The Fed’s FUD (Fear, Uncertainty, Doubt)

Bitcoin started this week strong, testing resistance at the $41,000 level despite a daunting technical setup. Wednesday’s Fed announcement saw BTC begin to sell-off due to inflationary uncertainty, one of the most prominent forms of FUD (Fear, Uncertainty, Doubt) across markets this week. Heading into the weekend, BTC traded to an even lower range, testing support around $35,500. This was likely also being fueled by the anticipated death cross of BTC’s key moving averages that has been in the woodwork since the crypto market crash in early May. If BTC loses support at $35,500, look for support at the June low around $31,000.

If you are looking for an emerging trend in the crypto space, Polygon (MATIC) has gained a ton of traction in the last month. The Polygon network is designed as a scalable blockchain to ease Ethereum (ETH) in its growing pains. Essentially, Ethereum got too big too fast, creating oversaturation of the network’s underlying blockchain, which caused transaction fees to increase while transaction speeds decreased. While the world waits for the second most popular cryptocurrency to implement major updates to their network, Polygon has emerged as a temporary fix to Ethereum’s recent technological pitfalls and has the potential to claim a spot as a top currency powered by the momentum of the DeFi (Decentralized Finance) space. Many are already hailing Polygon as an ‘Ethereum Killer’, so keep an eye out for this altcoin to continue its growth even in a recently bearish market.

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