Today both Bitcoin and Ethereum are doing very well
The post Today both Bitcoin and Ethereum are doing very well appeared on BitcoinEthereumNews.com. After a quiet weekend, today both Bitcoin and Ethereum have awakened in the crypto markets. Last week was a slightly difficult week for both, so today’s small rebound is particularly interesting, although it is really tiny. The key point could be the end of September, a month often challenging for financial markets, and the imminent arrival of October, one of the months often best for crypto markets. How did Bitcoin and Ethereum wake up today after a weekend of declines? Today the price of Bitcoin is 2.3% higher than yesterday. In fact, compared to the weekly low reached last Thursday below $109,000, the recovery is almost 3%. The correction last week had cast a hint of fear on the crypto markets, with the CMC fear and greed index dropping to 32/100, well below the normal threshold of 50/100. However, it was quite simple to understand that it was not a movement involving particular risks, because it was simply due to the rebound of the Dollar Index. The price trend of Bitcoin tends to be inversely correlated with the Dollar Index in the medium term, but sometimes the correlation also acts in the short term. By now, since August 22, this correlation has also been acting in the short term, with an almost perfect sequence that has been lasting since last Wednesday, September 24. In fact, the Dollar Index rose from 97.2 points to over 95.5 between last Wednesday and Thursday, triggering the decline in Bitcoin’s price from $113,000 to less than $109,000. Then on Friday, a sort of rebound began contrary to the Dollar Index, which today returned below 98 points, followed by a small rebound of Bitcoin from $109,000 to more than $111,000. In short, it’s simply all normal, to the point that it shouldn’t have generated any fear.…
The post Today both Bitcoin and Ethereum are doing very well appeared on BitcoinEthereumNews.com.
After a quiet weekend, today both Bitcoin and Ethereum have awakened in the crypto markets. Last week was a slightly difficult week for both, so today’s small rebound is particularly interesting, although it is really tiny. The key point could be the end of September, a month often challenging for financial markets, and the imminent arrival of October, one of the months often best for crypto markets. How did Bitcoin and Ethereum wake up today after a weekend of declines? Today the price of Bitcoin is 2.3% higher than yesterday. In fact, compared to the weekly low reached last Thursday below $109,000, the recovery is almost 3%. The correction last week had cast a hint of fear on the crypto markets, with the CMC fear and greed index dropping to 32/100, well below the normal threshold of 50/100. However, it was quite simple to understand that it was not a movement involving particular risks, because it was simply due to the rebound of the Dollar Index. The price trend of Bitcoin tends to be inversely correlated with the Dollar Index in the medium term, but sometimes the correlation also acts in the short term. By now, since August 22, this correlation has also been acting in the short term, with an almost perfect sequence that has been lasting since last Wednesday, September 24. In fact, the Dollar Index rose from 97.2 points to over 95.5 between last Wednesday and Thursday, triggering the decline in Bitcoin’s price from $113,000 to less than $109,000. Then on Friday, a sort of rebound began contrary to the Dollar Index, which today returned below 98 points, followed by a small rebound of Bitcoin from $109,000 to more than $111,000. In short, it’s simply all normal, to the point that it shouldn’t have generated any fear.…
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