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| Bitcoin Update - September 2021 Report |
Bitcoin
It was the last day of the month, and this month was not so great for the cryptocurrency market. Bitcoin dropped from almost $53k to $39.5k, and it was consolidating between the $40.7k to $43.5k area. We were unable to get any clear picture of the market at that time because the Fear and Greed Index was showing high fear with 20 points.
China had banned crypto activity in the country, including crypto exchanges and some cryptocurrency-related websites such as CoinMarketCap, CoinGecko, CoinMarketCal, and TradingView. Crypto ban news is not a new thing from China, and we have already heard this news many times in the past.
The weekly candle was expected to close as a big red candle, while traders were waiting to see how the market would react in October.
Ethereum and Altcoins
As you know, Ethereum and other altcoins also follow the BTC pattern. As BTC loses its value, altcoins also often do the same thing. Bitcoin dominance affects altcoins very badly, and as a result, altcoins bleed badly.
ETH dropped to $2,650 after touching $4,000. Similarly, Cardano, the third largest cryptocurrency by market cap at that time, touched the $3 mark and then dropped to around $2.
Crypto Market Cap
The cryptocurrency market cap dropped from the peak of $2.341 trillion resistance to the support of $1.8 trillion. Traders were watching whether the market could recover in October, but this was only a market observation and not financial advice.