Bitcoin Is Now Poised For Two Huge Earthquakes After A $1 Trillion Crash In Crypto Price Ethereum, BNB, XRP, Solana, Cardano And Dogecoin

Bitcoin
BTC
Ethereum and other major cryptocurrencies have fallen sharply with stock markets this week amid warnings of a huge bitcoin price crash on the horizon.

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The price of bitcoin fell below $19,000 per bitcoin, heightening fears that it could fall below its 2022 lows if a so-called black swan scenario in September materializes. Ethereum price also crashed after the successful first stage of its long-awaited and highly publicized merger upgrade, driving down the price of the top ten BNB coins.
BNB
XRP
XRP
solana, cardano and dogecoin and plunging the combined crypto market below $1 trillion.

Now, as the Federal Reserve’s hawkish stance boosts the US dollar ahead of what some expect will be a ‘big break’, traders are bracing for the European Central Bank (ECB) to follow the Fed higher. interest rates on Thursday as well as the latest US inflation data next week.

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“These macro-events, combined with [ethereum’s] merge, could be catalysts moving forward,” Arcane Research analysts wrote in a note seen by Coindeskwarning of increased volatility in the coming days.

The ECB is thought to vote for a 75 basis point rate hike when its Governing Council meets on Thursday as it struggles to bring down eurozone inflation which hit nearly 10% in August.

“As early hikes may have a bigger impact on inflation expectations than a more gradual approach, a 75 basis point move could make sense,” Berenberg chief economist Holger Schmieding wrote. in a research note seen by CNBC.

Meanwhile, US Federal Reserve officials and traders are closely watching next week’s consumer price inflation (CPI) data which will show whether the Fed’s earlier interest rate hikes have further slowed the rise in prices. Markets are currently pricing in a 75% chance of a third straight Fed interest rate hike in September.

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Ahead of the next batch of U.S. inflation data, Federal Reserve Chairman Jerome Powell will speak at the Cato Institute’s 40th annual monetary conference on Thursday. Last month, Powell took bitcoin, crypto and stocks sharply lower when he warned that the Fed would keep raising interest rates “until the job is done.” [of lowering inflation] is made.”

“The decline in bitcoin’s price depends solely on the uncertainties surrounding Federal Reserve Chairman Jerome Powell’s expected speech on September 8 and the broader reaction of investors to the upcoming rate hike,” said Fuad Fatullaev, chief executive of blockchain-based web3 ecosystem WeWay, said in email comments, warning that the price of bitcoin could fall to $15,000.

“The deteriorating macroeconomic environment, despite the optimism over the Ethereum merger, appears to be pushing quotes lower and lower,” said Daniel Kostecki, senior market analyst at the trading platform, via email. of Conotoxia currencies.