The crypto economy has slipped below the $1 trillion range once again after a rapid rise to a high of $1.16 trillion on Sept. 14. Signs point to Ethereum hype appears to have left the building and market participants are now awaiting the upcoming meeting of the Federal Reserve next week. Currently, the crypto economy is down 3% from the day before and is currently valued at $965 billion.
Major stocks, crypto markets, precious metals and real estate fall further – 80% of investors expect a positive Fed rate hike
Merge has ended and the hype that led to the transition from proof of work (PoW) to proof of stake (PoS) is now gone. Ethereum (ETH) and the rest of the crypto economy saw decent gains leading up to The Merge, but following the change, the entire crypto market is down more than 3% in the last 24 hours.
Currently, statistics show that the market value of all crypto tokens in existence is $965.42 billion. The day before, the day before Unify, the crypto economy is valued at $1.16 trillion. While the entire crypto economy fell less than 3%, bitcoin (BTC) fell 2.6% and ethereum (ETH) lost more than 7% against the US dollar. At the time of writing, there is $87.39 billion in global trade volume and tether in 24 hours (USDT) put $62.31 billion of volume today.
BTC dropped below $20k per unit zone to $19,794 per bitcoin, while ethereum (ETH) dropped to $1,495 per coin. Amid the burgeoning crypto economy, Wall Street is taking a hit as all four major indexes are down on Thursday afternoon. Precious metals (PM) like gold are down 1.70% in the past day and silver is down 2.09% against the US dollar. Investors are worried about an upcoming rate hike by the US Federal Reserve after the US Bureau of Labor Statistics released August. consumer price index (CPI) report.
The Federal Open Market Committee (FOMC) is scheduled to convene on September 20-21. Data from CME Group indicates that 80% of investors expect the Fed to raise rates by 75 basis points next week. US jobless claims fell 5,000 to 213,000 this week, beating market expectations. The bond market was also erratic, as Treasury yields edged higher across the board. The yield on the two-year Treasury note was up to 3.85%, up about six basis points (bps) on Thursday.
Meanwhile, not many properties are safe, as reports show the US housing market has “the best“Since the 2008 real estate crash, mortgage rates, thanks to the US central bank’s rate hikes, have risen above 6%. A 75 percentage point increase, drafted by the Federal Reserve next week, will push mortgage and loan rates even higher. It could be easily argued that the markets for cryptocurrencies, stocks, and precious metals will not react well to next week’s Fed bull run. All of the FOMC rate hikes over the past few months have added pressure on countless markets.
What do you think about the current state of crypto, precious metals and stock markets at the moment? Do you expect the Federal Reserve to raise interest rates by 75 percentage points next week? Let us know your thoughts on this topic in the comments section below.
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