The Bitcoin may gain the trend line at 10500 USD as new support and recover from the previous days’ price drops. At the same time there are hopes that Ethereum will get a grip on the high transaction fees. These had recently risen to a negative record level due to the DeFi hype. For many Altcoins, things are looking up again on Wednesday. However, the Blockchain market is looking with fear at the S&P 500. We take a look at the current events in the Kryptoversum.
Bitcoin breathes again
The market leader is currently quoted at USD 10505, which corresponds to a daily gain of 0.15%. According to this, the bulls can defend the support at 10500 USD and avert another showdown at the magic border. However, the price losses in the wake of the “Black Monday” may not have exactly calmed the situation down. The danger of the FUD (fear, uncertainty and doubt) is still clearly noticeable.
These limits are important now
Monday’s slide caused the BTC to fall below the 50-day average at around USD 10700. The next major resistance is now in this range. On the downside, the support lines are at 10500 USD and 10400 USD. Should the bears take command again, a fall to 10300 USD cannot be ruled out. This is where the mark is located that the Bitcoin touched during Monday’s downtrend.
All eyes on Wall Street
The current consolidation phase could come to a quick end at 3:30 p.m. (CET) when Wall Street opens its doors. After the ricochet at the important USD 12,000 mark, several experts are emphasizing the increasing correlation to the major stock indices. The uncertainty surrounding the coronavirus pandemic remains and many investors are wondering whether the crisis has been fully fed into share prices. The market capitalization of the first mover is currently too low for an independent “store of value”. As a result, Wall Street continues to set the tone.
Ethereum: Gas costs soon back to normal?
After ETH transaction fees have shot up in recent weeks, there is now hope. Through the so-called EIP 1559 improvement proposal, the system could be adapted so that users could pay lower fees in the future. In the past, this proposal has been repeatedly dubbed a pioneering “do-or-die” moment. After several reports, an EIP 1559 is now in the next test phase.
Altcoins breathe a sigh of relief
The alternative assets experienced a disastrous start to the week. Many alts suffered losses in the double-digit percentage range. On Monday, however, the signs are pointing to “recovery”. Polkadot fought its way up to 6th place in the crypto charts with a price gain of 3.11% and NEO (+ 10.30%) made a comeback in the top 20, while OMG (+ 18.46%) and Uniswap (+ 17.39%) are the most notable ones further down the line.
Chainlink is threatened with falling out of the coveted Top 10 after several months, and after another slide of – 7.15 % the share price is currently at USD 8.28. Since reaching the all-time high (USD 19.85) on August 16th, the Oracle Coin has been going downhill.