The total Crypto market cap was hit with another $50 billion in losses after Federal Reserve Chairman Jerome Powell delivered a speech at Jackson Hole where he warned that rising interest rates would cause "some pain" to America's economy. He maintained that higher inflation may continue for some time yet.
Even though Bitcoin is trading below $20,000, it still has a chance to reclaim the significant psychological level. The global crypto market cap for coins and tokens has fallen to $955 billion, according to CoinMarketCap data.
Crypto traders are feeling anxious about the market. The "moment of truth is coming up for all cryptocurrencies," according to an analyst from Michaël van de Poppe on Twitter. Poppe says that we may be about to witness another test of the 200-week moving average (MA), which could result in a higher low and subsequent retest.
He also stresses that the sentiment in the market is low, and despite Bitcoin and Ethereum breaking below their 200-week MA, he doesn't think the crypto market as a whole did. According to his technical analysis, the market retested at $932 billion, but the resistance is at $1.193 trillion.
Bitcoin is still trading for $19,843 per coin, down 1.18% in the last 24 hours and 5% across all coins over this past week, with a total market worth $380 billion.
Bitcoin has been on a tear lately, with its dominance growing slightly. Ethereum is trading at $1,447, down 3.5% over the last day and 5.89% in the previous seven days.
United States Securities and Exchange Commission (SEC) Chairman Gary Gensler has received a barrage of criticism from various prominent personalities and entrepreneurs in the crypto space due to his recent comments on the regulation of the sector.
Billionaire Mark Cuban, Dogecoin developer Billy Marcus, and crypto markets veteran Meltem Demirors were among the figures reacting to Gensler's opinion in The Wall Street Journal.
In the note titled "The SEC treats cryptocurrencies like the rest of the capital markets", the president of the financial regulator once again reiterated his approach in favor of the regulation of digital currencies guaranteeing the protection of consumers.
Gensler wrote that "there is no reason to treat the crypto market differently from the rest of the capital markets" just because it uses new technology.
In this regard, he echoed his claims that securities laws should apply to digital assets like traditional financial instruments. He argued that the rules have been around for "decades" and that cryptocurrency platforms should follow them.
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