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Tuesday was a bad day for the cryptocurrency market as global tensions sapped investor risk appetite and the hype around Ethereum's fork began to evaporate.
At 07:00 UTC, the leading cryptocurrency bitcoin (BTC) was trading at $22,870, a decrease of 1.8% over the previous 24 hours. While Ethereum's Ether (ETH) suffered a 5 percent decline to $1,586, names such as FIL, EOS, and ICP dropped by at least 10 percent. The entire market capitalization decreased by 3 percent to $1.09 trillion, according to statistics from CoinDesk.
Traditional markets were also risk-averse, with the dollar gaining momentum against most fiat currencies except the yen, while equities markets declined. Futures associated with the S&P 500 decreased by 0.3%, indicating a negative opening on Wall Street.
Beijing’s caution to U.S. House of Representatives Speaker Nancy Pelosi against visiting Taiwan — a self-governing island claimed by China – during her tour of four Asian nations, which began on Monday, caused market anxiety.
“There would be severe consequences if she insists on visiting,” said the spokeswoman for the Chinese foreign ministry, Zhao Lijian. “We are prepared for any contingency. The People’s Liberation Army [PLA] never takes a passive stance. China will take decisive and forceful actions to protect its sovereignty and territorial integrity.”
According to Taiwanese media, Pelosi was believed to arrive at Taipei Songshan Airport on Tuesday around 10:20 p.m. local time (14:20 UTC).
With Nancy Pelosi’s stopover in Taiwan, the price of Ether may fall below $1,500 today, according to Markus Thielen, a chief investment officer of British Virgin Islands-based IDEG Asset Management (IDEG). Geopolitical tensions are difficult to anticipate and cause knee-jerk reactions in risk assets. Even though markets were declining, losses were mild, maybe due to the idea that central banks might delay or stop tightening if geopolitical tensions intensify.
Thielen noted waning enthusiasm for the Ethereum merger as a contributing factor to the anticipated price decline of Ether and the broader market. Merge, the reportedly bullish update that will combine Ethereum’s existing proof-of-work blockchain with a proof-of-stake blockchain known as the Beacon Chain is expected to occur in September. In response to Ethereum developer Time Beiko’s July 14 announcement that September is a possible launch month, there was a surge in demand for Ether, which boosted the beaten cryptocurrency market.
“Google statistics indicate that searches for Ethereum merging have leveled out, suggesting that ETH movements are losing pace. So the positive news flow is diminishing, “Thielen stated.
Google Trends, a widely-utilized instrument for gauging public or retail interest in current subjects, exhibited a value of 71 for the worldwide search query “Ethereum merge” conducted during the week ending July 31. This is much lower than the previous week’s top 100, which was seen the last week.
Google Trends provides a mostly unfiltered sample of actual Google search queries and ranks them on a scale from 0 to 100, according to the firm. The search value indicates the search interest compared to the chart’s highest point for the given location and time.
While the so-called merge trade drove a double-digit recovery in Ether and broader market capitalization last month, the increase allegedly lacked fundamental underpinning, providing bulls with yet another reason to be wary.
“During the last month, the ETH price increased by 68 percent, while [Ethereum’s] total revenue decreased by 47 percent,” Thielen remarked. “The larger market cap does not support the negative rise in revenue.”
According to technical analysis, both Ether and bitcoin were losing ground due to overbought circumstances and risked a more significant collapse.
“Our short-term [bitcoin] indicators are mixed, but a greater loss of short-term momentum would support a retest of support ($18,300-$19,500), below which secondary support is near $13,900,” Katie Stockton, a chartered market technician and founder and managing director of Fairlead Strategies, wrote in a Monday weekly analysis. Indicators of intermediate- and long-term momentum continue to lean downward, heightening the possibility of another substantial decline in the coming months.
Stockton cited $25,000 in bitcoin and $1,733 in Ether as marks to surpass to restore the positive trend.
