Cryptocurrency Market News: Crypto sentiment drops as top coins are in red


Here is what you need to know on Tuesday 22, September

BTC/USD is trading at $10,517 after plummeting towards $10,296 following a breakout of the U.S. dollar. 

ETH/USD had a massive 12% crash and has only recovered slightly, currently trading at $348.

XRP/USD has established a new monthly low at $0.2295 as bulls are struggling to defend the critical $0.23 support level.

Chart of the day: ETH/USD 4-hour chart

eth price

Market

The entire crypto market suffered today erasing more than $22 billion in total market capitalization. Ethereum alone managed to delete $4 billion of its mcap in just a few hours after a tremendous drop. Bitcoin is also down 4% while XRP is down 6%. Only 8 cryptos out of 100 are in green today with the biggest loser being Celo followed by Aave and Arweave.

The recent drop also came followed by a notable increase in trading volume from an average of $106 billion to a current peak of $130 billion indicating that bears are quite strong in the short-term.

The rise in the U.S. dollar also affected European and U.S. stocks with the S&P 500 dropping 1% after an extremely weak open.  

Industry

BitFlyer, one of the biggest Japanese cryptocurrency exchanges has now integrated PayPal deposits into its platform. Andy Bryant, COO of BitFlyer Europe stated: 

We’re proud to offer users the opportunity to use their PayPal accounts to deposit funds for purchasing crypto. The integration of PayPal adds a new funding source for bitFlyer users. Thousands of bitFlyer users already use PayPal for fiat transactions. Now, users can purchase bitcoin and other cryptocurrencies in the same way too

Quote of the day

We are seeing more managed money and, to an extent, institutional money entering the [crypto] space. Anecdotally speaking, I know of many people who are working at hedge funds or other investment managers who are trading cryptocurrency personally, the question is, when do people start doing it with their firms and funds?

– Olaf Carlson-Wee

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Breaking: Bitcoin breaks new yearly highs; the road to $15,000 is clear

Bitcoin (BTC) broke above the local resistance created by $13,250 and hit a new high of 2020 at $13,490. The pioneer digital asset is poised for further growth as the upside momentum gains traction amid little resistance from sellers.

More Bitcoin News

XRP looks poised for a breakout to $0.30

XRP is currently trading at $0.252 after successfully defending a critical support level at $0.247. In the past two weeks, the digital asset has been rejected from the upper boundary of the daily ascending triangle around ten times.

More Ripple News

Breaking: JPMorgan's digital currency, JPM Coin, is ready for commercial use

JPMorgan Chase announced that its digital currency, JPM Coin, had been used for commercial purposes this week. A large technology client used it to send cross-border payments.

More Cryptocurrencies News

The network’s utility increases, while TRX prepares for a massive price movement

TRON's weekly report is out and talks about the finalization of the TRC-20 shielded contract on the mainnet and a security test for the smart contract on TVM instructions to stake and unstake.

More Tron News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Bitcoin goes up as some of the world's largest currencies go down

While investors are waiting for BTC to retest all-time highs and shoot to the moon, it is already there. In some countries, the pioneer digital asset surpassed the peak of 2017 and hit new historic highs in local currencies.

Read the weekly forecast

BTC

ETH

XRP