Crypto Beginner

Crypto market update: 22 August 2022

crypto market update

Over the weekend, the crypto market cracked by close to 9%. The total market cap was down by around $100 billion. Bitcoin is trading close to the $21,000 level and Ethereum near $1,600, with weekly losses of 13.74% and 19.78%, respectively. The lack of any cues in the crypto market and reduced trading volume over the weekend may have caused the drop in crypto prices.

According to Coinglass.com, the 24-hour liquidation volume stands close to $96 million.

The Fear and Greed Index, which measures the investor sentiments in the crypto market as per prevailing market conditions, is steady at 29/100. A drop below 25 would indicate extreme fear.

As the crypto market is closely following Nasdaq and the US economic calendar is quite busy right now, the week ahead is expected to remain volatile. The Q2 GDP data, inflation, jobless claims, and Purchasing Managers’ Index (PMI) data are expected through the week.

Bitcoin

Source: TradingView

Over the weekend, BTC cracked below the $21,000 level, reaching down to $20,740, a strong support level. At present, BTC is struggling to break above $21,500. BTC is expected to trade sideways because there are no cues in the market, but we recommend doing your own research. A break above the $22,200 level would bring buyers back into the market.

Ethereum

crypto market update
Source: TradingView

As the bearish sentiment gripped the market over the weekend, ETH tokens lost over $200 in value. However, it witnessed strong support at $1,567 and bounced back. The $1,620 level has turned out as a strong resistance, and ETH needs to break above it to continue moving higher. ETH is expected to remain volatile due to heightened trading activity. A break below $1,567 would be extremely negative for the market, which could be forced to witness a sub $1500 level.

Top coins

  • EOS (EOS): 8.79%
  • Synthetix Network (SNX): 8.20%
  • Kyber Network (KNC): 6.89%
  • Binance Coin (BNB): 5.20%
  • COTI (COTI): 5.08%

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