Along with the growing concerns about the activities of legislators in the field of digital currencies, we have witnessed the stabilization and cross-fluctuations of many currencies over the past few days.
to the Report CoinDesk There was widespread market volatility last week, and the volatility slowed sharply yesterday, leaving most of the market quietly overnight. Meanwhile, some Altcoins managed to perform better than Bitcoin.
Bitcoin is currently trading in the $ 45,300 range, down 2.8 percent from the previous day. Analysts believe that the price of bitcoin should be expected to stabilize. In this stabilization phase, the 200-day moving average acts as support. While $ 50,000 is a heavy resistance.
FundStrat Investment Consulting wrote in its newsletter on Wednesday:
The volume of liquids was probably intensified by the levers used in the Ethereum and Altcoins market. The macro and intra-chain image remains strong; Therefore, we believe that these liquids in the middle of the cycle are a good opportunity for stabilization situations.
Analysts and traders also consider the risks of legislation; Because these risks can have a negative effect on market sentiment.
In the last 24 hours, Ethereum has fluctuated 5% to reach $ 3,265. The S & P500 ended the day with a loss of 0.8 and the price of gold rose 0.3 after a day of volatility. US Treasury Department interest rate also reached 1.339.
Looking at last week’s headlines, it can be concluded that the strictures of the legislature regarding this market are not over yet. China’s state-owned electricity company announced on Thursday that it would inspect bitcoin and other digital currency mining facilities in the country. China WuBlockchain Digital Currency Media wrote:
In this article, [شرکت دولتی برق چین] He said that virtual currencies such as Bitcoin are a waste of energy and circumvent financial controls. There is no clear legal situation in China.
In addition, on Thursday, the head of the Swedish Riksbank, Stefan Ingves, said during a banking conference:
Private money will sooner or later fall apart. Bitcoin trading is like stamp trading. There are also concerns about money laundering.
Last week, the European Securities and Exchange Commission said in a report:
Encrypted assets are volatile and operate outside the current Union legislation, which poses risks to investor protection.
Ethereum, the market number two digital currency, has previously managed to maintain its support of $ 3,000. This is the level at which Ethereum grew last month. Ethereum prices have fallen below $ 4,000 in recent months after hitting a record high of $ 4,360.
Given the current market situation and short-term timeframes, Ethereum is expected to maintain its price stabilization phase in the coming days.
Analysts are also monitoring the levels at which we may see the liquidity of users’ assets. Luke Posey, a glassnode researcher, wrote in a post:
We can see an updated list of situations in which we can wait for investments to be liquidated. In these sections you can see how traders change their positions for the time after the fall. In our opinion, a high volume of liquids cannot be expected until the price of Ethereum reaches $ 2,600.
Increasing the volume of Coin Bass transactions
The volume of Coin Bass exchange transactions has reached the highest level since May. According to many, investors are now looking to invest in currencies other than bitcoin and want to fill their portfolios with currencies other than bitcoin.
“Base wrote in a report to traders on Friday:
We expect the current trend to continue due to the usual fluctuations of September and October, which are not specific to the crypto market and are seen in all markets.
In CoinBase, the largest volume of transactions is related to Bitcoin, Ether and Cardano. This exchange writes in another part of its article:
Small traders’ intense interest in Dogecoin seems to have waned; Because its trading volume has been greatly reduced.
Algrand trading volume also jumped 60% last week. During this period, bitcoin trading volume decreased by 8%.
Bainance announced last week that it supports the Cardano update, which runs tomorrow. According to Bainance, Cardano’s deposit and withdrawal will be suspended tomorrow. According to Bainance, with the stabilization of the situation in the Cardano network, this exchange will resume the process of withdrawing and depositing. Cardano Hard Fork will allow users to support smart contracts. Many cite this update as a positive factor in the jump in the price of this digital currency.
The SCOPE Art Show has announced that it is selling its special tickets in the form of unique tokens. Tickets for this art exhibition will be sold in collaboration with YellowHeart.
As we said, over the past 24 hours, many digital currencies have been relatively stable. Algrand and FileQueen, meanwhile, suffered the most losses at 14% and 6%, respectively.