The merger did not push up cryptocurrency prices as expected. Conversely, the third week of September begins with more red than green. The entire market plummeted, and even the overall market value fell.
Currently, many crypto assets are being lost every hour. Many cryptocurrency exchanges are forcibly liquidating leveraged positions.according to coin glass, Total liquidations have reached $431.51 million, affecting 130,087 traders.
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Bitcoin price plummets
Currently, Bitcoin is at $19,326, down 2.38% in 24 hours. While its one-hour price increase showed 1.07%, BTC lost 13.58% in the week.
Bitcoin traded above $20,000 between September 10 and 14, prior to the Ethereum merger. Minutes after the upgrade, it lost control of the price, dropping to $19,701.It stayed at this level until September 17, when it closed above $20,000 again
But the third week of September pushed BTC to $19,000 as the entire market opened in the red.
Ethereum Crash After Merger
Ethereum price today, September 19 stand After falling 4.26% in 24 hours, it was at $1,359.13. But that’s not all. The price of ETH plummeted after the Sept. 15 merger. Before the upgrade, ether was trading at over $1.7 million between Sept. 10 and Sept. 13, before plummeting to $1,574 a day before the merger.
At the close on Sept. 15, the day of the consolidation, the price of ether fell to $1,432 and remained there until Sept. 18. The next day, the entire cryptocurrency market opened in the red, pushing ETH prices below $1.4 million.
Ethereum price data showed a 21.52% drop for the week. Thankfully, its one-hour gain is green, indicating a silver lining.
The whole market is red, why?
market experts have Comment Macroeconomic factors lead to a downtrend. The first factor is the latest CPI data released in September this year. The numbers suggest inflation is still raging and will require another rate hike from the Fed. Many market watchers have already mentioned that the Fed will be in pursuit of 100 points, which has not been reached in 40 years.
Concerns about persistent inflation and the Fed’s aggressive efforts to combat it have caused panic in the market. The ongoing liquidations across exchanges are not helping at all. Instead, it may create more problems in the market.
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While some are talking about the August CPI and the imminent rate hike, many have pointed out that the Ethereum merger is doing more harm than good. Some analysts said the escalation was exaggerated, with recent events proving it was “buying rumours and selling news.”
No one knows how the market will move in the next few days. But many expect more bearish moves after the Fed’s Sept. 21 meeting.
Featured image from Pixaby and chart from TradingView.com