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Bitcoin ends a dismal September holding above $19k

Visual representation of the digital Cryptocurrency. The crypto market has been battered this year with nearly $2 trillion wiped off its value since its peak. In Brussels - Belgium on 10 September 2022.  (Photo Illustration by Jonathan Raa/NurPhoto via Getty Images)
The crypto market has been battered this year with nearly $2 trillion wiped off its value since its peak. Photo illustration: Jonathan Raa/NurPhoto/Getty Images. (NurPhoto via Getty Images)

Bitcoin ended a dismal September holding over $19K, but will it assume its long-promised role as a safe haven as macroeconomic storm clouds gather over Credit Suisse?

The world's largest digital asset by market capitalisation (BTC-USD) was recently trading slightly above $19,200, down 0.5% over the past 24 hours.

Check: Crypto live prices

Joe DiPasquale, CEO of crypto asset manager BitBull Capital, wrote in a statement released on Monday: "Indecision and lack of buying above $20,000 are pushing bitcoin to test its recent lows.

"If we do drop sharply, the price may bottom soon and put up a nice rally.


"However, most bulls may be scared out of their longs before that happens.”

Read more: Sterling to bitcoin buys skyrocket as pound falls

Throughout September, bitcoin still showed its tendency to march in lockstep with equity markets, such as the S&P 500 (^GSPC) and Nasdaq (^IXIC)

The second largest cryptocurrency by market capitalisation, ether (ETH-USD), was changing hands on early Monday trading a little below $1,300, off approximately 1.5% from the previous day.

Ethereum (ETH-USD) has withstood the volatile week with a minimal price reaction and like bitcoin has ended the last seven days trading flat.

Watch: 'Bitcoin will eat into global finance until it's $1m per coin' | The Crypto Mile

Both ethereum and bitcoin have been trading almost flat since late June with bitcoin hovering around the $20k mark and ethereum hovering around $1,300, apart from a mid-August rally when ethereum (ETH-USD) touched $2,000.

The entire cryptocurrency market capitalisation fell 1.2% today to $965bn, with most blue-chip cryptos trading below their price level from the previous week.

A few surprise rallies have bucked the downward trend with BNB (BNB-USD) up 4.3% in the past seven days and crisis-laden Terra Luna Classic has rallied a staggering 65% in the last week.

MakerDao's governance token Maker (MKR-USD) is also up 10% in the last seven days.

The logo of Swiss bank Credit Suisse is seen at a branch office in Bern, Switzerland September 26, 2022.    REUTERS/Arnd Wiegmann
Swiss bank Credit Suisse branch office in Bern, Switzerland. Photo: Arnd Wiegmann/Reuters (Arnd Wiegmann / reuters)

Credit Suisse

Investors are faced with an array of deteriorating economic indicators and the latest news of skyrocketing credit default swaps (CDS) for Credit Suisse (CSGN.SW) is not helping matters.

High CDS levels are a market indicator of companies that are in huge financial trouble.

The Credit Suisse (CHF-GBP) share price is now trading at 3.63 CHF (£3.28), down 8.7% in the last 24 hours, and a massive fall from its all-time high of over 87CHF (£78) in May 2007.

Watch: Maker 'the Central Bank of Crypto' sees 14% rally as pound slips against dollar | The Crypto Mile Weekly Update