Crypto Weekly Market Update Oct.2: Good News, but Weak Momentum

Black September of the Alternative coins is behind us and their dominance is slowly rising. It can be said that this week was marked positively by a large part of the coins. After a long correction, it seems that the large declines are already behind us and the floor can almost be felt at the fingertips, although it is not yet advisable to point to a change in trend.

Bitcoin continues to maintain relative stability Despite a growing trend to short it in BitMEX, will the rate hold its $ 6K? The most noticeable cryptos of the week where Ripple and Bitcoin Cash, which rose around 22% against the dollar. While Ripple continues its upward trend it continues to threaten Ethereum by taking its second place at market value. As noted, the dominance returns to the Alts and is correct to write the update is 51%.

The market value is $ 221 billion.

Crypto Word News

Bakkt Will Launch its New BTC Futures Contracts. Investment into cryptocurrencies is expected to rise in the coming months as the crypto exchange announced that it will begin to offer physically delivered bitcoin futures that will likely be backed by the CFTC.

Goldman Sachs’ Backed Circle Launches UDSC stablecoin. Goldman Sachs’ crypto exchange Circle announced the arrival of a stablecoin USDC which had the support of many of the biggest industry participants. The coin went live on exchanges in just a few hours.

Austria to Issue €1.15 Billion of Government Bonds on Ethereum. After completing beta testing, Austria’s Finance Minister, Hartwig Löger revealed that at a 2nd October auction, €1.15 billion worth of bonds from the Austrian Treasury will be issued over the Ethereum blockchain.

Malta To United Nations: Cryptocurrency Is “inevitable Future Of Money.” While the UN continues to maintain an unclear stance about cryptocurrencies, the “blockchain hub” Malta has reminded the body of the potential possessed by the invention.

The New Gold? CFTC Defines Bitcoin as a Commodity. A big win for cryptocurrencies was recorded in the past week after BTC was defined as a commodity instead of a security. This places the ‘digital gold’ in the same category as ‘real gold’.

Google Removed The Ban for Crypto Ads. “Regulated” crypto exchanges will from the beginning of October be allowed to advertise on the Google network after the firm reviewed its advertising policies regarding ads from the industry.

Charts

Traded around $ 6541 it turns out that $ 5800 floor supported several times during this period resistance in this range remained around $ 7K and even if it erupts yet this is not a change in trend that can be discussed above $ 10K. Support for this range is being built around $ 1,650 and holds up in September.

Against the dollar traded around $ 229 support is being built around $ 200 the graph does not look good and is not sure we have reached the floor. Resistance in this range around $ 250 optimism will return after hitting $ 400.

Against Bitcoin it appears that the rate is stabilizing around 0.03BTC, trading at 0.034BTC resistance at 0.037BTC, and it appears that the sharp correction in the sites has moderated over the last week.

Against the dollar traded around $ 540 a nice jump from the floor we saw in $ 400 resistance in this range at $ 600 it seems that the sharp declines have calmed down for this period.

Against Bitcoin, on the one hand, the situation is not bright while the rate has dropped significantly, on the other hand it appears that it found support at 0.068BTC and it held a high trading volume that changed the trend sharply. Traded around 0.081BTC resistance at 0.09BTC from which you can return to 0.1BTC Support is being built at 0.08BTC Will you hold?

Against the dollar traded around $ 5.6 resistance in this range at $ 6.2 the support holds around $ 5.

Against Bitcoin The charts draws a  H & S picture which means there might be an opportunity for a rally around 40%. Trading around 0.00085BTC support at 0.0008BTC in this resistance range at 0.00095 BTC.

Against the dollar from a peak of $ 92 to the floor of $ 4 Where else can it go down? Traded around $ 5.2 support is being built in this resistance area at $ 7.

Against Bitcoin the story is similar decline over long period that seems to be stabilizing around 0.00079BTC resistance within this range at 0.0008BTC support at 0.00064BTC.

 

Against the dollar traded around $ 10 support in this range at $ 9 resistance at $ 11.5 it seems that trading has stabilized since the correction.

Against Bitcoin traded around 0.0015BTC support in this range around 0.0014BTC resistance at 0.0016BTC it seems that the support should be tested some more.