After briefly reaching a peak of $1.16 trillion in September 14, the crypto economy is now just below $1 trillion. Signs show that Ethereum’s Merge hype has seemingly left the building and market participants are now waiting for the upcoming Federal Reserve meeting next week. The current value of the crypto currency is $965 million. It is down by 3% over the previous day.
Major Stocks, Crypto Markets, Precious Metals, and Real Estate Drops Further — 80% of Investors Expect an Aggressive Fed Rate Hike
The Merge has ended and all the excitement surrounding the change from proof-of work (PoW), to proof-ofstake (PoS), is gone. The Ethereum (ETH), along with the rest of crypto economies, saw some gains prior to The Merge. However, after the changes, the whole crypto market has fallen more than 3% in the last 24 hours.
Statistics show that the market value for all existing crypto tokens currently stands at $965.42 billion. The cryptocurrency economy was worth $1.16 billion the day before The Merge. The crypto economy fell 3%, but bitcoin (BTC), which lost 2.6%, and ethereum(ETH) dropped more than 7 percent against the U.S. Dollar. At the time of writing, there’s $87.39 billion in 24-hour global trade volume and tether (USDT) commands $62.31 billion of today’s volume.
BTC dropped below $20K to $19.794 per Bitcoin, and ethereum fell to $1.495 per Coin. Wall Street, along with all the major indexes, is also suffering from crypto’s famine. Precious Metals, such as gold, lost 1.70% in the past 24 hours. Silver is also down 2.09% compared to the U.S. Dollar. Investors are worried about the upcoming U.S. Federal Reserve rate hike following the U.S. Bureau of Labor Statistics publishing August’s consumer price index (CPI) report.
Federal Open Market Committee (FOMC), is scheduled to meet on September 20-21. CME Group’s data shows that almost 80% expect the Fed increase the rate by 75 basis point next week. US jobless claims fell by 5,000, to 213,000 this week. That was well above market forecasts. As Treasury yields rose across the board, so is the bond market. The two-year Treasury note’s yield was up to 3.85% rising roughly six basis points (bps) on Thursday.
Meanwhile, not many assets are safe, as reports show the U.S. housing market has taken the “sharpest turn” since the 2008 real estate crash. Mortgage rates, thanks to the U.S. central bank’s rate hikes have rallied above 6%. Mortgage and loan rates will rise further with a 75% increase in Federal Reserve rate codification next week. It can easily be argued that crypto markets, equities, and precious metals won’t react well to next week’s Fed hike. Markets have been subject to a greater degree of stress from the numerous FOMC rate rises over the course of recent months.
How do you feel about crypto and precious metals today? What are your thoughts on equity market conditions at this time? Are you expecting the Federal Reserve (Federal Reserve) to increase rates by 75bps next Wednesday? Comment below to share your views.
Credits for the imageShutterstock. Pixabay. Wiki Commons
DisclaimerThis information is provided for educational purposes only. It does not constitute an offer, solicitation, or recommendation of any company, products or services. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.