Market Overview
The crypto asset market has entered another rough time this month. Bitcoin,stock, forex and bond markets are all experiencing volatility with prices generally falling. The Euro has also fallen below the dollar again as the European energy crisis worsens and the DXY Dollar Index has surged above 109.30 to a new 20-year high.
As the Federal Reserve continues to indicate a hawkish stance on inflation, Bitcoin, an index of global liquidity developments, has reacted accordingly. The price moved lower this week, retreating from a high of $21,781 and hitting a multi-week low of $19,611.
Key Points
1. Bitcoin depreciated 13.9% in August, falling below its 200-week moving average from $23,307 to $20,023.
2. On-chain activity in the Bitcoin network is at a major support level.
3. In September, all eyes will be on Ether’s transition to proof of stake, the largest crypto upgrade in the network’s history.
Essentially the bear market continues and has taken its toll on the total number of people investing in Bitcoin. While there is no widespread loss of conviction seen among cryptocurrency holders, the current situation still does not allow for the establishment of a meaningful rallying uptrend, as the decline in the hold time metric suggests. Given the current very low active user base, it is amazing that the $20,000 level has held up as well as it has. Bitcoin is still likely to remain in the range formed by the bottom, a process similar to all past bear markets. However for now the Bitcoin price is just barely holding up and any recovery in fundamentals would be a welcome change.
TITAN Delivery
- Change from flex to inline to fix safari errors.
- Fix to capture details of invalid address tokens.
- Fixing the appropriate icon for selecting tokens to match the design.
- Limiting the range of log fetch blocks to improve performance.
- The addition of obtaining scale ranges from URLs.
