MARKETS DAILY: Crypto Update | Bitcoin Remains Subdued Below $26K

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4.7 • 698 Ratings

🗓️ 5 September 2023

⏱️ 6 minutes

🔗️ Recording | iTunes | RSS

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Summary

At the end of August, bitcoin confirmed an overbought downturn in its monthly stochastic, a signal that has previously marked market peaks. Today's episode is sponsored by Kraken Pro. Today’s Stories: First Mover Americas: Bitcoin Treads Water Below $26K Bitcoin Bulls Face Setback as Monthly Stochastic Indicator Turns Lower: Analyst Bitcoin's Use as Margin Collateral in Crypto Futures Trading Is Growing Traditional Finance Exchanges Divided on Crypto Services: Survey Global Standard Setters to Deliver Global Crypto Policy Roadmap Australia Senate Committee Rejects Crypto Bill From Opposition Senator Andrew Bragg - From our sponsors: Meet the all-new Kraken Pro. The powerful, customizable, beautiful way to trade crypto. It’s Kraken's most powerful trading platform ever - packed with trading features like advanced order management and analytics tools — all in a redesigned, modular trading interface. Head to pro.kraken.com and trade like a pro. Not investment advice. Some crypto products and markets are unregulated. The unpredictable nature of the cryptoasset markets can lead to loss of funds and profits may be subject to capital gains tax. - This episode was hosted by Michele Musso. “Markets Daily” is executive produced by Jared Schwartz and produced and edited by Eleanor Pahl. All original music by Doc Blust and Colin Mealey. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	This episode of Markets Daily is sponsored by Cracken.
0:08.1	It's Tuesday, September 5th, 2023, and this is Markets Daily from CoinDesk.
0:13.4	Hi, Michelle Muso here with your Crypto Markets Roundup.
0:16.0	And on today's show, we're talking Bitcoin, international policy frameworks for crypto, and more.
0:22.1	And just a reminder,
0:34.0	CoinDesk is a news source and does not provide investment advice. Bitcoin continued its subdued start to the week, having traded below $26,000 for the past 24 hours. Bitcoin held
0:39.7	between $25,500 and $25,750 during the Asian trading session today. The enthusiasm following
0:47.8	last week's ruling that the SEC must review its rejection of grayscale investments application
0:53.1	to turn its Bitcoin trust into an
0:55.2	ETF has subsided, with other applications that are still kept waiting by the U.S. regulator.
1:01.2	The broader crypto market remains in a similar sideways trend, with the CoinDesk market index
1:06.5	down to 0.42% in 24 hours. According to research provider fair lead strategies, Bitcoin Bulls may be in for a disappointment.
1:15.6	A monthly technical indicator has flashed a so-called overbought downturn signal.
1:20.6	The indicator developed in the 1950s recently turned down from above 80,
1:24.6	indicating a loss of upward momentum.
1:26.6	The indicator oscillates between 0 and 100 with readings above 80, indicating a loss of upward momentum.
1:33.5	The indicator oscillates between 0 and 100 with readings above 80, implying overbought conditions.
1:35.9	Readings below 20 suggest the opposite.
1:40.5	Moving below overbought levels represents a so-called overbought downturn.
1:47.4	Previous overbought downturns in early 2021 and December 2017 marked major price tops.
1:54.2	Additionally, Bitcoin is unlikely to shed its tag as an unpredictable and volatile asset anytime soon.
1:59.4	Cryptotrators are increasingly using the largest cryptocurrency as a margin in futures trading.
	...

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