CoinEfficiency

Crypto Market Plunges Amid Fed Rate Hike Fears: Bitcoin, Ethereum, Cardano Hit Hard

Bitcoin, Ethereum, and Cardano prices plummet as markets brace for a potential Fed rate hike. Goldman Sachs predicts Bitcoin could drop to $12k, while Ethereum and Cardano face significant declines. Regulatory developments and hard forks add to the volatility.
Published on 2022-09-19

Bitcoin Price Plummets Amid Fed Rate Hike Concerns

Bitcoin's price has dropped below the $20k support level, hitting a 3-month low of $18,390. This decline comes as the U.S. Federal Reserve is expected to raise interest rates, with Goldman Sachs predicting Bitcoin could fall to $12k if rates continue to rise. The broader crypto and stock markets have seen weekly declines since mid-June, reflecting bearish macroeconomic conditions.

Ethereum Falls to 2-Month Low Post-Merge

Ethereum has plunged to a 2-month low of $1,287 following the merge, with an 11% drop in the last 24 hours. Over $400 million in liquidations have occurred, with ETH-based positions accounting for $163 million. EthereumPoW (ETHW) has fared worse, losing 86% of its value since the merge. Despite short-term struggles, the merge is expected to yield long-term benefits for Ethereum's scalability and efficiency.

Cardano's Vasil Hard Fork Nears Completion

Cardano's Vasil hard fork has entered its final stage, with the mainnet upgrade set for September 22nd. However, ADA's price has dropped 11% in the last 24 hours, reaching $0.4344. Analysts warn of a potential record drop, with patterns similar to Bitcoin's 2018 crash. The hard fork aims to improve Cardano's throughput and reduce latency.

SEC and Ripple Labs Seek Case Conclusion

The SEC and Ripple Labs have filed motions for a summary judgment, potentially ending their two-year legal battle. The SEC argues XRP is a security, while Ripple maintains it is not. The ruling could set a precedent for determining which cryptocurrencies qualify as securities under U.S. law.

U.S. Crypto Framework and ECB's CBDC Prototype

The White House has released a crypto regulatory framework, while the ECB has chosen Amazon to develop a digital Euro prototype. The framework emphasizes SEC and CFTC oversight and explores a potential digital dollar. Amazon will focus on e-commerce solutions for the CBDC project, highlighting crypto's growing role in global finance.

What is Coinefficiency?

Coinefficiency is your go-to platform for optimizing cryptocurrency trading, investments and strategies. We provide a comprehensive suite of tools to analyze market trends, monitor price movements, and execute effective trading strategies. Whether you're a seasoned trader or new to crypto, Coinefficiency helps you maximize your profits with data-driven insights.

Why Use Coinefficiency?

  • Advanced market analytics to identify trading opportunities.
  • Compare markets relative performance.
  • Understand market cycles over time. See market levels.
  • Compare buy-and-hold, portfolio rebalancing, Dollar-Cost-Averaging trading strategies.

With Coinefficiency, you can stay ahead of the market and execute efficient trading strategies effortlessly.

Get Started with Coinefficiency

Ready to optimize your crypto investments? Take control of your portfolio with cutting-edge tools designed for both beginners and experts.