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lunedì 26 settembre 2022

Bitcoin and major Cryptocurrencies

 Cryptocurrency prices and stock markets retreated last week as Central Banks around the world raised interest rates and a risk aversion sentiment prevailed in markets.

Cryptocurrency prices retreated last week, as a risk aversion sentiment prevailed in markets. Stock markets went down as Central Banks around the world raised interest rates. Fears that monetary tightening may lead some of the world’s largest economies into recession are putting pressure on riskier assets, such as cryptocurrencies.

The US Fed raised its interest rate by 75 basis points on Wednesday, driving down crypto markets. Federal Reserve Chair Jerome Powel raised expectations for future rate hikes, stating that the Fed is determined to curb inflation even at the expense of economic growth. Steep rate hikes increase global recession concerns, putting pressure on risk assets, such as cryptocurrencies. The Fed’s rate hike was largely expected and had already been priced in by markets. Cryptocurrencies have been retreating for the past couple of weeks in expectations of a hawkish Fed outcome and so the effect of the rate hike was somewhat muted.

On Thursday, the BOE voted to raise its interest rate by 50 basis points. The BOE’s raise was lower than anticipated, as markets had priced in a rate hike of up to 75 bp, and the more moderate outcome propped up cryptocurrencies. The EU, Switzerland, and Canada have also tightened their monetary policies recently. 

Bitcoin price below the key $20,000 level throughout the week, dropping below the $19,200 level support and reaching $18,900 during the weekend. If BTC declines further, support can be found at $17,600, while resistance may be encountered near $20,500. 

Ethereum price also declined and retreated below the $1,300 level during the weekend. If Ethereum's price declines, it may encounter support at the psychological level of $1,000. If the Ethereum price increases, resistance may be encountered near $1,640.

Ethereum price had been boosted in anticipation of the merge from the Proof-of-Work to the Proof-of-Stake method. The hype created around the merger had created a bullish sentiment for the cryptocurrency, which deflated following its completion, triggering a selloff.

BTC/USD 1h Chart

BTCUSD 1hr chart


ETH/USD 1h Chart

ETHUSD 1hr chart

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