CRYPTO

The crypto market grew after the Fed promised printing, and Evergrand plans to pay its dues.


The cryptocurrency ecosystem is showing signs of recovery on September 22nd. Equity and crypto investors were clearly concerned about the possible bankruptcy of China’s Evergrand real estate firm, and many feared that the potential default could lead to a global collapse in the financial markets.

These concerns were temporarily calmed after the real estate firm came to an agreement with the bondholders and technically avoided its liability and it helped start the recovery across the cryptocurrency market which took Bitcoin (BTC) to a daily high of $ 44,000.

According to data from Cointelegraph Markets Pro and TradingView, since hitting a low of 39 39,572 on the evening of September 21, the price of Bitcoin has risen 11.3% to a high of 44 44,021 and the stock has moved closer to 43 43,400 at the time of writing.

BTC / USDT 4 hour chart. Source: Trading view

The midday rise in Bitcoin (BTC) prices came after remarks by US Federal Reserve Chairman Jerome Powell, who explained that the central bank plans to continue the current level of its future monthly bond purchases. Powell further hinted that interest rates could rise by 2022.

Crypto market regulators come back against headwinds

In addition to developments related to Evergrand, recent remarks by Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), have also had a major impact on the market as regulators re-emphasized plans to instruct the SEC to stop cryptocurrency and growing volatility.

Following these comments, bearish market conditions dropped on Wednesday but after the Fed’s comments continued into the afternoon, the market-wide recovery began to take shape and led to a rally of $ 44,000 in support of Bitcoin recovery and ই 3,000 in Ether (ETH) rally.

Evidence of the widespread impact of Evergrand and regulatory concerns on the market is reflected in the Crypto Fear and Greed Index, which remained neutral in the previous week and again in the extreme greed zone in August.

Indicators of fear and greed. Source: Options

Related: Altcoins saw a 35% bounce after Bitcoin reclaimed $ 43,000

Green shoots fill the Altcoin market

The return to the market on September 22 helped push up the prices of most of the top 200 cryptocurrencies, with the exception of the stable currency, which was in red as traders sought to move and open new positions.

Daily cryptocurrency market performance. Source: Coin 360

Enzyme (MLN), the top gainer when writing an etherium-based decentralized money protocol, traded at. 160.30 after gaining 32% in the last 24 hours. COTI also gained 21% and traded at $ 0.385.

Other notable performances include a 22% increase in the price of Arweave (AR) and a 21% increase in the price of Permanent Protocol (PERP).

The overall cryptocurrency market cap is now 1.947 trillion and the dominance rate of Bitcoin is 42.1%.

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