The cryptocurrency market has won back some losses after the fall at the beginning of the current week. Bitcoin fell to $20,900 last Tuesday but rebounded quickly as support strengthened in the $21,000 area.
At the time of publication of this review, BTC was trading at $21,248. In weekly terms, the capitalization of the largest digital currency decreased by more than 10% to $405.13 billion.
Ethereum (ETH) cannot yet return to values above $1500, the coin fell on Wednesday morning to $1452.
The Ethereum futures market suffered an $88 million loss, the biggest loss for an asset in the crypto derivatives market in recent memory. Traders have been taking profits in the $1,100 to $1,600 per ETH range after the altcoin went on the offensive in early July.
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Binance Coin (BNB), XRP, Cardano (ADA), and Solana (SOL) sank to $254, $0.336, $0.47, and $37.06, respectively. The capitalization of the crypto market on July 27 is just over $983.71 billion.
Martin Hisbock, head of research at Uphold, recalls that one of the most important events of this week will be the meeting of the US Federal Reserve System.
A 0.75% rate hike would exacerbate volatility in all major markets. Most likely, risky assets will lose value, but a strong drop is unlikely.
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A similar point of view is shared by FxPro analyst Alex Kuptsikevich.
In his opinion, after the rate hike, sellers holding shares of technology companies will become more active. But after the reset, the situation will stabilize, and calm will return to the market.