Major coins fell sharply on Thursday night, as the global cryptocurrency market cap fell 4% to $960.8 billion as of 8:15 a.m. EDT.
| coin | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | -2.8% | 1.8% | $19,677.82 |
| ether ETH/USD | -10.35% | -10.1% | $1,469.05 |
| Dogecoins DOGE/USD | -3.9% | -3.6% | $0.06 |
| cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| cosmos (ATOM) | +7.4% | $14.99 |
| golem (GLM) | +7% | $0.33 |
| Crowd (QNT) | +4.3% | $103.30 |
See also: Best USDC Interest Rates
Why it matters: Ethereum has tanked in an event called “The Merge” after successfully completing its transition to a proof-of-stake network. Other major coins were also in the red.
Cryptocurrencies trailed weaker stocks on Thursday, as the S&P 500 and Nasdaq ended down 1.1% and 1.4%, respectively. At the time of writing, US stock futures were in the red.
“Ethereum is down significantly and volatility should remain elevated through the weekend,” he said OANDA senior market analyst Edward Moyain a note Benzinga saw.
Ethereum “still remains vulnerable to further momentum selling in the near-term, especially as traders await next week’s FOMC decision. Significant weakness in tech stocks is also weighing on cryptos in general as Bitcoin has slipped below $20,000.”
Michael van de Poppe said that until the next meeting of the US federal reserve, the “markets will be down and pricing in the worst” and a 100 basis point rate hike.
Seems clear to me; Waiting until the next Fed meeting and probably by then markets will fall pricing in the worst and 100 basis points.
— Michaël van de Poppe (@CryptoMichNL) September 15, 2022
That Federal Committee of the Free Market (FOMC) is scheduled to meet again on September 20-21.
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