(Denys Serhiichuk – U.Today)
Bulls could not hold the initiative until the end of the week as none of the main coins could grow.
ADA/USD
The price of Cardano (ADA) has gone down by 0.67% since yesterday, while the rate has dropped by 3.77% over the last week.
On the local time frame, Cardano (ADA) is trading near the hourly level at $0.4420. If bulls cannot seize the initiative shortly, there is a chance to see a further drop to the $0.44 mark.
On the daily chart, the price is located in the middle of the channel between the support at $0.4257 and the resistance at $0.4741.
Currently, one should not expect any sharp moves as neither side has accumulated enough strength for a further move.
On the weekly time frame, the situation is a bit different. Cardano (ADA) has made a false breakout of the $0.4347 level. While the price is above it, bulls have a chance for a local bounce back. If that happens, one can expect a rise to $0.50 in the mid-term.
ADA is trading at $0.4418 at press time.
The third wave of a crypto bear market
(Alexander Kuptsikevich – FxPro Financial Services Limited)
Market picture
Bitcoin is down 7.3% over the past week, falling below $20,000 at the start of the day on Monday. Ethereum lost 9.2% to $1450, while top altcoins fell from 5% (Cardano) to 15.7% (Solana).
Total crypto market capitalisation, according to CoinMarketCap, is down 6.6% for the week, to $952bn. The total capitalisation graph suggests that the bear market is not yet over. The Crypto market will finally confirm this hypothesis if the crypto market falls below the lows of June, meaning it is worth less than $800bn. Until then, we can only talk about the ongoing battle for a trillion.
The Cryptocurrency Fear and Greed Index was down to 24 points by Monday, down from 29 a week earlier. It is back in extreme fear territory.
The end of last week asserted Bitcoin’s leading role as a risk demand indicator when stock indices dropped sharply on Friday. It is worth noting that since the second half of August, Bitcoin has been “going down the ladder” roughly as it did in April and May, albeit in less broad steps.
News background
The Central Bank of India (RBI) has warned citizens against investing in digital assets, pointing to the risks of a crypto market crash that could leave private investors at risk of losing money. Authorities in India raided the offices of bitcoin exchange CoinSwitch, accused of violating currency regulations.
Another algorithmic stablecoin has lost its peg to the US dollar – it is Neutrino USD (USDN) on the Waves blockchain.
The US Securities and Exchange Commission (SEC) has postponed its decision on VanEck’s spot bitcoin ETF until October. The regulator was originally due to finalise its review on 27 August.
51% of bitcoin trading volume on centralised cryptocurrency exchanges is bogus and doesn’t have economic sense, Forbes analysts have found after examining the trading activity of 157 crypto platforms.
Contrary to rumours, Mt. Gox trustee Nobuyuki Kobayashi has not proceeded with the distribution of funds, one of the bankrupt crypto-exchanges creditors said. Some have cited potential payments to creditors as one of the reasons for BTC’s recent decline.
Triple-A says the number of cryptocurrency users worldwide has reached 320 million, or 4.2% of the total population. The US remains the leader in cryptocurrency users, with 46 million (13.74%).
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