The Uniswap (UNI) token has been one of the best performers not only in the last 24 hours but also in the last seven days.
As of this writing, CoinGabbar data shows that the token is trading at $6.55, up 15.5% in the last 24hrs and up 18.2% in the last week.

Unlike the rest of the crypto pack, the Uniswap token appears to be holding its head above water during this period of uncertainty and volatility in the digital assets industry.

This appears to be an unusual development, given that the token has been steadily declining over the past five weeks.

It also makes it a bit difficult to assess whether or not the cryptocurrency is under any kind of pressure.

Uniswap On A Falling Channel Pattern

The five weeks that were mentioned earlier when the Uniswap token was on the decline are more than simply a "period of red" for the cryptocurrency.

It was a falling channel pattern, which is characterized by a bullish rebound after the overhead trend line was broken.
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The Ethereum network's transition to a proof-of-stake (PoS) consensus mechanism is driving institutional investor adoption.
 As a result, prices for GPUs, which are frequently used for mining cryptocurrencies such as ETH, have plummeted in China.

As per a report published by a local media outlet, following the historic Ethereum Merge on September 15, the previously sought Nvidia GeForce GPUs have become much cheaper. Peng, a Chinese merchant, used the RTX 3080 as an example, stating that the GPU's price dropped from $1118 (8,000 yuan) to 5,000 yuan in three months.

Bitcoin slipped back into the red during Friday's session, now trading above $19,000 once again.
The latest drop coincides with the emergence of a worldwide economic slowdown.

After the bulls successfully defended the coin above the aforementioned level, the Bitcoin price is currently trading over $19,100. BTC rose 0.49% in the previous 24 hours, showing that the coin was trading laterally. Bitcoin's price has fallen by 3.30% in the past week.

Bitcoin has had a volatile week in which the price of the largest virtual currency reached $18,200 twice. Despite market declines on Friday, Bitcoin retained its price above $19,000. If the volatility continues, Bitcoin could fall below $18,000 or rise beyond $20,000 in coming days. BTC is presently trading between $18,000 and $20,00. The next move will very certainly set the mood for the market's short-term direction.
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This is a significant achievement for the Algorand blockchain.
Algorand's total locked value has increased to an all-time high, as measured by the DefiLlama aggregator. The ALGO coin, which is exclusive to Algorand, has increased by over 20% in the past week, contributing to this success. In the current market, Algorand is doing better than both Bitcoin and Ethereum.
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The Federal Reserve has made a decision on the next interest rate hike.
The Federal Open Market Committee unanimously voted 12-0 to raise interest rates by 75 basis points.

Following the announcement of this Fed move, Bitcoin and Ethereum, along with the rest of the crypto market, dropped. However, since the hike is already priced in, the market has climbed subsequently.

The target interest rate is currently in the range of 300-325 basis points. The Fed also believes that further interest rate hikes will be prudent. The Consumer Price Index for August shows that inflation is still higher than expected.

How Fed Hike Will Affect Crypto

The Federal Reserve is responding to rising inflationary levels via interest rate hikes and quantitative tightening. Higher interest rates are unfavorable for the risk asset market. In June, an unusually significant boost of 75 basis points triggered a crypto market bloodbath.

However, this interest rate hike is probably not going to have the same impact. This hike might be quite similar to the one in July. Since a 75 basis point increase was already priced in, markets rallied after a brief decline.

Following the release of the August Consumer Price Index, which showed 8.3% year-on-year inflation, the markets priced in both a 75-bps and a more aggressive 100-bps raise. As the dollar strengthened, Bitcoin and Ethereum prices fell to new lows. As a result, a 75 basis point increase will not trigger a fresh selloff. Indeed, after falling a few points following the announcement, crypto prices have recovered.

What The Future Hold For Crypto

The cryptocurrency market is highly correlated with the broader stock market, making it vulnerable to macroeconomic factors. The Federal Reserve believes that future rate increases are probable. However, many think that the Fed's future monetary policy will be determined by the recession rather than inflation.

Other economic threats, such as global financial destabilization may force the Fed to soften its hawkish stance.

Read also: Update for EIP-4895 From Ethereum Shanghai Developers For Staked ETH Withdrawals
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Bitcoin has started the upward rebound against the US dollar over $19,000.
BTC is currently facing strong resistance at the $19,200 and $19,500 levels.

Bitcoin has started the upward rebound against the US dollar over $19,000. BTC is currently facing strong resistance at the $19,200 and $19,500 levels.

Bitcoin has been under heavy selling pressure ahead of the FOMC meeting on Wednesday, September 21. As of time of writing, Bitcoin was trading 1.97% lower at $19,000 per coin. Other cryptocurrencies, in addition to Bitcoin, have been under selling pressure.

Bitcoin was trading slightly higher ahead of Wednesday’s U.S. The Federal Reserve is likely to hike interest rates during the FOMC meeting. As long as Inflation remains high, many economists believe that the FED will hike interest rates by more than 75 basis points.

After breaching the $20000 benchmark, the price of Bitcoin has continuously dropped. In the last 24 hours, Bitcoin has seen very little movement. However, the bulls were unable to hold that price. The closest support level for Bitcoin was $18000. Over the last few months, Bitcoin has been on a consistent downtrend.

On the daily chart, selling pressure continued higher than buying strength. The $20000 level would provide significant resistance.

The main barrier level for Bitcoin is $20000. A strong buying pressure may bring temporary relief to the coin.

According to the chart, Bitcoin price began a short term uptrend from the low of $18255. BTC broke through the $18,800 and $19,000 resistance levels. It even broke through the $19350 barrier.

However, the price faced major resistance between $19450 and the 100 day hourly simple moving average. A fresh one was made around $19548 and the price began to fall. The price fell below $19500 and $19200.

Bitcoin fell below the 50% Fibo retracement level of the upward move from the swing low of $ 18255 to the high of $19678. The bulls are currently defending the $18800 support level. The 61.8% Fibo retracement level of the upward move from the swing low of $ 18255 to the high of $19678 act as support. On the upside the main resistance is $19200, break will take BTC to $19350 level.

According to Price Analysis, The market capitalization of this BTC is estimated to be $364,596,461,223. The 24-hour trading volume for the coin is around  $34,764,777,278. BTC market capitalization has fallen by 1.93%. However, trade volume decreased by 8.54% during intraday trading. The market capitalization to volume ratio is 0.09531.

On the hourly chart of the BTC/USD pair, a major bearish trend line is forming with resistance near $19,420. A clear break above the trend line, the 100 hourly simple moving average, and $19,450 might open the door for a push towards the $20,000 level. Any further gains might push the price up to the $20,500 barrier level.

If bitcoin fails to climb over the $19,350 resistance level, it may begin a new downturn. On the downside, there is immediate support at $18,800. The next major support is at $18,550. A clear break below the $18,550 level might set the scene for a sharper fall. In the aforementioned scenario, the price may even go below the $18,255 swing low.

KEY LEVELS :

RESISTANCE LEVEL : $19400-$19800

SUPPORT LEVEL : $18500-$18000

Andrew Bragg, a Liberal Senator from Australia, has presented a new draught bill in the parliament.
The bill aims to crack down on digital asset exchanges, stablecoins, and the e-Yuan, China's central bank's digital currency.

Senator Bragg highlighted in a statement on September 18 that Australia must stay up with the global race for digital asset regulation. Since it is essential that the parliament drives legislation reform on the matter.

The new draught bill, dubbed Digital Assets (Market Regulation) Bill 2022, proposes licensing for digital asset exchanges. The measure also aims to regulate digital asset custody services, stablecoin issuers, and transparency requirements for Australian e-Yuan facilitators.

Senator Bragg spoke to a local media outlet that “Australia has a high-risk exposure as an economy, which is one of the reasons why we need a serious program. The program aims to manage disruption and risks associated with the creation of a CBDC.”

According to Senator Bragg, the objective of this measure is to establish an effective regulatory framework. Also, it mandates some banks to report information that facilitates the use or availability of digital Yuan in Australia. Additionally, it imposes additional duties on governing bodies in relation to this act.

Senator Bragg stated that he is not taking an accusatory stance, but rather is just preparing and gathering facts, which he believes is entirely reasonable.

The Liberal senator also stated that Australia would not benefit from having a CBDC because privacy issues could not be managed. However, it is crucial that the Australian government put something on the table to manage other CBDCs being introduced. As the Governor of The Reserve Bank of Australia has previously stated that stablecoins needs regulation.

The draft bill consultation is open until October 31, 2022,  and the community is welcome to submit feedback.

Andrew Bragg, a pro-crypto Australian politician, has been a vocal supporter of cryptocurrency since he was elected as a senator in 2019. Senator Bragg has been advocating for a clear legal framework for digital assets and crypto firms since 2021, in an effort to keep local startups from expanding globally.

Senator Bragg stated that he chaired the digital assets committee with no preconceived ideas. At that time, he undertook an investigation into these issues while also informing himself about the risks and opportunities.

Meanwhile, the Australian Labor administration is said to be working on crypto asset reforms in order to enhance the way the country's regulatory structure manages crypto assets.

Last month, the Treasury Department announced that it will prioritize token mapping work in 2022, which will aid in determining how crypto assets and related services should be regulated.
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The crypto market is in a significant slump as a result of macroeconomic conditions.
The Federal Reserve is engaging in quantitative tightening to combat rising inflation. However, analysts explain why the months of November and beyond after the midterm elections might bring some relief to the cryptocurrency market.

Cantering Clark, a major stock market influencer and trader released statistics on Twitter highlighting the stock market's success before and after the midterm elections. The midterm elections in the United States will be held on November 8, 2022.

How Midterms Affect Crypto Prices

According to data, the stock market performs poorly in the months leading up to the midterm elections. On the other hand, equities usually always surge in the months following the elections. Regardless of the president's party's performance, the months after the election almost outperform the months before.

Clark claims that this was especially true throughout the 1970s decade. Experts believe that the 70s decade had macroeconomic conditions that were relatively similar to the present day. In the year preceding the elections, the markets plunged 13% in 1966, 15% in 1970, and 32% in 1974. However, the market recovered by 17%, 13%, and 20% respectively in the 12 months after the election.

According to Clark, the year 1974 shows strong similarities to the current macroeconomic situation. During the same time period, inflation reached 8.8%. As a result, the stock market dropped over 32%. However, the markets recovered by 20% following the election.

Clark notes that the present market behavior is similar to previous years in terms of overall volume realized. As a result, November and December are anticipated to be positive months for the market.

Since 2020, the cryptocurrency market has been highly correlated with the broader market. Crypto assets act similarly to tech equities and the NASDAQ. As a result, the months after the midterm elections may provide something to cheer for the bulls.

Can The Fed Be An Obstacle

According to a Bloomberg survey, analysts expect the Fed will stay hawkish until 2023. As a result, the Fed's quantitative tightening this year may derail the historical pattern.

Read also: ETH Fails Critical Test, This Will be the New Pricing
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