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BTC, ETH Lower as Powell Claims There Are ‘Structural Issues’ With Cryptocurrency – Market Updates Bitcoin News

Mikhailev by Mikhailev
September 28, 2022
in Market & Analysis
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BTC, ETH Lower as Powell Claims There Are ‘Structural Issues’ With Cryptocurrency – Market Updates Bitcoin News
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Bitcoin was again within the pink on Wednesday, as U.S. Federal Reserve Chair Jerome Powell known as for extra regulation in decentralized finance (defi), citing “structural points” as a key cause. The token fell beneath $19,000 on the feedback, shifting nearer to a key assist level consequently. Ethereum additionally slipped following yesterday’s rebound, with the worth again beneath $1,300.

Bitcoin

Bitcoin (BTC) was again within the pink on Wednesday, as markets reacted to feedback from U.S. Federal Reserve Chair Jerome Powell.

Talking on Tuesday night, Powell acknowledged that extra regulation is required within the crypto market, with latest declines in worth highlighting “structural points.”

In his comments, Powell stated of the present relationship between defi and conventional finance: “In the end that’s not a secure equilibrium and we have to be very cautious about … how crypto actions are taken inside the regulatory perimeter.”

Bitcoin, Ethereum Technical Analysis: BTC, ETH Lower as Powell Claims There Are “Structural Issues” With Cryptocurrency
BTC/USD – Day by day Chart

Following the remarks, BTC/USD slipped to an intraday low of $18,553.30 earlier within the session, lower than a day after hitting a peak of $20,338.46.

On account of at the moment’s sell-off, bitcoin moved nearer to its key assist level of $18,300. Nevertheless, bulls have responded, pushing worth away from this degree.

Presently, BTC is buying and selling at $18,976.35, as merchants appear to have closed out earlier shorts, giving approach to some bullish sentiment.

Ethereum

Bitcoin wasn’t the one token impacted by Powell’s feedback, with ethereum (ETH) additionally buying and selling decrease in at the moment’s session.

The world’s second largest cryptocurrency fell to an intraday low of $1,267.87 on Wednesday, hitting a one-week low within the course of.

Following a string of bearish periods over the previous fortnight, ETH/USD has just lately moved into consolidation territory.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Lower as Powell Claims There Are “Structural Issues” With Cryptocurrency
ETH/USD – Day by day Chart

As will be seen from the chart, this has been between a assist level of $1,230 and a resistance degree of $1,300.

Plainly this sideways motion has helped to curb a excessive degree of bearish momentum, with the 10-day (pink) shifting common showing to have discovered a backside.

Ought to this be the case, it’s possible that we’ll see additional consolidation in coming weeks, with the potential for a rally sooner or later in October.

Register your e mail right here to get weekly worth evaluation updates despatched to your inbox:

What’s a sensible worth goal for ethereum in October? Depart your ideas within the feedback beneath.

Eliman Dambell

Eliman brings an eclectic viewpoint to market evaluation, he was beforehand a brokerage director and retail buying and selling educator. Presently, he acts as a commentator throughout varied asset courses, together with Crypto, Shares and FX.




Picture Credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This text is for informational functions solely. It isn’t a direct provide or solicitation of a proposal to purchase or promote, or a advice or endorsement of any merchandise, companies, or corporations. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the writer is accountable, straight or not directly, for any harm or loss induced or alleged to be brought on by or in reference to the usage of or reliance on any content material, items or companies talked about on this article.

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