The latest searing inflation figures have put global investors on alert over potential actions by the US Fed at its meeting next week. The FOMC should push interest rates by 75 basis points, while a rise of 100 basis points cannot be ruled out.
With the exception of the US dollar-pegged Tether, all other major crypto tokens were trading lower on Thursday. Shiba Inu and Avalanche fell 3% each, while Bitcoin, Polkadot and Polygon lost 2% each.
The global cryptocurrency market capitalization traded at $990.19 billion, falling nearly 1% in the past 24 hours. However, the total trading volume fell by 23% to nearly $78.30 billion.
Inflation rates influenced the global cryptocurrency market again this week, causing the global cryptocurrency market capitalization to fall below $1 trillion again in reaction to the price index. consumer market,” said Prashant Kumar, Founder and CEO of weTrade.
“The two major cryptocurrencies – Bitcoin and Ethereum – which had made gains over the weekend saw declines,” he added. “All eyes are on the Ethereum merger which is due to be completed today.”
A South Korean court has issued an arrest warrant for Do Kwon, the co-founder of now-defunct stablecoin issuer Terraform Labs, according to the Supreme Prosecutor’s Office Financial Crimes Unit.
Cryptocurrency exchange FTX is raising capital alongside a possible acquisition, according to a person familiar with the matter.
Crypto markets appeared to be on hold on Wednesday as traders awaited the historic Ethereum blockchain merger – the network’s transition to a proof-of-stake (PoS) network, which is expected to take place in around 12 hours.
In April 2021, China hosted what the cryptocurrency and art media heralded as the world’s first “major” crypto art exhibition.
Tech View by Giottos Crypto Platform
Ethereum (ETH), the largest smart contract-based blockchain for decentralized applications, is about to experience one of the biggest events in its history today. The Merge – Ethereum’s transition from a proof-of-work-based network to a proof-of-stake network was initiated amid a host of adverse macro moves.
It will be interesting to note ETH price trends at such a crucial stage. ETH is still trading 23% below its August high of $2,000. At 8am today, ETH is trading at $1,610, up 1% in the last 24 hours.
After hitting a high of $2,000 in mid-August, ETH created a series of highs below $1,400 before beginning to chart an upward trend again. Since then, ETH has been moving in an ascending parallel channel and has defaulted twice to break below the channel. So far, the upper trendline resistance in the channel is acting as a strong resistance and ETH could not break out. ETH broke below the channel and the 0.618 fib retracement is currently acting as its immediate support.
Increased whale activity and an influx of institutional investment following staking gains could improve the outlook for ETH. However, Ethereum needs to overcome the psychological resistance of $1,700 to initiate a further price rally. If sold today, $1,500 should serve as immediate support, although it may break if the merger fails or is delayed.
Resistance: $1,650, $1,700
Support: $1,550, $1,490
(The opinions and recommendations given in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking a position in any assets mentioned.)