Over the weekend, the cryptocurrency market had a bearish bias and traded sideways, with all of the top cryptocurrencies suffering losses. According to market estimates, the value of the global cryptocurrency market is now hovering around $1.08 trillion. Over the weekend, alternately moving through the neutral and frightened zones.
With a rating of 47/100, the fear and greed index is once again in the middle. With gloomy attitudes, the cryptocurrency market’s overall trend is still down, especially in light of the Feds’ comments.
Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, stated that BTC began Monday below $26,300 when discussing the behavior of the cryptocurrency market over the weekend. The $26,000 support is essential since losing it will put further pressure on BTC to sell. As $3 billion worth of Bitcoin options expire on September 29, the market anticipates an increase in BTC volatility.
The aggressive Fed policy was another factor driving the cryptocurrency market, according to Rajagopal Menon, VP of WazirX. According to Menon, Bitcoin dropped below $26,300 and Ether dropped below $1,600. The US Federal Reserve’s hawkish approach, which predicts future interest rate increases by year’s end, has caused the crypto market to decline.
Since Bitcoin was unable to move above its 50-day moving average of $26,876, the overall trend is still bearish. Despite previous October bullishness, further downward movement might happen if Bitcoin falls below $26,000. Without a break, caution is advised above the 50-day MA.
CoinGabbar co-founder Sudeep Saxena stated. Due to the Federal Reserve’s rate decision, there has been pressure to sell cryptocurrency. Both Bitcoin and Ethereum experienced volatility, with Ethereum going below $1,600 and Bitcoin dropping below $26,000. The market is characterized by lateral movement, small price shifts, and persistent uncertainty as a result of investors exercising prudence owing to future interest rate hikes.
Mudrex’s CEO and co-founder, Edul Patel, highlighted Bitcoin’s critical support level of $25,400. According to Patel, the price of Bitcoin has surpassed the $26,000 mark. The market’s gloomy attitude has been actively resisted by the bulls. Around $27,500 is where Bitcoin is currently running into resistance. However, if the price falls from where it is now, Bitcoin may return to the $25,400 support area. Ethereum has been trading between $1,550 and $1,600 recently.
In other news, Google Cloud has expanded its use of blockchain technology by adding 11 networks to its ‘BigQuery’ programme for public datasets, including Polygon, Optimism, and Polkadot.
Crypto market in last 24 hours
In the previous day, all major cryptocurrencies, including Bitcoin and Ethereum, traded in the red, with Bitcoin losing 1.63 percent and Ethereum over 1%. After trying to rebound from last month’s abrupt plunge, Bitcoin’s price fell. With a large trading volume over the past 24 hours, Bitcoin has also lost more than 1.7%.
The values of other cryptocurrencies, including BNB, XRP, Solana, Dogecoin, Cardano, Toncoin, Polkadot, Polygon, and Litecoin, all significantly dropped. Toncoin lost more than 3.78 percent of its value.
The Securities and Futures Commission (SFC) of Hong Kong recently updated its list of “suspicious” cryptocurrency platforms to help the public recognize possibly unregulated virtual asset trading firms.