We are waiting for the opening of the American session and the exit of the price from the range



Bitcoin on Wednesday, August 3, trading on the BTC/USDt pair ended with a decrease. Bitcoin fell 0.74% to $22,818. During the European session, the price rose to $23,647, from which it ricocheted to $22,720. The strengthening of bitcoin was facilitated by growing futures for US stock indices. The S&P500 and Nasdaq closed up 1.51% and 2.59%. They rose on strong earnings guidance from PayPal and CVS Health Corp. Economic activity unexpectedly picked up in July on the back of a strong increase in factory orders, while price pressure eased. Investors took the news positively and considered that there is no recession in the US. Disappointing US data will come out, investors' opinion will immediately change.

The strengthening of bitcoin was held back by the rising dollar. The dollar index jumped to 106.70 after a report showed that growth in the US services sector unexpectedly picked up in July on stronger business activity and orders.

Fears of an economic downturn have eased. For the cryptocurrency market, this is good. The price remained in the range of $22650 - $23500. For six days, buyers have been fighting with sellers and cannot develop an upward movement against the backdrop of a recovery in stock indices. Before the weekend, stock indices may fall as part of a correction, then the crypto will fall even more.

The situation around Taiwan remains uncertain. Investors' attention turned to Friday's report on the US labor market. It is important for the US Federal Reserve. The dynamics of the dollar and stock indices will depend on it. Futures on the S&P500 is trading in a small minus, which does not allow buyers to open up in full force. We are waiting for the opening of the American session and the exit of the price from the range.

Crypto world news

  • Chainalysis analysts reported that in 2022, hackers took $2 billion out of cross-chain bridges due to 13 different hacks.

  • MicroStrategy shares rose 15% on Wednesday after the earnings announcement.

  • Fraudsters gained access to the assets of Solana network users (Phantom, Trust Wallet and Slope) from which they withdrew SOL, USDC and SPL in the amount of $10 million.

  • Cryptocurrency exchange BitMEX allowed trading forex contracts — perpetual currency contracts with leverage up to 50x.

  • The US Securities and Exchange Commission (SEC) is bringing fraud charges against eleven people behind the Forsage blockchain platform.

Daily review

  • Capitalization of the crypto market: $1.078 trillion (+ $18 billion);
  • Dominance: BTC - 41.0%, ETH - 18.7%;
  • Index of fear and greed: 30 (extreme fear) against 34 the day before.

Posted Using LeoFinance Beta