September 16th Cryptocurrency Market Update

 

September 16th Cryptocurrency Market Update 

[Bitcoin Rise]

Investor sentiment in the cryptocurrency market seems to be recovering after a sharp drop last week. Bitcoin's price has been rising rapidly in the past two days trading at 57 million won on the 16th.

It plummeted on the 8th due to mass liquidation of margin transactions and recovered slightly since then, but remained sluggish at mid-50 million won. After that, the price recovered from the previous day and further rose to high-57 million won on the same day.

Meanwhile, US asset management company Fidelity held an informal meeting with the US Securities and Exchange Commission (SEC) on the 8th to approve the Bitcoin Exchange-traded fund (ETF).

The meeting was attended by Fidelity's CEO Tom Jessop, board members, and SEC officials.

Fidelity urged the SEC to approve a Bitcoin ETF, citing the growing demand for digital asset products, approval of similar products by regulatory authorities in other countries, and the rising popularity of the currency.

To date, the SEC has not approved the launch of a cryptocurrency ETF. However, SEC Chairman Gary Gensler has hinted that Bitcoin futures ETFs may be approved if the strictest rules for mutual funds are followed.

[New York Stock Exchange]

The New York Stock Exchange rose sharply. Investor sentiment was revived as the New York State Manufacturing Index performed better than expected.

According to Marketpoint on the 15th (EST), the Dow Jones Industrial Average finished trading at $34,814.39, up 0.68% from the previous day. The S&P 500 index rose 0.85% to close at $4480.70. Both indices turned upward a day after falling the previous day.

The tech-focused Nasdaq Index rose 0.82% to %15,161.53. The Nasdaq rebounded for the first time in six days after falling for five consecutive days. The small-cap Russell 2000 index rose 1.11% to close at $2234.45.

[Expert Opinion]

According to crypto media outlet CoinDesk, a 'golden cross' pattern has been formed on the Bitcoin daily chart in which the 50-day moving average breaks through the 200-day moving average. A golden cross refers to when the short-term moving average crosses above the long-term moving average, which is interpreted as a signal for a bull market.

Additionally, crypto magazine Cointelegraph quoted crypto analyst Michael van de Poppe saying that he is not sure if a breakout will occur at this stage, but if it does, retesting $50,000 is very important. Converting $50,000 to the support line will be the 'final hurdle' before it hits an all-time high.

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