Recurring market commentary on what’s happening in the crypto markets, summarized by the Crypto Broker team at Crypto Finance AG.
Market commentary
Good Morning!
Bitcoin (BTC) is currently trading around 19.5k USD (+0.67% in 7 days) and Ethereum (ETH) stands at 1.34k USD (+0.88% in 7 days). The Ethereum/Bitcoin ratio (ETH/BTC) is consolidating at 0.0686 (+0.36 in 7 days).
No clear direction for the market
BTC has been in a choppy sideways trend for two weeks now. On Tuesday morning, we saw a 9% move to the upside, followed by an instant price drop during the day, eliminating all gains. It’s worth mentioning that first Monday and then Tuesday consecutively produced all-time highs in the BTC/USDT volume on Binance. BTC/USDT and BTC/BUSD on Binance currently have the highest 24-hour volume, and account for about 30% of all BTC exchange volume.
Likewise, volume on Monday for BTC/GBP, on its largest market Bitfinex, was 1,000% higher than its average daily volume. This happened on the day after the pound tanked. This reiterates the narrative of investors favouring BTC when fiat currencies are threatened and trust in central banks is lost.
September is finally coming to an end. BTC has once again booked negative returns, as it has in the previous five years. October has historically been a green month for BTC. Since 2013, only two Octobers have produced negative returns for BTC. These came the year after the last two bull markets peaked at the end of 2013 and 2017.
Altcoin developments
Happy Trading!
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