The Crypto Market Has Collapsed Sharply In The Last 24 Hours. price Of Ethereum Has Fallen Significantly
September 20, 2022: The crypto market has collapsed sharply in the last 24 hours. However, the price of Ethereum has fallen significantly compared to Bitcoin.
Ethereum has fallen about 8% over the past 24 hours and is trading at $1.34K. More importantly, the slide still doesn’t seem to stop.
ETH continues to drop by almost 1% over the past hour. According to leading cryptocurrency influencer and analyst Kevin Svensson, Ethereum is not receiving significant support.
If ETH falls further, it could drop to $1,000. Why Is Ethereum Falling? Ethereum has completed a very successful merger. Experts think it’s amazing to perform such a major software upgrade.
However, the price of ETH dropped after the merger. Many experts point out that the merger could be a “news-selling” event.
Fusion’s achievements are long-term, and the results can be disappointing. Experts also stress that the merger was completed under the worst macroeconomic conditions.
August CPI showed worse than expected inflation. The Fed, already in a hawkish stance, has become even more hawkish.
The market is also pricing in the possibility of a 100 basis point rate hike. However, the Fed may go ahead with its expected 75 basis point rate hike. Elon Musk, CEO of Tesla, believes that another big rate hike by the Fed will lead to deflation.
Kathy Woods of Ark Investments has a similarly contrasting view of the economy. Meanwhile, the World Bank believes the market will face a recession next year.
They believe the recession is the result of aggressive monetary policy in major economies. FedEx is also warning of a recession as the slowdown in demand accelerates. when will Ethereum recover The price of Ethereum and other cryptocurrencies will be determined by the next rate hike on September 21st.
If the FOMC pushes for another 75 basis points of rate hikes, it could already be priced in. As a result, the market is likely to recover. However, a hawkish 100 basis point rate hike by the Fed could result in a significant correction.
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