The crypto market came back to life after the stock market. On Friday, the BTC is trading at 20,660 USD.
Can it be called an upward reversal? The technical side of trades remains without changes: if the BTC secures above 21,500 USD a pathway to 22,000 USD will open. And only if the quotes secure above 22,000 USD talks about demand will make some sense.
The following is going on. Yesterday the European Central bank announced that it was ready to carry out a tougher monetary policy. It increased the interest rate to 1.25% from 0.5% previously and informed the market that it will be revised further. This means that the mental lagging of the ECB policy from the Fed’s course is reducing, which brings down the crazy demand for the dollar. On the other hand, the head of the Federal Reserve System Jerome Powell highlighted the necessity of further fight against inflation, so that now the market awaits for the interest rate to be lifted to 75 base points at the September meeting.
The market got the main thing, i.e. understanding of what is going on. This let investors start buying and leave the indices in the positive area.
Correlation between the S&P 500 and Nasdaq on one side and the BTC on the other remains in force, so the market sentiment is extremely important.
Capitalisation of the crypto market is 990.32 billion USD. The BTC takes up 39.84%, the ETH – 20.96%. Number three is Tether (6.71%).
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