Bitcoin Intensifies Losses and Hits Two-Month Low at $18,500; Ethereum plummets 9%

The cryptocurrency market is experiencing further turmoil this September 7th holiday amid weakness in Bitcoin (BTC), which falls below $19,000 and hits its lowest in two months. The cryptocurrency even hit $18,500 overnight, but tries to stabilize in the early hours of the morning and goes to $18,758. In 24 hours, the losses are 5.8%.

Ethereum (ETH), which had been showing more strength so far, gives in to the selling pressure in the market and plummets 9.2%, retreating to the level of $ 1,500. This is the biggest drop today among the most valuable cryptos, alongside Polkadot (DOT).

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As a result, the market as a whole falls below the $1 trillion mark for the first time since early July – all cryptos combined are now worth $983.38 billion.

There is no new fact that explains the retreat of cryptocurrencies. The reasons behind the movement involve an exhaustion of buyers while economic agents remain cautious due to the uncertainties in the macro scenario.

“Each failed attempt (to break the resistance zone just above $20,000) increased the likelihood of a test of the bottom of the price range close to $18,000,” comments Joe DiPasquale, CEO of the crypto hedge fund manager. Bit Bull Capital.

Also, historically, September is considered a negative month for the crypto asset class.

“The September slump is happening as the economy [dos EUA] remains resilient and paves the way for further monetary tightening by the Fed”, assesses Oanda market analyst Edward Moya, referring to the American central bank’s difficulty in containing inflation, and the consequent expectation for sharper rises in interest rates.

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Also according to the Oanda analyst, “many are starting to doubt that the [dos títulos americanos] have peaked, and that could spell trouble for Bitcoin.” For the expert, “the selling pressure on Bitcoin is targeting summer lows [do Hemisfério Norte, em julho]just above the $17,500 level.”

“Retail traders are starting to panic again amid the slump in equities and cryptos, which are under pressure. Bitcoin is falling below key technical levels,” Moya pointed out.

DiPasquale’s manager points out that the current drop in BTC could reach $15,000. “From a technical standpoint, the price remains in line with our projections and we are looking to accumulate between the current price and $15,000,” she said.

Check out the performance of the main cryptocurrencies at 7 am:

cryptocurrency Price Change in the last 24 hours
Bitcoin (BTC) US$ 18,758.57 -5.8%
Ethereum (ETH) US$ 1,514.00 -9.2%
Binance Coin (BNB) US$ 263.69 -6.3%
Cardano (ADA) US$ 0.463571 -7.2%
XRP (XRP) US$ 0.323491 -3.5%

Cryptocurrencies with the biggest gains in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
Helium (HNT) $4.25 +14.1%
Leo Token (LEO) $5.25 +3.9%

Cryptocurrencies with the biggest drops in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
DeFiChain (DFI) US$ 0.990199 -29.5%
Read DAO (READ) $1.82 -17.4%
Ethereum Classic (ETC) $34.07 -15.6%
Classic Earth (LUNC) US$ 0.00035600 -13.3%
nexus (nexus) US$ 0.852330 -12.1%

Check out how cryptocurrency ETFs closed in the last trading session:

ETF Price Variation
Hashdex NCI (HASH11) BRL 18.44 -3.15%
Hashdex BTCN (BITH11) BRL 24.05 -0.04%
Hashdex Ethereum (ETHE11) BRL 24.45 -0.4%
Hashdex DeFi (DEFI11) BRL 21.90 -0.99%
Hashdex Smart Contract Platform FI (WEB311) BRL 19.10 -2.99%
QR Bitcoin (QBTC11) BRL 6.27 -2.48%
QR Ether (QETH11) BRL 6.00 0.66%
QR DeFi (QDFI11) BRL 4.11 +2.23%
Crypto20 EMPCI (CRPT11) BRL 5.51 +1.1%
Invest NFTSCI (NFTS11) BRL 28.68 +2.42%

See the main crypto market news for this Wednesday (7):

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Crypto.com is considered the most secure exchange by CERTified

Crypto.com cryptocurrency exchange was considered by the Cybersecurity Rating and Certification Platform (CERTified) to be the most secure among the 270 crypto exchanges analyzed in a test.

The test, Crypto.com reports, involves penetration attempts and proving that the company’s BTC and ETH wallets do indeed hold the balances it claims to have.

In addition, the broker announced the completion of the Service Organization Control (SOC) 2 Type II audit, focused on data security and privacy.

Investments in crypto companies likely to continue to slow, says KPMG

Global investments in cryptocurrency companies, which have entered a sharp slowdown this year, are expected to continue to weaken, according to a new report from global auditing and consulting firm KPMG.

Investments in companies in the sector fell from a record US$ 32.1 billion last year to US$ 14.2 billion in the first half of 2022.

However, investments must not disappear. “Despite the significant collapse of the crypto sector, mid-year investment remained well above all years prior to 2021,” KPMG noted.

“This highlights the growing maturity of the space and the breadth of technologies and solutions that attract investment.”

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