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September 3, 2022

Bitcoin (BTC) Market Update 09/03

On September 3, Bitcoin (BTC) prices dropped below $20,000 as a general slump in commodities followed rumors of a G7 energy blockade on Russia.

According to the data provided by Cointelegraph Markets Pro and TradingView, the performance of BTC/USD, which traded somewhere around $19,800, remained underwhelming.

At the beginning of the weekend, the atmosphere among market participants was jaded, and it seemed as if the most popular cryptocurrency would be unable to turn $20,000 into stable support.

Cheds, a well-known trader, was observing the 8-day exponential moving average (EMA), and he recognized that its strength will continue to act as intraday resistance until September.

Equity markets in the United States finished the week on a negative note, with the S&P 500 falling 2.7% and the Nasdaq Composite Index falling 3.25%, respectively.

In spite of the ramifications linked to price hikes should Russia itself respond, oil prices dropped in Europe when it was announced that Russia might implement a price limit by the end of the year.

Following the decision to place a ceiling on gas prices, gas shipments to Europe were halted as well, ostensibly due to technical issues; they had been scheduled to restart on September 3.

“Gazprom seems to imply here that the only operating turbine at Nord Stream 1 pipeline can only be repaired now at one of (overseas) Siemens Energy specialized workshops,” Javier Blas, an energy and commodities columnist at Bloomberg, commented on a statement from the Russian energy giant Gazprom regarding the shutdown of gas transit. “In other words, it’s down for good,” Blas said of the pipeline.

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As of September 3, the proportion of the total value of the cryptocurrency market that was held by Bitcoin was, depending on the source, at its lowest level in as much as four years.

According to CoinMarketCap, Bitcoin’s market share is at only 39%, marking its worst performance since June 2018.

According to the calculations carried out by TradingView, the result came in at 39.88%, which still represents an eight-month low.