Crypto Market Update: Sideways Trading Continues as Bitcoin Price Hovers Around $19k, Ethereum Attempt to Push to $1,600

Cryptocurrency markets continue their sideways trading patterns with little change in Bitcoin’s price, while Ethereum manages to hold in the high $1,500s. The global cryptocurrency market cap remains below $1 trillion, suggesting that the bears are still in control. European stock markets show volatility as news of Russia halting its energy supply to Europe spreads.

Key Points:

  • U.S. stock markets are closed this Labor Day, while European markets sink as Russia halts gas flows.
  • Bitcoin remains in the $19k range, with data suggesting that long-term holders are accumulating BTC.
  • Ethereum’s network merge is nine days away, continuing to push positive momentum for Ether’s markets.

Stock Market Update

Global market conditions remain grim as European markets sink. Some relevant news affecting stock markets today is Russia’s halt of gas flows, causing turmoil in the markets as traders show concern about the energy supply.

According to a report from CNBC:

“the pan-European Stoxx 600 was down 1.2% by early afternoon in London, having recouped some of its earlier losses. [] The sharp downward moves for risk asserts came after Russia’s state-owned energy giant Gazprom announced that gas flows to Europe via the Nord Stream 1 pipeline would be halted indefinitely.”

U.S. markets remain closed this Labor Day holiday. Still, they are likely to open in the red on Tuesday as traders prepare for the Fed’s aggressive monetary action as forwarned by Jerome Powell during last week’s Jackson Hall meeting.

Bitcoin Update

Some positive news regarding Bitcoin today is a Coindesk report, which suggests that long-term investors are adding to their stashes and continue to accumulate their bags with the current low prices.

According to a data metric called The Puell Multiple, a tool measuring one-year revenue growth among Bitcoin miners, investors have increased buying interest. It only makes sense that long-term holders are accumulating BTC as current prices are pretty low, and the chances of BTC dropping significantly this year are slim to none.

Related Post

Bitcoin could flash drop as low as $15k, but the $19k support level has been a significant range for Bitcoin over the past several months and during this year’s bear market. For those looking to hold BTC for 3-5 years, now is an excellent opportunity to open a position.

Ethereum Update

Ethereum’s network merge is nine days away, and Ethereum’s price continues to show significant support at the high $1,500s / low $1,600s range.

Chances are that Ethereum will increase above $2k after the merge, which will likely be priced in starting October, once the network entirely switches to proof-of-stake and users can benefit from the increased transaction throughput and decreased fees.

Ethereum’s network merge will continue to fuel bullish momentum for the cryptocurrency this year as traders anticipate a new paradigm for Ether.

Ethereum is currently trading at $1,571 with a market capitalization of $192 billion. Its 24-hour trading volume is $10.3 billion, up 23% in the past 24 hours.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: solarseven/123RF // Image Effects by Colorcinch

Mark Arguinbaev

I'm a 29 year old cryptocurrency entrepreneur. I was introduced to Bitcoin in 2013 and have been involved with it ever since. Fun Fact: I mined cryptocurrency using my college dorm room's free electricity.

Published by
Mark Arguinbaev

Recent Posts

TMS Network (TMSN) Rips Through Resistance, Dogecoin (DOGE) and Aave (AAVE) Left Shredded

As the bull season takes a haltering break, there’s one crypto that’s ripping through the…

1 day ago

TMS Network (TMSN) Flexes Its Muscles, BNB (BNB) And Wrapped BNB (WBNB) Face Limited Gains

It’s amazing how quickly things can change; just when everyone thought Binance and its BNB…

1 day ago

Making Smart Choices – TMS Network (TMSN) Obliterating ApeCoin (APE) and BNB (BNB) in 2023

TMS Network (TMSN) tokens grabbed crypto whales' attention with a nearly 2000% price surge as…

1 day ago

ChatGPT Thinks Tradecurve, Shiba Inu and Ethereum are best picks to diversify with

ChatGPT saw an increased level of appeal from investors and trades who are trying to…

2 days ago

Chainanalysis acquires Transpose Tradecurve to launch trading academy

The cryptocurrency industry is constantly evolving, with companies exploring new avenues to expand their services…

2 days ago

We asked Google Bard to give us a list of presale projects with the highest ROIs

Presale projects allow investors to get involved in promising ventures at an early stage, potentially…

2 days ago