$BTC 24 Hour High $52,790
$BTC 24 Hour Low $51,130
$BTC +1.5% past 24 hours; +11.2% past 7 days
Good morning. $BTC moved from 55K to 50K within one day, cleaning out the order books on the way down. After breaking the resistance at 51K, it’s ticking up again. Will it shoot up even higher as a result?
Our take is $BTC may face minor resistance at 53.3K, and the next area of price consolidation will take place between 57-58K. This region between the 57.2K Fib retracement and the August close level appears to be an area of resistance before moving higher swiftly.
$ETH remains unchanged from yesterday, although its trading volumes trending downwards on a daily time frame as other Alts in the market outperform sporadically. It’s worth keeping an eye on 3,800 as the first support level based on the Fib retracement level, followed by 3,350.
Charles Randell, Chair of the Financial Conduct Authority (FCA) in the UK, is among the latest watchdogs to call for powers to govern crypto — with a nascent crypto-market without going through an entire financial cycle, it’s difficult to predict how the story will unfold and end. Three fundamental issues stood out to him. He admitted that it would be difficult to watch if regulators stand idly by and watch vulnerable investors place their wealth in jeopardy.
- Make it harder for crypto to be used in financial crime;
- Regulators must support useful innovation; and
- How freely investors/speculators are allowed to buy crypto as it’s unregulated by the FCA, and therefore not covered by the Financial Services Compensation Scheme.
Digital assets market:
- Total crypto market capitalization stands at $2.45T, +1.0% from yesterday
- $BTC is down 0.5% at time of writing, support / resistance – 46,900 / 57,260
- $BTC liquidations and funding: $118M, 0.0062% average
- $ETH is down 0.7% at time of writing, support / resistance – 3,350 / 4,370
- $ETH liquidations and funding: $38M, 0.0158% average
Alts and DeFi watch:
- DeFi TVL: $98.88B
- $DOGE down 1.2% in the last 24 hours, up ~12.7% in the past week
- $UNI down 1.4% in the last 24 hours, up ~7.7% in the past week
- $AVAX down 3.6% in the last 24 hours, up ~11.4% in the past week
- $EOS down 0.3% in the last 24 hours, up ~26% in the past week
More news that caught our eye:
- OSL Special Series: From dark to light: the story of Bitcoin and regulators (part 4)
- BTC officially becomes legal tender in El Salvador, President Bukele confirms
- BBVA Switzerland launches crypto wallet and investment offerings for retail investors
- Cardano braced for a mammoth bombshell as fresh data flashes bigger milestones for ADA
- DigitalBits becomes the official global crypto of Inter Milan
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