I don’t know about you, but I was glued to the markets this week. I found myself obsessively staring at the prices of Bitcoin, Ethereum, XRP, and other top assets as they flashed red. I flipped back and forth to the stock market, which was spooked into a sell-off by an inverted yield curve.
A summer full of regulatory scrutiny and a flip-flopping trade war between the U.S. and China kicked volatility into high gear this week.
On Thursday, Bitcoin fell below the $10,000 threshold, Ethereum dropped under $200 for the first time since May 2019, and XRP touched $0.25, its lowest price in more than a year. All this happened as the interest rates on short-term bonds went higher than the interest rates paid by long-term bonds – a key recession indicator in the equities markets.
Is it as bad as it Seems?
Never! As the week comes to an end, the crypto market is gaining stability. Bitcoin has bounced above $10,000, and Ethereum has held firm around $182 for the last 24-hours. If BTC can gain momentum at $10,400, the bears will likely go into early hibernation.
On the less technical side of things, Crypto Twitter believes Bitcoin is still heading over $20,000 this year. More than 800 people liked Blockroot’s Founder Josh Rager’s tweet, indicating their conviction that a new all-time-high is around the corner.
I mean give me one reason why then I shouldn't smile the way I did in this very picture.
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