accountable for selling or marketing securities if the crypto assets meet the requirements.

The SEC’s fine against Kim Kardashian, who had to pay more than $1.2 million for an Instagram promotional post that omitted to disclose the amount of money the firm, EthereumMax, paid her, was the major story this week.

When the number of angry investors is at its maximum during bad markets, regulators frequently enact harsh measures. In reality, cryptocurrency markets are cyclical, and those who invest in cryptocurrencies must bear at least some of the risk they assume. The volatility and price changes will be substantially more significant than in traditional markets because cryptocurrency marketplaces aren’t yet regulated like conventional stocks.

For now, Avoid investing in cryptocurrencies if you don’t want to take the chance of your portfolio seeing significant devaluations. Try regular stock markets as an alternative; they offer investors much greater safety and options in the event of a loss.

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: zephyr18/123RF // Image Effects by Colorcinch

Tags: bitcoinEthereum
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