{"id":22943,"date":"2022-08-25T10:07:24","date_gmt":"2022-08-25T04:37:24","guid":{"rendered":"https:\/\/coinswitch.co\/switch\/?p=22943"},"modified":"2022-09-19T18:35:15","modified_gmt":"2022-09-19T13:05:15","slug":"market-update-august-25-2022","status":"publish","type":"post","link":"https:\/\/coinswitch.co\/switch\/crypto\/market-update-august-25-2022\/","title":{"rendered":"Crypto market update: 25 August 2022"},"content":{"rendered":"

Bearish sentiment prevailed during Wednesday\u2019s session due to lack of support from top coins and the absence of fresh cues from the global financial market. The tech-heavy Nasdaq, which the crypto market follows closely, ended the day with a modest gain of 0.41%. The total crypto market cap is hovering close to the psychologically important $1 trillion level.<\/p>\n

Meanwhile, investors remained cautious ahead of the release of second-quarter US GDP data and Fed Chair Powell\u2019s Friday speech, which is expected to provide clarity about the pace of interest rate hikes and global liquidity position.<\/p>\n

Looking ahead, the market is expected to remain choppy for the rest of the week. The Fear & Greed Index, a gauge of market sentiment, is steady at 25\/100, signaling extreme fear in the minds of investors. According to liquidation data from Coinglass.com<\/a>, total liquidation over the 24 hours fell by close to 40% to $83 million. In short, it\u2019s a wait-and-watch kind of market.<\/p>\n

Bitcoin<\/strong><\/p>\n

\"crypto<\/p>\n

Bitcoin was mostly sideways during Wednesday’s session, struggling to break above the $21,500 level, but is holding on to the $21,000 level successfully, which is a positive for the market. The world\u2019s largest cryptocurrency by market cap needs a strong buying session to support its return to the $22,000 level and reverse the bearish sentiment. Down below, $20,740 would offer strong support and if it breaks below, we may see a sub-$20K level.<\/p>\n

Ethereum<\/strong><\/p>\n

\"crypto<\/p>\n

After initial weakness at the start of the week, ETH bounced back and reclaimed the $1,600 level successfully. It is facing resistance at the $1,675 level, but could break above when market sentiment improves slightly. The $1,620 level is the immediate support and if it breaks below, ETH could drop below the $1,600 level, which would be negative.<\/p>\n

Keep a close eye on the broader market moves, including the Nasdaq, to get a sense of the possible direction of the crypto market and other top coins.<\/p>\n

Top 5 gainers in the last 24 hours
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