In the latest market update, Bitcoin (BTC) dropped below the support price level of $22,000. This week saw the cryptocurrency fall more than 13% as the USD-DXY index crossed 108, causing panic among investors. With this, the short recovery rally brought on by August’s positive US CPI data comes to an end.
Other digital assets have also taken a hit. Last week, Ethereum (ETH) dropped by 18%. It is currently trading around $1,600. The total cap on the crypto market is presently somewhere around $1 trillion.
A Dark September
- The month of September is infamous as a red month for digital assets like Bitcoin (BTC).
- Investors and traders anticipate more losses before the final slump this month.
- Ethereum expects a strong wipe out in monthly gains as the ETH’s merge is due in the middle of September.
- The market is clearly reflecting a bearish trend.
A Boost from Buenos Aires
The capital of Argentina, Buenos Aires, is gearing up to facilitate the operations of the Ethereum network. It is among the first governments in the world to do so. According to the city’s plan, Buenos Aires will hire private companies for the installation of validator nodes in 2023. Validator nodes are the machines which run the client software by Ethereum.
These validators store data, process transactions and new blocks to the Blockchain. The new blocks will join the PoS (Proof of Stake) network consensus system that is being enforced in the mid-September merge.
If everything goes according to plan, Buenos Aires will become a pioneer city in hosting its very own digital asset nodes.