Turbulent start of the week
The focus of investors on Monday will be on Wall Street, where the traditional markets can compensate for the losses of the “Witches’ Sabbath”. However, the bears continue to push for support at USD 9000. A new hacker attack is also shaking up the DeFi market. Let’s take a look at what’s happening in the crypto space!
Bears put pressure
At the time of this article, the No.1 crypto currency is at a rate of 9133 USD, which corresponds to a daily loss of 0.28%. In the morning hours, the bears exerted enormous pressure on the important USD 9000 mark, but the support line again held steady. With the start of trading on Wall Street, the situation eased subsequently. The Dow Jones Industrial started the new week with a 1.94% gain, while the S&P 500 (+1.29%) also managed to recover from the previous week’s exertions.
What is the next step?
First the bad news: Trading volumes remain very low at around $15 billion. As a result, the BTC lacks the purchasing power for a sustained attack on the five-digit USD range. In addition, the market leader is approaching a new monthly low at the end of the quarter, which would be a very bad ending. A showdown at the USD 9000 mark will occur and falling below it could have serious consequences. On the other hand, bridging the trend line at USD 9200 would be tantamount to a liberating blow. The coming hours could have a groundbreaking influence on the further course of the chart.
After Compound’s impressive bull run, negative headlines from the DeFi environment will be heard on Monday. Several media are reporting about a new hacker attack. The crypto-portal cryptonews.com gives a nice summary of the events. Once again the attack focuses on Flash Loans, this time the attackers were able to capture about half a million US dollars.
Crypto.com overtakes EOS
Crypto.com does not seem to be impressed by the fluctuating BTC price. With a price increase of approx. 5%, the Exchange Coin has displaced its competitor EOS from 9th place in the crypto charts. The consistent intervention after the Wirecard scandal seems to be well received by users. Crypto.com stopped issuing Visa cards at short notice to ensure that customers’ funds are protected.
Altcoins still only viewers
On Monday the Bitcoin Dominance Index falls to a value of 64.7%. Nevertheless, most alternative assets can only dream of a serious encapsulation. With a few exceptions (crypto.com, Cardano, Compound), the alts look to the first mover at the start of the week.