On September 14th, it briefly rose to $1.16 trillion as the crypto economy fell into the $1 trillion range. Indications are that Ethereum’s consolidation seems to have left the building and market participants are anticipating the upcoming Federal Reserve meeting next week. . Currently, the crypto economy has decreased by 3% since the last day and is currently worth 965 billion dollars.
Major Stocks, Crypto Markets, Precious Metals and Real Estate Drop More – 80 Percent of Investors Expect High-Level Growth
The merger is over and the incentive to move from Proof of Work (PoW) to Proof of Stake (PoS) is now gone. Ethereum (ETH) and the rest of the crypto economy saw good gains leading up to the merger, but the overall crypto market is down more than 3 percent in the past 24 hours following the change.
Currently, statistics show that the market value of all crypto tokens in existence is 965.42 billion dollars. A day ago, before the merger, the value of the crypto economy was at $1.16 trillion. While the overall crypto economy was down 3%, bitcoin (BTC) lost 2.6% and ethereum (ETH) lost more than 7% against the US dollar. At the time of writing, there is $87.39 billion in 24-hour global trading volume and Tether (USDT) commands $62.31 billion of its current volume.
BTC fell below the $20K per unit zone to $19,794 per bitcoin, while ethereum (ETH) fell to $1,495 per coin. Amidst the crypto economy, Wall Street is suffering, as are all four major indexes Thursday afternoon. Precious metals (PMs), like gold, shed 1.70% on the previous day, and silver fell 2.09% against the US dollar. Following the publication of the August Consumer Price Index (CPI) report by the US Bureau of Labor Statistics, investors are concerned about the upcoming rate hike by the US Federal Reserve.
The Federal Open Market Committee (FOMC) is expected to meet on September 20-21. According to data from CME Group, 80% of investors expect the Fed to raise rates by 75 basis points next week. U.S. jobless claims fell 5,000 to 213,000 this week, beating market forecasts. The bond market is also erratic as Treasury yields are higher across the board. The two-year Treasury note was up six basis points (bps) on Thursday to about 3.85%.
Meanwhile, the US housing market in 2010 After the real estate crash of 2008, many properties are not safe, as reports suggest that it took a “best turn”. For the U.S. central bank, rate hikes rose more than 6 percent. A planned 75bps hike by the Federal Reserve next week will push mortgage and loan rates even higher. It can easily be argued that the crypto markets, stocks and precious metals will not react well to next week’s Fed hike. All the FOMC rate hikes in the past few months have put a lot of pressure on many markets.
What do you think about the current state of crypto, precious metals and equity markets? Do you expect the Federal Reserve to raise rates by 75bps next week? Let us know your thoughts about this in the comment section below.
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