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.
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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.”
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.
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