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BTC, ETH Decrease as Powell Claims There Are ‘Structural Points’ With Cryptocurrency – Market Updates Bitcoin Information

by SB Crypto Guru News
September 28, 2022
in Bitcoin
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BTC, ETH Decrease as Powell Claims There Are ‘Structural Points’ With Cryptocurrency – Market Updates Bitcoin Information

Bitcoin was again within the purple on Wednesday, as U.S. Federal Reserve Chair Jerome Powell known as for extra regulation in decentralized finance (defi), citing “structural points” as a key motive. The token fell beneath $19,000 on the feedback, shifting nearer to a key help level because of this. Ethereum additionally slipped following yesterday’s rebound, with the value again beneath $1,300.

Bitcoin

Bitcoin (BTC) was again within the purple on Wednesday, as markets reacted to feedback from U.S. Federal Reserve Chair Jerome Powell.

Talking on Tuesday night, Powell said that extra regulation is required within the crypto market, with current declines in worth highlighting “structural points.”

In his feedback, Powell mentioned of the present relationship between defi and conventional finance: “Finally that’s not a secure equilibrium and we should be very cautious about … how crypto actions are taken inside the regulatory perimeter.”

Bitcoin, Ethereum Technical Analysis: BTC, ETH Lower as Powell Claims There Are “Structural Issues” With Cryptocurrency
BTC/USD – Each day Chart

Following the remarks, BTC/USD slipped to an intraday low of $18,553.30 earlier within the session, lower than a day after hitting a peak of $20,338.46.

On account of at the moment’s sell-off, bitcoin moved nearer to its key help level of $18,300. Nonetheless, bulls have responded, pushing worth away from this stage.

At the moment, BTC is buying and selling at $18,976.35, as merchants appear to have closed out earlier shorts, giving method to some bullish sentiment.

Ethereum

Bitcoin wasn’t the one token impacted by Powell’s feedback, with ethereum (ETH) additionally buying and selling decrease in at the moment’s session.

The world’s second largest cryptocurrency fell to an intraday low of $1,267.87 on Wednesday, hitting a one-week low within the course of.

Following a string of bearish periods over the previous fortnight, ETH/USD has just lately moved into consolidation territory.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Lower as Powell Claims There Are “Structural Issues” With Cryptocurrency
ETH/USD – Each day Chart

As will be seen from the chart, this has been between a help level of $1,230 and a resistance stage of $1,300.

Evidently this sideways motion has helped to curb a excessive stage of bearish momentum, with the 10-day (purple) shifting common showing to have discovered a backside.

Ought to this be the case, it’s possible that we’ll see additional consolidation in coming weeks, with the potential for a rally sooner or later in October.

Register your e mail right here to get weekly worth evaluation updates despatched to your inbox:

What’s a practical worth goal for ethereum in October? Go away your ideas within the feedback beneath.

Eliman Dambell

Eliman brings an eclectic perspective to market evaluation, he was beforehand a brokerage director and retail buying and selling educator. At the moment, he acts as a commentator throughout numerous asset lessons, together with Crypto, Shares and FX.




Picture Credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This text is for informational functions solely. It’s not a direct provide or solicitation of a proposal to purchase or promote, or a suggestion or endorsement of any merchandise, companies, or firms. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the writer is accountable, immediately or not directly, for any injury or loss precipitated or alleged to be brought on by or in reference to using or reliance on any content material, items or companies talked about on this article.

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