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.
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.
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.
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’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.
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