Bitcoin and altcoins appear to be ignoring the headline of the U.S. dollar index soaring to a 20-year high as the British pound plummets to a record-low against DXY.
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Price analysis 9/26: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB
The United Kingdom is in focus following the British pound’s fall to a new all-time low against the United States dollar. The sell-off was triggered by the aggressive tax cuts announced by Prime Minister Liz Truss’s government. The 10-year gilt yields have soared by 131 basis points in September, on track for its biggest monthly increase since 1957, according to Reuters.
The currency crisis and the soaring U.S dollar index (DXY) may not be good news for U.S. equities and the cryptocurrency markets. A ray of hope for Bitcoin (BTC) investors is that the pace of decline has slowed down in the past few days and the June low has not yet been re-tested.
Daily cryptocurrency market performance. Source: Coin360That could be because Bitcoin’s long-term investors do not seem to be panicking. Data from on-chain analytics firm Glassnode shows that Bitcoin’s Coin Days Destroyed (CDD) metric, which gives more weightage to coins dormant for a long time, hit a new low. This indicates that coins held for the long-term “are the most dormant they have ever been.”
Could Bitcoin and altcoins continue their short-term outperformance? Let’s study the charts of the top-10 cryptocurrencies to find out.
BTC/USDT
The bulls continue to defend the $18,626 to $17,622 support zone with all their might. This is a positive sign as it shows that buyers are accumulating on dips to the support zone.
Price analysis 9/26: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB
Bitcoin and altcoins appear to be ignoring the headline of the U.S. dollar index soaring to a 20-year high as the British pound plummets to a record-low against DXY.
Is it Bitcoin’s time to shine? British Pound drops to all-time low against the dollar
The U.S. dollar has been the clear winner as investors seek shelter in the largest global economy, but could the British Pound's weakness be a positive for Bitcoin.
Is it Bitcoin’s time to shine? British pound drops to all-time low against the dollar
On Sept. 26, the British pound hit a record low against the U.S. dollar following the announcement of tax cuts and further debt increases to curb the impact of a possible economic recession. The volatility simply reflects investors' doubts about the government's capacity to withstand the growing costs of living across the region.
The U.S. dollar has been the clear winner as investors seek shelter in the largest global economy, but the British pound's weakness could be a net positive for Bitcoin. The GBP, or British pound, is the world's oldest currency still in use and it has been in continuous use since its inception.
Fiat currencies are a 52-year old experiment
The British pound, as we currently know, started its journey in 1971 after its convertibility with gold or theequivalent was effectively terminated. Since then, the currency issued by the Bank of England has not had a fixed valuation.
Inflation has been the centerpiece of economic debates all throughout 2022 after central banks added liquidity to the markets over the previous two years to stimulate economies. As a result, in August 2022, the United Kingdom saw a 9.9% increase in consumer prices versus the previous year.
On Sept. 22, the government announced an unprecedented tax cut, the highest since 1972, causing the British pound to reach an intraday low of $1.038 versus the U.S. dollar on Sept. 26. Analysts concluded that government bond issuance would increase to pay for the lesser tax, and interest rates would have to be aggressively increased.
Singapore strives to remain relevant amid regulatory tightening for retail investors
Singapore's largest bank expanded crypto trading for accredited investors only, aligned with financial authorities' views.
DeFi lending protocol created by ex-QuadrigaCX co-founder surpassed $50M in TVL
Michael Patryn was doxed earlier this year to be the co-founder behind DeFi project Wonderland, which collapsed shortly after.
Pro-centralization Russian president grants citizenship to Edward Snowden: Report
The views of the NSA whistleblower, who has been in Russia since 2013, seemingly clash with those of President Vladimir Putin, who has often worked against promoting decentralization.
Traders brace for Bitcoin price volatility as DXY 2022 gains near 20%
It's still all about the U.S. dollar this week as the monthly close and options expiry loom for Bitcoin.
Traders brace for Bitcoin price volatility as DXY 2022 gains near 20%
Bitcoin (BTC) volatility edged higher during Sept. 26 as the Wall Street open avoided significant losses.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewMonthly close tipped to shake up BTC price
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $19,000 on the day, with hourly candles of 1.5%–2% not uncommon.
The pair was expected to break out of its narrow trading range in the short term, having consolidated since Sept. 22.
For Michaël van de Poppe, founder and CEO of trading firm Eight, a tap of the area at the top of the range should signal acontinuation higher.
“Theory still stands for Bitcoin,” he told Twitter followers on the day.
Cardano bulls run out of steam after Vasil hard fork — 40% ADA price crash in play
Cardano's (ADA) long-awaited Vasil update went live on Sept. 22, which promises to make its blockchain more scalable and cheaper than before. However, this has failed to bring bullish momentum to the ADA market.
Sell-the-news hampers Cardano
ADA's price has dropped by approximately 9.5% since the update and was changing hands for $0.43 on Sept. 26. The ADA/USD pair's drop was accompanied by a rejection candlestick on its daily price chart, confirmed by a brief rally to $0.48 on the day of the fork and a sharp correction thereafter.
ADA/USD daily price chart. Source: TradingViewADA bulls' muted reaction to the successful Vasil update is similar to what transpired across the Ether (ETH) market after Ethereum's Merge.
In other words, a buy the rumor, sell the news event, resembling most of Cardano's previous hard forks, which have a history of preceding ADA price crashes, as shown below.
ADA/USD three-day price chart. Source: TradingViewIn addition, macro risks led by a very hawkish Federal Reserve also weighed down ADA's bullish expectations post-Vasil.
Cardano bulls run out of steam after Vasil hard fork — 40% ADA price crash in play
Cardano's (ADA) long-awaited Vasil update went live on Sept. 22, which promises to make its blockchain more scalable and cheaper than before. However, this has failed to bring bullish momentum to the ADA market.
Sell-the-news hampers Cardano
ADA's price has dropped by approximately 9.5% since the update and was changing hands for $0.43 on Sept. 26. The ADA/USD pair's drop was accompanied by a rejection candlestick on its daily price chart, confirmed by a brief rally to $0.48 on the day of the fork and a sharp correction thereafter.
ADA/USD daily price chart. Source: TradingViewADA bulls' muted reaction to the successful Vasil update is similar to what transpired across the Ether (ETH) market after Ethereum's Merge.
In other words, a buy the rumor, sell the news event, resembling most of Cardano's previous hard forks, which have a history of preceding ADA price crashes, as shown below.
ADA/USD three-day price chart. Source: TradingViewIn addition, macro risks led by a very hawkish Federal Reserve also weighed down ADA's bullish expectations post-Vasil.
5 years of the ‘Top 10 Cryptos’ experiment and the lessons learned
When Redditor Joe Greene started the Top 10 Cryptos experiment in 2018, he bought $1,000 of Dash, NEM and Iota, among others, only to watch it crash to $150. But five years on, his experiment has paid off big time.
The rules: Buy $100 of each of the top 10 cryptocurrencies on Jan. 1, 2018, 2019, 2020 and 2021. Hold only. No selling. No trading. Report monthly.
Every January since 2018, Greene has reviewed a list of the top 10 cryptocurrencies by market cap from his tropical office in Bali. He puts $100 of his own money into each, tracks the performance every four months or so, and publishes the findings on his website and on Reddit.
When he began, crypto indexes were few and far between, so there wasn’t an easy alternative. Having invested in stocks for years before moving into crypto, Greene predicted that chasing tokens on a hot streak was dangerous — unless done consistently — and this was indeed proven so by his experiment with the Top Ten Crypto Index Funds.
Bitcoin 2017
Like almost everyone else that year, Greene was mesmerized by the sudden rise of Bitcoin during the 2017 bull market. “I remember looking to buy a rig to do some mining, but it turns out they were all sold out. So, I thought, ‘Whatever, I’ll just go out and buy some coins instead,’” he tells Magazine. A combination of the underlying technology, the financial elements and the future direction of the asset class kept Greene in the sector. He has been blogging with the project ever since.
5 years of the ‘Top 10 Cryptos’ experiment and the lessons learned
When Redditor Joe Greene started the Top 10 Cryptos experiment in 2018, he bought $1,000 of Dash, NEM and Iota, among others, only to watch it crash to $150. But five years on, his experiment has paid off big time.
The rules: Buy $100 of each of the top 10 cryptocurrencies on Jan. 1, 2018, 2019, 2020 and 2021. Hold only. No selling. No trading. Report monthly.
Every January since 2018, Greene has reviewed a list of the top 10 cryptocurrencies by market cap from his tropical office in Bali. He puts $100 of his own money into each, tracks the performance every four months or so, and publishes the findings on his website and on Reddit.
When he began, crypto indexes were few and far between, so there wasn’t an easy alternative. Having invested in stocks for years before moving into crypto, Greene predicted that chasing tokens on a hot streak was dangerous — unless done consistently — and this was indeed proven so by his experiment with the Top Ten Crypto Index Funds.
Bitcoin 2017
Like almost everyone else that year, Greene was mesmerized by the sudden rise of Bitcoin during the 2017 bull market. “I remember looking to buy a rig to do some mining, but it turns out they were all sold out. So, I thought, ‘Whatever, I’ll just go out and buy some coins instead,’” he tells Magazine. A combination of the underlying technology, the financial elements and the future direction of the asset class kept Greene in the sector. He has been blogging with the project ever since.
5 years of the ‘Top 10 Cryptos’ experiment and the lessons learned
When Redditor Joe Greene started the Top 10 Cryptos experiment in 2018, he bought $1,000 of Dash, NEM and Iota, among others, only to watch it crash to $150. But five years on, his experiment has paid off big time.
The rules: Buy $100 of each of the top 10 cryptocurrencies on Jan. 1, 2018, 2019, 2020 and 2021. Hold only. No selling. No trading. Report monthly.
Every January since 2018, Greene has reviewed a list of the top 10 cryptocurrencies by market cap from his tropical office in Bali. He puts $100 of his own money into each, tracks the performance every four months or so, and publishes the findings on his website and on Reddit.
When he began, crypto indexes were few and far between, so there wasn’t an easy alternative. Having invested in stocks for years before moving into crypto, Greene predicted that chasing tokens on a hot streak was dangerous — unless done consistently — and this was indeed proven so by his experiment with the Top Ten Crypto Index Funds.
Bitcoin 2017
Like almost everyone else that year, Greene was mesmerized by the sudden rise of Bitcoin during the 2017 bull market. “I remember looking to buy a rig to do some mining, but it turns out they were all sold out. So, I thought, ‘Whatever, I’ll just go out and buy some coins instead,’” he tells Magazine. A combination of the underlying technology, the financial elements and the future direction of the asset class kept Greene in the sector. He has been blogging with the project ever since.
5 years of the ‘Top 10 Cryptos’ experiment and the lessons learned
“Index investing can be boring, but it saves you from the worst possible outcomes.”
5 years of the ‘Top 10 Cryptos’ experiment and the lessons learned
“Index investing can be boring, but it saves you from the worst possible outcomes.”
5 years of the ‘Top 10 Cryptos’ experiment and the lessons learned
“Index investing can be boring, but it saves you from the worst possible outcomes.”
5 years of the ‘Top 10 Cryptos’ experiment and the lessons learned
“Index investing can be boring, but it saves you from the worst possible outcomes.”
5 years of the ‘Top 10 Cryptos’ experiment and the lessons learned
When Redditor Joe Greene started the Top 10 Cryptos experiment in 2018, he bought $1,000 of Dash, NEM and Iota, among others, only to watch it crash to $150. But five years on, his experiment has paid off big time.
The rules: Buy $100 of each of the top 10 cryptocurrencies on Jan. 1, 2018, 2019, 2020, 2021, and 2022. Hold only. No selling. No trading. Report monthly.
Every January since 2018, Greene has reviewed a list of the top 10 cryptocurrencies by market cap from his tropical office in Bali. He puts $100 of his own money into each, tracks the performance every four months or so, and publishes the findings on his website and on Reddit.
When he began, crypto indexes were few and far between, so there wasn’t an easy alternative. Having invested in stocks for years before moving into crypto, Greene predicted that chasing tokens on a hot streak was dangerous — unless done consistently — and this was indeed proven so by his experiment with the Top Ten Crypto Index Funds.
Bitcoin 2017
Like almost everyone else that year, Greene was mesmerized by the sudden rise of Bitcoin during the 2017 bull market. “I remember looking to buy a rig to do some mining, but it turns out they were all sold out. So, I thought, ‘Whatever, I’ll just go out and buy some coins instead,’” he tells Magazine. A combination of the underlying technology, the financial elementsand the future direction of the asset class kept Greene in the sector. He has been blogging with the project ever since.
