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- NAGAX Weekly Recap | 29 August – 2 September
NAGAX Weekly Recap | 29 August – 2 September
We witnessed an interesting crypto summer that ended days earlier ☀️
A no less momentous fall is ahead of us – with the updated Ethereum consensus, BTC's fight for the $20K level, and much more 🤔
Let's dive into the most important crypto news that has followed us over the past week. Perhaps it will point us in the right direction in the coming days ⚡
Follow our news digest ⬇️
Bitcoin is still consolidating near the $20,000 zone against the US Dollar
Bitcoin is currently trading just below the $19,800 mark and has been going sideways for the past several days. The price is facing strong resistance around the $20,600 mark and is struggling to gain momentum on the lower time frames as well. On the other hand, the macro trend is still bearish, and we are expecting Bitcoin to touch lower levels in the coming weeks. After some sideways movement on lower time frames, we can expect the price to drop below the $19K region in the coming days.
It is also likely that Bitcoin will create new lows on the bigger timeframes in the coming weeks. We will consider it an opportunity and be interested in accumulating more Bitcoin at these lower levels.
The total crypto market cap continues to crumble as the dollar index hits a 20-year high
The total crypto market capitalization dropped by 6.9% in one week, while derivatives metrics reflect increasing demand for bearish bets.
From a bearish perspective, there's a fair probability that the crypto market entered a descending channel (or wedge) on Aug. 15 after it failed to break above the $1.2 trillion total market capitalization resistance.
Investors sought shelter in the dollar and U.S. Treasuries after Federal Reserve Chair Jerome Powell reiterated the bank's commitment to contain inflation by tightening the economy.
Accordingly, this may continue until the dollar stops rising under the influence of monetary policy. In the meantime, traders can benefit even as cryptocurrency prices fall thanks to NAGAX's variety of trading tools.
AVAX price rebounds 15% after Crypto Leaks sell-off
Ava Labs CEO Emin Gün Sirer has dismissed sensational allegations from CryptoLeaks that his company used litigation to “harm” competitors and fool regulators, labelling it as “conspiracy theory nonsense.”
A CryptoLeaks blog post alleged that Ava Labs had a “secret pact” with a U.S. law firm to sue competitors in exchange for AVAX tokens and equity.
After the charges were rejected, the value of the coin began to rise. AVAX price rebounds 15% after Crypto Leaks sell-off, but Avalanche could still bury bulls
AVAX's price established an intraday high of $19.75 on Aug. 30, two days after bottoming out locally at $17.50, amounting to a 15% rise.
Thanks for reading! Have a great weekend — more news next week! 😉
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