2 years ago
The Merge hasn’t pushed crypto prices arsenic expected. Instead, the 3rd week of September has kicked disconnected with much reds than greens. The full marketplace has plunged, and adjacent the wide marketplace headdress dropped.
Currently, galore crypto assets are losing each hour. Many crypto exchanges are forcefully liquidating leveraged positions. According to Coinglass, the full magnitude liquidated already has reached $431.51 million, with 130,087 traders affected.
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Bitcoin Price PlungedCurrently, the Bitcoin terms stands astatine $19,326, indicating a 2.38% nonaccomplishment successful 24 hours. Even though its one-hour terms summation shows advancement astatine 1.07%, BTC has mislaid 13.58% successful 1 week.
Bitcoin traded supra $20K from September 10 to 14 earlier the Ethereum Merge. A fewer minutes aft the upgrade, it mislaid grip connected the terms people and fell to $19,701. It maintained that level until September 17, erstwhile it closed the marketplace erstwhile again supra $20k
But this 3rd week of September pushed BTC to $19k arsenic the wide marketplace opened successful the red.
Bitcoin’s terms is presently trading astatine supra $19,000. | Source: BTCUSD terms illustration from TradingView.com Ethereum Crashed After the MergeToday September 19, the Ethereum terms stands astatine $1,359.13 aft losing 4.26% successful 24 hours. But this is not the full story. ETH’s terms crashed aft the Merge connected September 15. Before the upgrade, Ether traded supra $1700K from September 10 to September 13 earlier plunging to $1574 1 time earlier the merge.
At the adjacent of the marketplace connected September 15, the Merge day, Ether’s terms fell to $1432 and continued astatine that terms until September 18. The adjacent day, the wide crypto marketplace opened the marketplace successful red, pushing ETH terms beneath $1400K.
Ethereum terms information shows that it has mislaid 21.52% successful the full week. Thankfully, its one-hour summation is green, indicating a ray of hope.
The full Market is successful Red, Why?Market pundits person commented that macroeconomic factors caused the downtrend. The archetypal origin is the past CPI information released this September. The fig indicates that ostentation is inactive raging and volition necessitate different involvement complaint hike by the Federal Reserve. Many marketplace watchers are already mentioning that the Feds volition prosecute a 100-point, which hasn’t been reached successful forty years.
The fearfulness of continuing ostentation and the Feds’ assertive effort to combat it has caused panic successful the market. The ongoing liquidations crossed exchanges volition not assistance matters astatine all. Instead, it mightiness make much issues successful the market.
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While immoderate speech astir the August CPI and imminent involvement complaint hike, galore points retired that the Ethereum merge did much harm than good. Some analysts person stated that the upgrade was overhyped, and caller events person proved that it was a “buy the rumor, merchantability the news.”
No 1 knows however the marketplace volition determination successful the adjacent fewer days. But galore radical expect much bearish movements aft the Feds gathering connected September 21.
Featured representation from Pixaby and illustration from TradingView.com
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