After briefly reaching a peak of $1.16 trillion in September 14, the crypto economy has fallen below $1 trillion once more. There are signs that Ethereum's Merge hype is over and market participants now await the Federal Reserve meeting next week. The crypto economy is currently at $965 billion and has fallen 3% over the past day.
Major Stocks, Crypto Markets and Precious Metals Drop Further — 80% Of Investors Expect an Aggressive Federal Rate Hike
The Merge is finished and all the hype surrounding the transition from proof of work (PoW), to proof-ofstake (PoS), is gone. The Ethereum (ETH), along with the rest of crypto economy, saw some gains prior to The Merge. However, the whole crypto market has fallen more than 3% in the last 24 hours after the change.
According to statistics, the current market value of all crypto tokens is $965.42 million. The crypto economy was worth $1.16 trillion the day before The Merge. The crypto economy fell 3%, but bitcoin (BTC), which lost 2.6%, and ethereum(ETH) dropped more than 7% relative to the U.S. Dollar. As of the writing of this article, $87.39Billion in global 24-hour trade volume is available. Tether (USDT), which commands $62.31Billion of today's volume, has $62.31 Billion.
BTC fell below the $20K per unit zone, to $19,794 per Bitcoin, while ethereum dropped to $1,495 a coin. Wall Street is also suffering amid the crypto economy crash. All four major indexes have fallen on Thursday afternoon. Precious Metals (PMs), such as gold, lost 1.70% over the past day. Silver is down 2.09% against U.S. dollars. Investors are concerned about the U.S. Federal Reserve rate rise after the U.S. Bureau of Labor Statistics published August's consumer price index report (CPI).
On September 20-21, the Federal Open Market Committee (FOMC), is scheduled to meet. CME Group data indicates that 80% investors believe the Fed will raise the rate by 75basis points next week. The U.S. jobless claims fell by 5,000 to 213,000 last week, which was higher than market expectations. As Treasury yields rose across the board, so is the bond market. On Thursday, the yield on the two-year Treasury note was at 3.85%, an increase of approximately six basis points (bps).
Despite the fact that many assets are not safe, reports indicate that the U.S. housing markets have taken the "sharpest turns" since 2008's real estate crash. The U.S. central banks rate hikes have pushed mortgage rates above 6%. The Federal Reserve will codify a 75bps rate hike next week. This will drive mortgage and loan rates higher. You can argue that crypto markets, equities and precious metals will not react well to the Fed's next week's Fed increase. The market has been under a lot of pressure from all the FOMC rate increases over the past few months.
What are your thoughts on the state of the crypto, precious metals and equity markets right now? Are you expecting the Federal Reserve (Federal Reserve) to raise rates by 75bps next Wednesday? Please leave your comments below on this topic.
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By: Jamie Redman
Title: Crypto, Stocks, PMs Sink Lower — All Eyes on the Fed’s Next Rate Hike as Ethereum’s Merge Hype Wavers
Sourced From: news.bitcoin.com/crypto-stocks-pms-sink-lower-all-eyes-on-the-feds-next-rate-hike-as-ethereums-merge-hype-wavers/
Published Date: Thu, 15 Sep 2022 17:30:36 +0000
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