<p class=“MsoNormal“>Market
picture</p><p class=“MsoNormal“>Bitcoin has
stopped falling but has still not managed to gain strength to rise, remaining
near $20K. Ethereum remains more interesting for buyers, increasing 1.6%
overnight to above $1600. Top altcoins showed mixed dynamics: from a decline of
1.3% (Dogecoin) to a rise of 2.2% (Cardano).</p><p class=“MsoNormal“>Total crypto
market capitalisation, according to CoinMarketCap, rose 0.2% overnight to
$997bn. The Cryptocurrency Fear & Greed Index fell 4 points to 23 by
Wednesday and moved into „extreme fear“ status.</p><p class=“MsoNormal“>The upcoming
move to proof-of-stake creates a speculative component to Ethereum’s dynamics.
While in the short term, after September 6, there could be a
„sell-through,“ causing pressure on the price, in the longer term, such
a transition will strengthen interest in using Ethereum for transactions,
making them cheaper. This promises more interest in the coin, allowing it to
remain „better than the market“.</p><p class=“MsoNormal“>On the data
analysis side, ETHUSD is trying to get back above the 50-day average, which is
an informal indicator of the medium-term trend. A consolidation above $1620,
like in July, could be a prolonged rally with possible targets at $2000-2200 in
the nearest future. The opposite is also true. A reversal down from this level
will weaken bulls, as it did in February and April, triggering a new decline
towards $1000.</p><p class=“MsoNormal“>News
background</p><p class=“MsoNormal“>Some 5,000
BTCs, which have been in „hibernation“ for the past 7-9 years, are on
the move, said Look Into Bitcoin founder Philip Swift, citing data from the
Whale Shadows indicator. Historically, such spikes in activity have preceded
significant price declines.</p><p class=“MsoNormal“>A link has
been established between the 10,000 BTC, which on August 29 went in motion for
the first time since 2013, and the bankrupt cryptocurrency exchange Mt.Gox, a
Telegram channel reported.</p><p class=“MsoNormal“>Meanwhile,
the US Federal Bureau of Investigation has advised investors to be wary of
investing in decentralised finance (DeFi) projects as they are too vulnerable
to hacking.</p><p class=“MsoNormal“>Iranian
authorities have approved a comprehensive law regulating cryptocurrency
transactions. In particular, imports from abroad with payment in digital assets
are allowed.</p><p class=“MsoNormal“>This article was written by <a target=“_blank“ href=“https://www.fxpro.com/“ target=“_blank“>FxPro</a>’s Senior Market Analyst Alex
Kuptsikevich.</p>
picture</p><p class=“MsoNormal“>Bitcoin has
stopped falling but has still not managed to gain strength to rise, remaining
near $20K. Ethereum remains more interesting for buyers, increasing 1.6%
overnight to above $1600. Top altcoins showed mixed dynamics: from a decline of
1.3% (Dogecoin) to a rise of 2.2% (Cardano).</p><p class=“MsoNormal“>Total crypto
market capitalisation, according to CoinMarketCap, rose 0.2% overnight to
$997bn. The Cryptocurrency Fear & Greed Index fell 4 points to 23 by
Wednesday and moved into „extreme fear“ status.</p><p class=“MsoNormal“>The upcoming
move to proof-of-stake creates a speculative component to Ethereum’s dynamics.
While in the short term, after September 6, there could be a
„sell-through,“ causing pressure on the price, in the longer term, such
a transition will strengthen interest in using Ethereum for transactions,
making them cheaper. This promises more interest in the coin, allowing it to
remain „better than the market“.</p><p class=“MsoNormal“>On the data
analysis side, ETHUSD is trying to get back above the 50-day average, which is
an informal indicator of the medium-term trend. A consolidation above $1620,
like in July, could be a prolonged rally with possible targets at $2000-2200 in
the nearest future. The opposite is also true. A reversal down from this level
will weaken bulls, as it did in February and April, triggering a new decline
towards $1000.</p><p class=“MsoNormal“>News
background</p><p class=“MsoNormal“>Some 5,000
BTCs, which have been in „hibernation“ for the past 7-9 years, are on
the move, said Look Into Bitcoin founder Philip Swift, citing data from the
Whale Shadows indicator. Historically, such spikes in activity have preceded
significant price declines.</p><p class=“MsoNormal“>A link has
been established between the 10,000 BTC, which on August 29 went in motion for
the first time since 2013, and the bankrupt cryptocurrency exchange Mt.Gox, a
Telegram channel reported.</p><p class=“MsoNormal“>Meanwhile,
the US Federal Bureau of Investigation has advised investors to be wary of
investing in decentralised finance (DeFi) projects as they are too vulnerable
to hacking.</p><p class=“MsoNormal“>Iranian
authorities have approved a comprehensive law regulating cryptocurrency
transactions. In particular, imports from abroad with payment in digital assets
are allowed.</p><p class=“MsoNormal“>This article was written by <a target=“_blank“ href=“https://www.fxpro.com/“ target=“_blank“>FxPro</a>’s Senior Market Analyst Alex
Kuptsikevich.</p>
This article was written by FxPro FXPro at www.forexlive.com.