Did the era of the Dogecoin, the most famous cryptocurrency, come to its end, or it is just a calm before the storm? Let’s find out!
Digital coins ascend off minimums
On Thursday, crypto assets managed to add, with all key cryptocurrencies clawing back recent dives. However, some crypto analysts are assured that the current situation could be just the temporary calm before the devastating storm.
The currency pair BTC/USD has managed to stay resilient against the backdrop of the altcoin dive, without surrendering the crucial support at $6,000. As a matter of fact, on the Kraken exchange Bitcoin hit $6,480.68, adding 2.7%.
Bitcoin keep going down, demonstrating $6k support. With the previous week’s jump to $7.4k, the number one crypto asset failed to repeat the earlier $8.4k rebound. Market experts are assured that lower-maximums drop a hint at an approaching lower-low.
In addition to this, Ethereum managed to gain up to 10% coming up with an outcome of $200
Thursday’s turnaround has pushed the currency pair ETH/USD that from top-to-bottom had lost nearly 90% of its value, back above $200 hitting $203.75, tacking on by 12%. It has been a hot period for the number two crypto asset that had recorded eight losing marathons out of the previous 10 before Thursday.
As for other key altcoins, they generally ascended. The currency pair BCH/USD jumped by 6% being worth $452.60. The currency pair LTC/USD ascended by 4.9% coming up with an outcome of $54.24. As for Ripple, the currency pair XRP/USD hit 28 cents being worth 4%.
While market experts are still pessimistic as for the price of Bitcoin, another financial institution is about to come up with a crypto product. As Bloomberg informed, Morgan Stanley is currently working on a product potentially enabling traders to obtain synthetic exposure to the performance of the most popular crypto asset by market cap.
Meanwhile, Bitcoin futures concluded Thursday in the green. September delivery XBTU8 contract jumped by 2.1% reaching $6,422.50.
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Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.