Gate Weekly Newsletter: Global Finance Market Falling Sharply Could Lead To Loss of Funds, Cardano Rises To 3rd Rank Behind BTC & ETH In Terms Of Market Cap (08/14~08/21)

Welcome to the Gate Weekly Newsletter. Get exclusive insights on market trends, in-depth topics, and the latest financial & crypto news.



Cryptocurrency Market

This week, the cryptocurrency market made a slight correction to its ongoing bull movement. The price of BTC dipped four times in a row from August 14 to August 17, but the magnitude of the decline was relatively weak. The BTC spot price dropped from $47,797.43 US to $44675.28 with a decline of 6.5%. The ETH spot price dropped more relatively. After falling for two consecutive trading days on the 16th and 17th, it rebounded on the 18th. At present, the price of ETH is close to the level before the adjustment on the 13th.



From the perspective of technical indicators, the Bollinger Bands of BTC and ETH continue to narrow, and their prices are still moving along the upper track of the Bollinger Bands. This shows that the market has not yet entered a sharp decline channel. Meanwhile, the BTC spot price remained firmly holding the 14-day price moving average. On the 17th, after falling below the 14-day price moving average, the BTC spot price immediately rebounded. The 14-day moving average may be the psychologically acceptable price of the current BTC market. When the market price continues to fall below the 14-day moving average price at that time, the BTC price may enter a downward channel. Both sides of the market did not carry out much trading volumes this week, with mainly patient observation. In recent days, BTC spot prices may continue to move closer to the upper Bollinger band, while ETH prices may continue to oscillate between the Bollinger midline and upper rail.





Click here to read: Gate Weekly Newsletter: Global Finance Market Falling Sharply Could Lead To Loss of Funds, Cardano Rises To 3rd Rank Behind BTC & ETH In Terms Of Market Cap