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Crypto Market Remains Range Bound, Losses $130 Billion This Week

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VOC, Voice of Crypto, Crypto Bear Market, Web3

The crypto markets have now suffered another huge blow impacting prices since the fed rate hike on September 21st.

A rate increase of 0.75% to the total range of 3-3.25% has led to the encircling of a hawkish stance in the markets for a few months. Major cryptos in the market like Bitcoin, Ethereum, and Solana have been shedding value in the market post the interest rate news announcement.

There was a clear impact felt by the hike in the interest rate change in the global equity and crypto markets. While the crypto markets have been losing dollar value for about a week now because of the possible impacts of the post-merge market downturn.

The total market capitalization of the aggregate value of the cryptocurrencies stands at $907 billion.

BTC Slumps below $19000, ETH at $1220

Retouching Bitcoin’s progress, it remained stable around the price level of $19,000 late Tuesday and early Wednesday before the interest rate hike announcement.

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Thus, as the numbers were being released, BTC plunged from the $19,000 level to $18,200 in a matter of hours, clearly indicating market bearishness.

Ethereum also joined paths with Bitcoin, as it fell 5.83% in an hour post rate hike. ETH is trading at $1272 from yesterday’s high of $1400.

Altcoins Prices Take a Downturn

Altcoins other than Ethereum, such as Solana and Ripple, lost 2.75% and 1.15%, respectively.

IOHK’s Cardano was no different from the loss party as it also lost 3.37% in 24 hours.

Not to miss, crypto prices do move in well-correlated ways with major stock indexes. NASDAQ and S&P 500, co-jointly plunged 1.7% in the post-announcement market activity.

Macro Events Affect Crypto Prices

Jerome Powell, FED Chairman, has been clear in his message of bringing inflation down to 2%, while the two-year treasury yield has been rising to the highest of the levels in the last 15 years, i.e., at 4%.

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At such times, crypto prices can be forecasted with improved accuracy by monitoring global economic conditions.

The influences concerning political conflicts, including Russian Prez Vladimir Putin’s unprovoked attacks on Ukraine, have resulted in macroeconomic uncertainty, indirectly hurting crypto markets.

 

Jatin Sewani is crypto markets writer/reporter based in India. He is skilled in onchain as well as technical analysis. He's currently pursuing actuarial science which lets him look at things from a risk-based perspective.

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