{"id":30405,"date":"2022-09-28T14:33:53","date_gmt":"2022-09-28T14:33:53","guid":{"rendered":"http:\/\/egrowonline.com\/?p=30405"},"modified":"2022-09-28T14:33:53","modified_gmt":"2022-09-28T14:33:53","slug":"btc-eth-lower-as-powell-claims-there-are-structural-issues-with-cryptocurrency-market-updates-bitcoin-news","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=30405","title":{"rendered":"BTC, ETH Lower as Powell Claims There Are ‘Structural Issues’ With Cryptocurrency \u2013 Market Updates Bitcoin News"},"content":{"rendered":"


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Bitcoin was back in the red on Wednesday, as U.S. Federal Reserve Chair Jerome Powell called for more regulation in decentralized finance (defi), citing \u201cstructural issues\u201d as a key reason. The token fell below $19,000 on the comments, moving closer to a key support point as a result. Ethereum also slipped following yesterday\u2019s rebound, with the price back below $1,300.<\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) was back in the red on Wednesday, as markets reacted to comments from U.S. Federal Reserve Chair Jerome Powell.<\/p>\n

Speaking on Tuesday evening, Powell stated that more regulation is needed in the crypto market, with recent declines in price highlighting \u201cstructural issues.\u201d<\/p>\n

In his comments<\/a>, Powell said of the current relationship between defi and traditional finance: \u201cUltimately that\u2019s not a stable equilibrium and we need to be very careful about \u2026 how crypto activities are taken within the regulatory perimeter.\u201d<\/p>\n

\"Bitcoin,<\/a>
BTC<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Following the remarks, BTC<\/a>\/USD slipped to an intraday low of $18,553.30 earlier in the session, less than a day after hitting a peak of $20,338.46.<\/p>\n

As a result of today\u2019s sell-off, bitcoin moved closer to its key support point of $18,300. However, bulls have responded, pushing price away from this level.<\/p>\n

Currently, BTC<\/a> is trading at $18,976.35, as traders seem to have closed out earlier shorts, giving way to some bullish sentiment.<\/p>\n

Ethereum<\/h2>\n

Bitcoin wasn\u2019t the only token impacted by Powell\u2019s comments, with ethereum (ETH<\/a>) also trading lower in today\u2019s session.<\/p>\n

The world\u2019s second largest cryptocurrency fell to an intraday low of $1,267.87 on Wednesday, hitting a one-week low in the process.<\/p>\n

Following a string of bearish sessions over the past fortnight, ETH<\/a>\/USD has recently moved into consolidation territory.<\/p>\n

\"Bitcoin,<\/a>
ETH<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

As can be seen from the chart, this has been between a support point of $1,230 and a resistance level of $1,300.<\/p>\n

It seems that this sideways action has helped to curb a high level of bearish momentum, with the 10-day (red) moving average appearing to have found a bottom.<\/p>\n

Should this be the case, it is likely that we will see further consolidation in coming weeks, with the potential for a rally at some point in October.<\/p>\n

Register your email here to get weekly price analysis updates sent to your inbox:<\/em><\/p>\n

What is a realistic price target for ethereum in October? Leave your thoughts in the comments below.<\/strong><\/em><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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