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The positive correlation between cryptocurrencies and the stock market is temporarily back on track. The crypto market capitalisation approached 1.05 trillion (+0.9% in 24 hours). On Monday evening, the crypto market recouped its losses following the US stock indices, but since Tuesday morning, there has been renewed selling strength. This time amid pressure on Chinese stocks.
Bitcoin closed lower on Monday, remaining in the clutches of the bears after touching the 50-day moving average a week ago. With markets still under pressure, the focus remains on the first cryptocurrency's momentum in the $25.0K-$25.6K area. Without confident buying in this area, be prepared for a failure towards $20K on weak hand capitulation.
XRP is giving up ground after a failed attempt to get back above the 200-day moving average. Although it is pointing up, it acts as solid resistance in September. The pressure in the equity markets is not helping.
It forms a death cross (the 50-day will cross below the 200-day) after Ethereum and BTC. From the current level of 0.4980, 0.46 is a critical support level, where several supports and the 50-week moving average are concentrated.
MicroStrategy has acquired an additional 5,445 BTC, according to founder Michael Saylor. MicroStrategy now owns 158,245 BTC worth approximately $4.68 billion (at an average price of $29,582).
According to CoinShares, investments in crypto funds fell by $9 million last week; outflows have continued for 9 of the previous 10 weeks. Bitcoin investments fell by $6 million, and Ethereum investments decreased by $2 million.
Weekly trading volumes totalled $820 million, well below the annual average of $1.3 billion. XRP and Solana saw small inflows, CoinShares noted.
According to Arkham, Coinbase holds nearly 1 million Bitcoins or about 5% of its total supply.
About the author
Alex Kuptsikevich is a financial market professional with 16-years’ experience and a senior financial analyst at FxPro. He is the author of daily reviews on the impact of economic events with comments featured in top international and Russian media. Alex covers fundamental analysis, global markets, the foreign exchange market, gold, oil, and cryptocurrencies in his analytical pieces. As the senior financial analyst at FxPro, Alex is a guest expert in 1-tier global media such as Forbes, Coindesk, Euromoney and Morning Star.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.