After the Fed promised to print money and Evergrande plans to repay debt, the crypto market soared

After a 48-hour correction, the cryptocurrency ecosystem showed signs of recovery on September 22. Bitcoin and altcoins sold to their swing lows. Stock and cryptocurrency investors are obviously worried that China Evergrande Real Estate Company may go bankrupt, and many people worry that a possible default may trigger a decline in global financial markets.

After the real estate company was able to reach an agreement with bondholders and technically avoid defaults, these concerns were temporarily alleviated, which helped trigger the recovery of the entire cryptocurrency market, thereby boosting Bitcoin (Bitcoin) To a daily high of $44,000.

Data from Cointelegraph Markets Pro with Transaction view It shows that since hitting a low of US$39,572 on the evening of September 21, the price of Bitcoin has rebounded by 11.3% to an intraday high of US$44,021. At the time of writing, the asset was trading at close to US$43,400.

BTC/USDT 4-hour chart. source: Transaction view

Bitcoin price surged at noon (Bitcoin) Was issued after the comments made by Jerome Powell, Chairman of the Federal Reserve Board. Powell explained that the central bank plans to continue its current monthly bond purchase levels for the foreseeable future. Powell also hinted that interest rates may be raised as early as 2022.

The crypto market resists regulatory headwinds

In addition to the developments related to Evergrande, recent comments by Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), have also put heavy pressure on the market, as the regulator once again emphasized the directive to the SEC Fight against cryptocurrency And the growing stablecoin market.

As the Federal Reserve’s remarks continued into the afternoon after the market-wide recovery began to take shape, the bearish market conditions that accompanied these remarks almost dissipated on Wednesday, and were supported by Bitcoin’s rebound to the $44,000 support level and Ether (Ethereum) Rebounded to US$3,000.

Evidence that Evergrande and regulatory concerns have a broader impact on the market is reflect In the Crypto Fear and Greed Index, the index once again showed extreme fear after being in the neutral zone in the previous week and in the extreme greed zone in August.

Fear and greed index.Source: Alternative

related: After Bitcoin recovered $43,000, altcoins rebounded by 35%

The new shoots of the altcoin market

The improvement in the market on September 22 helped boost the prices of most of the top 200 cryptocurrencies, with the exception of stablecoins, which are losing money because traders want to leave the market to open new positions.

Daily cryptocurrency market performance. source: Coin 360

Enzyme (MLN), a decentralized financial protocol based on Ethereum, has the largest increase at the time of writing, after a 32% increase in the past 24 hours, the transaction price is $160.30. COTI also rose 21%, and the transaction price was $0.385.

Other notable performances include Arweave (AR) rising 22% and Perpetual Protocol (PERP) price rising 21%.

The overall cryptocurrency market value is now $1.947 trillion, and Bitcoin’s dominance rate is 42.1%.

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