<p class=“MsoNormal“>Bitcoin is down 4.1% over the past week,
ending near $18,900. Ethereum lost 5.8% to $1290. Other leading altcoins in the
top 10 showed mixed dynamics, ranging from a 3.7% decline (Cardano) to a 27% increase
(XRP). </p><p class=“MsoNormal“>
Total crypto market capitalisation, according to CoinMarketCap, declined by
2.4% over the week to $928bn. Cryptocurrency Fear & Greed Index fell by 3
points over the week to 24 („extreme fear“).</p><p class=“MsoNormal“>
Meanwhile, the cryptocurrency market became a safe haven compared to the
collapse of major currencies and stock indices.</p><p class=“MsoNormal“>
The beginning of the week raises the question, what is behind the relative
resilience of cryptos? This market could be forgotten for a while, as all the
attention and capital flows are on flagship assets. Alternatively, it could
manifest traders‘ inner confidence that peak fear is near and cryptocurrencies
are already cheap enough for long-term investors.</p><p class=“MsoNormal“>News background</p><p class=“MsoNormal“>Former MicroStrategy CEO Michael Saylor said
that bitcoin would surpass the $69K reached in November 2021 in the next four
years. BTC could trade as high as $500K in the next decade if its market
capitalisation equals that of gold. Judging by bitcoin’s simple four-year
moving average, its bottom is at $20K, Sailor suggested.

Bitcoin’s bear market has yet to reach its final stage, and investors should
prepare for further declines. Some participants expressed this opinion in a
Cointelegraph poll on Twitter.</p><p class=“MsoNormal“>
Ethereum co-founder Vitalik Buterin said all cryptocurrencies should switch to
the Proof-of-Stake (PoS) algorithm. He believes that over the next 18 months,
ETH will become much more scalable, which will significantly reduce transaction
fees.</p><p class=“MsoNormal“>Ripple CEO Brad Garlinghouse disagreed with the SEC that Ethereum could be
considered unregistered security after the move to PoS.</p>

This article was written by ForexLive at forexlive.com.

<p>From the news statement:</p><p>“A statement is expected from the Bank of England today, Sky News understands. It comes after a morning of unprecedented turbulence for the pound, which has fallen to historic lows. There are concerns that this could fuel inflation, something the Bank of England is tasked with keeping under control.“</p><p style=““ class=“text-align-justify“>Keep your eyes and ears peeled. GBP/USD is now down 0.8% on the day to 1.0770, very much steadier after having plunged to a record low earlier in Asia trading of 1.0357.</p>

This article was written by Justin Low at forexlive.com.

<ul><li>Have seen positive reaction from business groups to fiscal statement</li><li>Finance minister will come forward with medium-term fiscal plan in the coming months</li><li>Do not know when the next conversation between BOE and Kwarteng will be</li></ul><p style=““ class=“text-align-justify“>When asked about any plans to change measures set out in the „mini budget“, the spokesperson responded with a ’no‘. I guess the ball is over in the BOE’s court now then. With intervention via FX reserves not a sound option, it seems like the central bank can only intervene through raising interest rates substantially – that is if they see fit to step into the market.</p>

This article was written by Justin Low at forexlive.com.

<p style=““ class=“text-align-justify“>The pound may be stealing the spotlight but the dollar is continuing to go about its own business as it is pushing higher across the major currencies board once more in trading today. GBP/USD is now down 1.3% to 1.0710 after <a target=“_blank“ href=“https://www.forexlive.com/news/cable-recovers-some-poise-now-down-only-a-little-over-1-20220926/“ target=“_blank“>a bit of a bounce</a> from the lows earlier but the pressure valve is still not turned off yet with no word from the BOE so far.</p><p style=““ class=“text-align-justify“>Elsewhere, EUR/USD is down 0.4% to 0.9655 but at least off earlier lows of 0.9570 while USD/JPY is up 0.5% to 144.00 again as buyers stay poised in search of another potential test of 145.00 following the BOJ/MOF intervention last week.</p><p style=““ class=“text-align-justify“>Commodity currencies are also staying pressured as equities are slumping. USD/CAD is up 0.3% to 1.3635 while AUD/USD is down 0.4% to 0.6500 as the dollar continues to hold firmer across the board.</p><p style=““ class=“text-align-justify“>S&P 500 futures briefly pared losses in early European morning trade but are now back down by 0.9%. The June lows are in the crosshairs of sellers and a break below that will heap added pressure on risk sentiment to start the new week:</p><p style=““ class=“text-align-justify“>In Europe, <a target=“_blank“ href=“https://www.forexlive.com/news/uk-bonds-are-imploding-20220926/“ target=“_blank“>UK bonds are imploding</a> and regional indices are also down across the board. The rout is very much a continuation of the sell everything mood in markets from last week, with 10-year Treasury yields also seen up 8 bps to 3.778% currently.</p>

This article was written by Justin Low at forexlive.com.

<p style=““ class=“text-align-justify“>That’s roughly $25 billion and eats into the country’s FX reserves of about $1.29 trillion at the end of August, according to official reserves data. In any case, the final figure will be made available on Friday when the Ministry of Finance announces the total it spent for intervention this month.</p>

This article was written by Justin Low at forexlive.com.