Crypto market daily review and thoughts September 1, 2021
️Bitcoin continues a series of falling highs and lows, which creates a bearish market structure. Additionally, this sentiment is supported by the crossover on the three-hour timeframe of the faster 21 EMA 3 H and 100 EMA 3 H slower moving averages from top to bottom. Upward momentum met resistance around $48,000, and sellers quickly returned the price to the 0.5 Fibonacci retracement level ($47,019), above which the asset is consolidating as of this writing. There is a decrease in trading volume with a rise in price, likely to see a retest of the price of the descending channel's upper border, which bitcoin has been trying to leave since August 27. If there is a rebound from this formation, the bulls will have a chance to strike back at the resistance at $48,000. If the upper limit of the trading channel is broken, the asset will continue to correct to the support level around $46,000 .
️The asset Ethereum has increased its value in the pair to #BTC by 6.3% over the last 24 hours. Ether is trading above the overcome resistance around $3450, the next significant resistance is at $3700.
FTX America has signed an agreement to purchase a crypto exchange regulated by LedgerX (1). The terms of the deal were not disclosed. In October, the Sam Bankman-Freed exchange will receive three licenses from the US Commodity Futures Trading Commission (CFTC) required to start trading crypto derivatives: Designated Contracts Market (DCM) - to work in futures and options markets, Derivatives Clearing Organization ( DCO) - for clearing derivatives, Swap Execution Facility (SEF) - for executing swap transactions. The American subsidiary of FTX will only be able to offer contracts for #BTC and #ETH, under a CFTC license.
LedgerX is an American licensed exchange and clearing house. Founded in 2013. During his 4 years of working with derivatives, he has made 10 million transactions with options for cryptocurrencies and swap contracts.
After the news release, #FTT fees at their peak increased by 10%. It should be noted that the volume of futures and options trading for cryptocurrencies significantly exceeds the volume of spot trading - $23 trillion versus $13 trillion according to Block Research in 2021. I believe that in the coming years we will see the growth of this market with the expansion of the reach of digital assets. on the basis of built financial instruments and the involvement of big players from the world of traditional finance in this field.
️Alts: The listing of MakiSwap (#MAKI) projects on the KuCoin exchange caused #MAKI to grow 60% (against the dollar).
News of Metal (#MTL) obtaining a remittance operator license in the state of Georgia has caused the #MTL price to increase by 50% (against the dollar).
The announcement of the launch of Decentralized Market Creation in test mode by the Polkamarkets (#POLK) platform increased the #POLK fee by 25% (against the dollar).
️Wall Street's main indexes ended Tuesday's trading with losses on the back of negative dynamics in the oil and gas, technology and raw materials sectors. At the close in New York, the Dow Jones lost 0.11%, the S&P 500 was down 0.13% and the NASDAQ Composite was down 0.04%.
️The total value of digital assets has grown by 0.85% over the past one day, bitcoin dominance has decreased another 1.65%. Over the past 2 days, the share of #ETH in total capitalization has increased, growing by 8.75%, which could lead to a pumping of liquidity from altcoins to second cryptocurrencies. Trading #BTC with such price cuts is an expensive exercise, it's easier to wait for either a breakdown of the $50,000 mark, or look for an entry into a buy position when it drops to the $44,000 - $46,000 area.
Hope it is useful.
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