Bitcoin slid further away from $50,000 level on Wednesday, falling as low as $46,300, but gradually climbed above $50,000 again.The Federal Reserve eased the market on tapering bond purchases and emphasised that rates would remain lower for longer. The DXY (Dollar Index) fell while BTC continued pushing higher, which could be seen as a macro tailwind for Bitcoin as a weakening dollar usually pushes BTC higher (ref). The price of Bitcoin consolidated above $50,000 with a dominance of 41.08% at the time of writing.Ethereum resumed its uptrend and hit the $4,000 mark for the first time on 3 September since May, after breaking out of its usual pattern. Ether picked up momentum and experienced a series of higher lows. The bullish impulse coincided with an increase in the number of large Ether transactions, suggesting whales’ and institutional players’ ETH purchases (ref). At the time of writing, the price sat around $3,900.Overall, the price and volume index grew by 9.33% and 12.90% respectively, while the volatility index dropped by 42.50%, according to data compiled by crypto.com.
Crypto.com Weekly Market Update (Week 35, 30/08/2021 - 05/09/2021)
Crypto.com Weekly Market Update (Week 35…
Crypto.com Weekly Market Update (Week 35, 30/08/2021 - 05/09/2021)
Bitcoin slid further away from $50,000 level on Wednesday, falling as low as $46,300, but gradually climbed above $50,000 again.The Federal Reserve eased the market on tapering bond purchases and emphasised that rates would remain lower for longer. The DXY (Dollar Index) fell while BTC continued pushing higher, which could be seen as a macro tailwind for Bitcoin as a weakening dollar usually pushes BTC higher (ref). The price of Bitcoin consolidated above $50,000 with a dominance of 41.08% at the time of writing.Ethereum resumed its uptrend and hit the $4,000 mark for the first time on 3 September since May, after breaking out of its usual pattern. Ether picked up momentum and experienced a series of higher lows. The bullish impulse coincided with an increase in the number of large Ether transactions, suggesting whales’ and institutional players’ ETH purchases (ref). At the time of writing, the price sat around $3,900.Overall, the price and volume index grew by 9.33% and 12.90% respectively, while the volatility index dropped by 42.50%, according to data compiled by crypto.com.