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Crypto Market Daily NFT DeFi Ethereum Bitcoin

AXS defies downturn as crypto market bleeding continues

2021.09.22 Adam James

As the U.S. SEC's Gary Gensler continues to apply pressure, the vast majority of the cryptocurrency market is again in the red.

The cryptocurrency market is down 4% today as its week of struggles continues. Market leaders BTC and ETH are down 3.3% and 5.1%, respectively, while previously hot altcoins SOL and LUNA are down 9.4% and 7.0%. The only prominent altcoin seeing gains today is Axie Infinity's AXS, which is up 8.5%.

The cryptocurrency market is a sea of red today, with only AXS standing out as a gainer. Source: Coin360

Causing a stir in the blockchain and cryptocurrency industry yesterday were leaked documents that illustrated how dominant blockchain-analytics firm Chainalysis used a wallet explorer to gather IP information for police investigations. The deck noted:

"Using this dataset we were able to provide law enforcement with meaningful leads related to IP data associated with a relevant cryptocurrency address. It is also possible to conduct a reverse lookup on any known IP address to identify other BTC addresses."

Chainalysis has long been a go-to firm for law enforcement. However, the previously unclear relationship between WalletExplorer.com and Chainalysis has drawn a lot of criticism from industry pundits.

Meanwhile, a live interview from United States Securities and Exchange Commission Chair Gary Gensler has further illustrated his interest in regulating and reining in the wider cryptocurrency industry.

Top altcoin gainers and losers: AXS dominates on down day

  • GALA/USDT +24.95%
  • ILV/USDT +23.78%
  • AXS/USDT +18.44%
  • INX/USDT -7.02%
  • CELO/USDT -7.80%
  • COVER/USDT -11.88%

As mentioned previously, Axie Infinity's AXS is the clear winner in the altcoin market today. The altcoin is up 19.09% on OKEx, per the exchange's default time settings.

AXS is the top-performing altcoin with a market capitalization greater than $1 billion on OKEx today. Source: OKEx

BTC technical analysis: Critical support tested

The price of BTC is still holding above a critical zone of support located around 41,000 USDT. A successful defense by the bulls may run into trouble inside of the four-hour ribbon of exponential moving averages, however.

OKEx's BTC/USDT 4h chart — 9/22. Source: OKEx, TradingView

ETH technical analysis: Hit expected support

ETHBTC bounced perfectly off of our long-used line of support (blue), which we frequently identified as an important area. However, there are now plenty of areas of resistance overhead — including the four-hour EMA ribbon and the extended lines of its recent descending triangle pattern.

OKEx's ETH/BTC 4h chart — 9/22. Source: OKEx, TradingView

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OKEx Insights presents market analyses, in-depth features and curated news from crypto professionals.

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

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