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Major cryptocurrencies saw a significant decline as concerns grew that higher interest rates could stall the housing market and potentially push the economy into a recession.
| Cryptocurrency | Earnings +/- | Price (recorded at 9:30 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | -0.82% | $27,309 |
| Ethereum (CRYPTO: ETH) | -1.71% | $1,638 |
| Dogecoin (CRYPTO: DOGE) | -2.19% | $0.060 |
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What happened: Job openings in August exceeded expectations, adding 690,000 positions, increasing the total number at 9.6 million. These data highlight the remarkable resilience of the American labor market.
The US dollar continues its relentless strengthening, intensifying risk aversion sentiments. Surpassing the 107 level, the US Dollar Index (DXY) reached its highest level in the last 10 months.
Tuesday marks the start of initial trial in a series of two separate criminal proceedings against ancient Sam Bankman-Fried, CEO of FTX.
The media has covered the Bankman-Fried story extensively since the company’s bankruptcy 11 months ago. Bookspodcasts and numerous articles have been devoted to this subject.
THE controversial collapse of FTX, led by Bankman-Fried, gave rise in November last year to a stunning wave of withdrawals and the subsequent failure to justify the disappearance of billions of dollars from customer accounts. In a significant development, federal prosecutors have filed various charges against Bankman-Fried, including fraud, conspiracy to commit money laundering and several other charges.
Separately, American regulators on Tuesday affirmed their opposition to Coinbase Inc.’s request to dismiss the violation of securities law with which it is accused. They claimed the crypto exchange’s rationale was riddled with “fatal flaws.” In June, the Security and Exchange Commission (SEC) filed a lawsuit against Coinbase (NASDAQ:PIECE OF MONEY), alleging that the US-based company was not registered as a securities exchange with the regulator. Coinbase requested that the case be dismissed, asking the judge to rule before trial that cryptocurrency transactions are not the same as investment contracts.
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| Cryptocurrency | Earnings +/- | Price (recorded at 9:30 p.m. EDT) |
| Gala | +5.72% | $0.015 |
| Polygon | +3.72% | $0.56 |
| Share Frax | +3.40% | $5.57 |
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Currently, the global crypto market cap stands at $1.09 trillion, down 2.55% over the past day.
Stocks saw a significant decline on Tuesday, triggered by a rise in Treasury yields to their highest level since 2007. The development raised concerns that rising interest rates could negatively impact the real estate market and could push the economy into a recession.
During the session, the S&P 500 fell 1.37%, reaching its lowest level since June, before closing at 4,229.45. The Nasdaq Composite index, heavily focused on technology stocks, also saw a decline of 1.87%, ending the day at 13,059.47. Growth stocks have been particularly hard hit by rising rates, leading to some of the biggest losses in the market.
See More: Best Cryptocurrency Scanners
Analyst Remarks
Crypto analyst Michel Van de Poppe predicts that the longer time frame chart for Bitcoin has strong potential. “Holding above the 200-week EMA is a must. Currently, that is what we are doing. If the lower timeframes continue to push higher lows, we will most likely reach 30,000-35,000 $ in the next 4 to 8 weeks.”.
Crypto Tony, suggests that Uptober has been temporarily postponed. However, he is optimistic that crypto markets will soon resume their upward trajectory. “Give it a few days and I expect a recovery in the crypto markets.”
According to a crypto analyst Kevin SvensonBitcoin’s path to a massive bull run depends on one crucial development: moving a key 2021 price level into support.
In a video, Svenson highlighted the importance of breaking through the area between approximately $29,000 and $32,000 and establishing it as a new support level. “Once we do that, it’s time to get super, super optimistic. So until then, it’s still a gray area. We’re in this sideways range here.”
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Read Following: Jim Cramer recommends against using Binance and provokes strong reactions from Twitter users
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