Crypto Beginner

Crypto market update: 7 September 2022

Crypto market update

The upcoming Merge and Vasil hard fork could not prevent the crypto market from turning red at the end of yesterday’s session. The total crypto market cap ended the day at $913.7 billion after shedding $49.4 billion.

Top crypto coins underperformed, with Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA) leading the way down. BTC ended the day at $18,794, dropping below the $19,000 level for the first time since 18 June. Meanwhile, with the Merge inching closer, ETH failed to meet expectations of strong price action and ended the day at $1,582—also in the red. However, the biggest loser yesterday was ADA, which ended the day at $0.46.

All three coins experienced bearish sentiments during the US session in particular.

The Fear and Greed Index

Despite Bitcoin trading below $19,000, the Fear and Greed Index touched 24/100, rising by 2%. However, the Index remains within the Extreme Fear zone, leaving Bitcoin’s current year low of $17,605 in play. It is crucial that the Index remain above 20/100, because a drop below that level could mean a fall to $18,000 for BTC. The Index needs to touch 40/100 for the crypto giant to return to $25,000.

Top gainers and losers

The top gainers at the moment, according to live data from CoinSwitch, is Kyber Network (KNC), which is up by 2.97%. Coming in next are Tether (USDT) and USD Coin (USDC), up by 0.05% and 0.04%, respectively.

Meanwhile, the biggest loser at publishing time is Ethereum Classic (ETC). ETC is down by 16.19% after experiencing bullish sentiments for the last two sessions. Following ETC are Curve DAO (CRV) and Celer Network (CELR), down by 13.17% and 12.52%, respectively.

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