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After Evergrande reached an agreement to repay debt and the Federal Reserve stated that it would continue the current monetary policy, the crypto market rebounded sharply.
On September 22, the cryptocurrency ecosystem showed signs of recovery. During the previous 48-hour correction period, Bitcoin and altcoins were sold to swing lows. Stock and cryptocurrency investors are obviously worried about the possible bankruptcy of the Chinese real estate company Evergrande. Many people worry that a possible default may trigger a decline in global financial markets.
After Evergrande Real Estate reached an agreement with bondholders and technically avoided defaults, these concerns were temporarily quelled, which helped trigger the recovery of the entire cryptocurrency market, pushing Bitcoin to a daily high of $44,000. .
Data from Cointelegraph Markets Pro and TradingView show that since reaching a low of $39,572 on the evening of September 21, the price of Bitcoin has rebounded 11.3% to an intraday high of $44,021. As of this writing, the asset's trading price is close to 43,400 Dollar.
US Federal Reserve Chairman Jerome Powell (Jerome Powell) commented that the Fed plans to continue to maintain the current monthly bond purchase level for the foreseeable future, and the price of Bitcoin surged in the midday. Powell also said that interest rates may be raised as early as 2022.
In addition to the developments related to Evergrande, recent remarks by Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), have also put heavy pressure on the market, as the regulator once again emphasized instructing the SEC to crack down on cryptocurrencies and growing stability The plan of the currency market.
The bearish market trend after these remarks has all dissipated on Wednesday, because after the Fed’s remarks, the recovery of the entire market began to take shape and lasted until the afternoon, and Bitcoin rebounded to the support level of $44,000 and Ethereum rebounded to $3,000. It also led to the recovery of the market.
Evidence that the Evergrande incident and regulatory concerns have a broader impact on the market is reflected in the Crypto Fear & Greed index. After the index was neutral in the previous week and in the zone of extreme greed in August, it once again showed extreme fear.
The improvement in the market on September 22 helped push up the prices of most of the top 200 cryptocurrencies, except for stablecoins, which fell as traders wanted to get rid of the wait and see and establish new positions.
At the time of writing, the Ethereum-based decentralized financial protocol Enzyme (MLN) had the largest increase, after rising by 32% in the past 24 hours, its transaction price was $160.30. COTI also rose 21% and traded at $0.385.
Other high-profile cryptocurrencies include Arweave (AR) and Perpetual Protocol (PERP), whose prices have increased by 22% and 21%, respectively.
The current total market value of cryptocurrencies is $1.947 trillion, and Bitcoin's dominance is 42.1%.
After Evergrande reached an agreement to repay debt and the Federal Reserve stated that it would continue the current monetary policy, the crypto market rebounded sharply.
On September 22, the cryptocurrency ecosystem showed signs of recovery. During the previous 48-hour correction period, Bitcoin and altcoins were sold to swing lows. Stock and cryptocurrency investors are obviously worried about the possible bankruptcy of the Chinese real estate company Evergrande. Many people worry that a possible default may trigger a decline in global financial markets.
After Evergrande Real Estate reached an agreement with bondholders and technically avoided defaults, these concerns were temporarily quelled, which helped trigger the recovery of the entire cryptocurrency market, pushing Bitcoin to a daily high of $44,000. .
Data from Cointelegraph Markets Pro and TradingView show that since reaching a low of $39,572 on the evening of September 21, the price of Bitcoin has rebounded 11.3% to an intraday high of $44,021. As of this writing, the asset's trading price is close to 43,400 Dollar.
US Federal Reserve Chairman Jerome Powell (Jerome Powell) commented that the Fed plans to continue to maintain the current monthly bond purchase level for the foreseeable future, and the price of Bitcoin surged in the midday. Powell also said that interest rates may be raised as early as 2022.
In addition to the developments related to Evergrande, recent remarks by Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), have also put heavy pressure on the market, as the regulator once again emphasized instructing the SEC to crack down on cryptocurrencies and growing stability The plan of the currency market.
The bearish market trend after these remarks has all dissipated on Wednesday, because after the Fed’s remarks, the recovery of the entire market began to take shape and lasted until the afternoon, and Bitcoin rebounded to the support level of $44,000 and Ethereum rebounded to $3,000. It also led to the recovery of the market.
Evidence that the Evergrande incident and regulatory concerns have a broader impact on the market is reflected in the Crypto Fear & Greed index. After the index was neutral in the previous week and in the zone of extreme greed in August, it once again showed extreme fear.
The improvement in the market on September 22 helped push up the prices of most of the top 200 cryptocurrencies, except for stablecoins, which fell as traders wanted to get rid of the wait and see and establish new positions.
At the time of writing, the Ethereum-based decentralized financial protocol Enzyme (MLN) had the largest increase, after rising by 32% in the past 24 hours, its transaction price was $160.30. COTI also rose 21% and traded at $0.385.
Other high-profile cryptocurrencies include Arweave (AR) and Perpetual Protocol (PERP), whose prices have increased by 22% and 21%, respectively.
The current total market value of cryptocurrencies is $1.947 trillion, and Bitcoin's dominance is 42.1%.
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