Daily review
- Crypto market capitalization: $0.979 trillion (+$41 billion);
- Dominance: BTC - 37.8%, ETH - 20.5%;
- Index of fear and greed: 20 (extreme fear) against 24 the day before.
Bitcoin: on Wednesday, September 7, at the end of the day, Bitcoin rose by 2.67%, to $19,292. The day's low was fixed at $18,510 amid a rally in the dollar and falling futures for US stock indices.
Futures reacted to the dynamics of Asian indices, which went into the red against the backdrop of weak Chinese statistics. The indicators turned out to be worse than forecasted values and point to a slowdown in the economy. China's annualized exports rose by 7.1% in August, and imports by 0.3%, although exports were expected to grow by 12.8% and imports by 1.1%.
Futures for indices and the dollar index changed direction in the American session. Market sentiment changed after the publication of US statistics. The index of business activity in the non-manufacturing sector of the USA in August increased to 56.9 points compared to 56.7 points in July. The indicator has risen for the second month in a row after three months of decline. A value above 50 indicates an expansion in the service sector, which accounts for more than 2/3 of US economic activity.
As a result of the day, the S & P500 index rose by 1.83%, Nasdaq - by 2.14%. BTC/USDt recovered to 19464, ETH/USDt to $1657.
On Thursday, September 8, Bitcoin is trading at $19,262 in Asia. The main stock indexes of the Asia-Pacific region are traded without a single dynamics, including Chinese ones - they are declining. The dollar index fell to 109.47 points. Futures for indices are traded in positive territory. Markets are waiting for the opening of trading in Europe.
US Federal Reserve Chairman Jerome Powell is scheduled to speak on Thursday. Investors are hoping to get clues about the future direction of the Fed's monetary policy. Also in the spotlight are the ECB meeting and the press conference of C. Lagarde. Lagarde will have an impact on the euro and the dollar. Accordingly, dollar fluctuations in forex will reach the crypto market.
The support of $18,000-$19,000 has held, while there is no technical reversal of the bearish trend in the market either the other day or the hour. Let's see how the reaction will be to Lagarde and Powell.