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Cryptocurrencies start October in the green

Cryptocurrencies start October in the green

What if we were to see a reversal of the downtrend in September? For its first day, the crypto market returns to the upside. The market is up 4.92% at the time of writing this article.

Bitcoin shows an increase of 5.50% and at the same time takes advantage of the psychological threshold of $ 43,600. Ethereum takes off 5.81%, recovering the resistance bar of $ 3,000.

Binance Coin recorded the best performance of the Top with an increase of 6.70%. Its price is getting closer and closer to $ 400. Solana is also on fire with growth of 6.42%. Dogecoin and Cardano are found last in the crypto cenacle with an increase of 3.18% and 3.27% respectively.

The Fed paves the way for the bull run

The American Central Bank does not intend to ban cryptos like the Chinese. This is what the President of the Fed informed the House of Representatives Committee on Financial Markets.

On the question of the deputy North Carolina Republican Ted Budd: ” Do you intend to ban or limit the use of cryptocurrencies, as seen in China? “The boss of the Fed replied” No “. A negative answer that does not seem to correspond to all categories of cryptocurrency.

Jerome Powell has made it known when he talks about cryptocurrency regulation. It didn’t mean action against bitcoin and other cryptocurrencies but rather stablecoins. He told the Financial Markets Commission:

Stablecoins are like money market funds, like bank deposits, but they are to some extent outside the regulatory scope. And it is appropriate that they are regulated. Same activity, same regulations.

This announcement gave a real breath of fresh air to the market which feared American regulations à la Chinese.

Could Bitcoin break the range of $ 40K – $ 44K?

Many experts point out: To hope for a return to the bull run, the bulls must put pressure to preserve the price of bitcoin in the upper limit of the $ 40K – $ 44K range. To be more specific, trader Rekt Capital sets the levels $ 43,600, 21 week exponential moving average.

However, there is one problem that the bulls must hasten to resolve. Increase the purchase volume in daily. We can see that even during the recent recovery in late July and August, daily purchase volumes were very low. We are still far from the 50-60 billion dollars of daily purchase volume for March and April.

It has become the true gospel of the French expert on financial markets, Vincent Ganne ” Daily purchase volumes must increase to support bitcoin’s rise “. As a reminder, the largest daily volume recorded in the past two months is a sell volume. It is in the September 7 meeting and comes in at 65.2 billion.

What if Ethereum 2.0 turns out to be the locomotive of the bull run?

We still tend to believe that the rise in the crypto market must come from Bitcoin. In fact, some players are starting to realize that bitcoin addiction is not ideal for cryptoversy. After the B World event, we saw how the announcement of Ethereum’s London Hard Fork had supported cryptos during the late summer recovery.

After September’s drop, all eyes are on bitcoin. But, forget that the update (Altair) very important for the journey of Ethereum 2.0 will be launched on October 27. The Ethereum merge will not only address an environmental concern. It will improve network speed and reduce transaction costs.

Bitcoin has certainly helped popularize blockchain technology, but the ether network is showing the world that the future of digital cannot emerge without this technology through its multiple applications.

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