Crypto carnage: bitcoin drops sharply, ethereum and luna fall even harder

September has not historically been a good month for many financial markets, and it now appears to be the case again this year. Many prices already turned quite red last week and this week immediately starts with a sharp decline. The total market cap for all cryptocurrencies is back below the $1 trillion mark to $940 billion with a 7.4% decline in the past 24 hours.

The market is speculating that fears may already set in ahead of the next Federal Open Market Committee (FOMC) as the US Consumer Price Index (CPI) came in higher than expected last week. On Wednesday, September 21, we will hear what the Federal Reserve decides. New figures on the US housing market are also being released today. So it could be another very volatile week. Discuss this in our Discord surroundings!

Bitcoin plummets to lows

This morning it was already reported on Crypto Insiders that bitcoin (BTC) is moving towards the previous low from $18,500. That has now happened and the bitcoin price has hovered just below $18,500 for the past hour. At the time of writing, the BTC price stands at $18,480 on Binance and $18,530 on Bitvavo. This means that the BTC price is currently 8% in the minus.

Many analysts initially had a small rebound expected towards $21,000, but meanwhile the US dollar index (DXY) is rising again towards record highs. As analyst IT Tech points out below, bitcoin’s next support may be near the annual low of $17,600. We may see a retest of this limit this week, but will it hold up this time?

Ethereum drops more than 10%

Ethereum (ETH) will take an even heavier blow, despite last week’s “merge”. It is a sign that the macroeconomic situation still determines the direction of prices.

The ether price just dipped below $1,300 and touched $1,290. At the time of writing, ETH is trying to take back $1,300 but it doesn’t look exactly stable. The ETH price is down 10.5% today to its lowest price since mid-July, just after ETH briefly dipped below $1,000. Will that happen again?

Crypto top 100 hardest fallers today

Unfortunately, the rest of the top biggest crypto is looking just as bleak today. Binance coin (BNB) is holding up the best, but still drops 6.7% below USD 260. Dogecoin (DOGE) and solana (SOL) are about 8% in the min. Ripple (XRP) is losing more than 9% of its value and shiba inu (SHIB) almost 10%. Cardano (ADA) is 10.5% in the red today and polkadot (DOT) even 11.5%.

Then we have even harder falls today in the top 100. Lido (LDO), uniswap (UNI), waves (WAVES) and bitdao (BIT) all drop by about 12%. Terra (LUNA) continues to fall and is today in minus 13%. Eos (EOS) and Celsius (CEL) even lose 14% of their value, but the biggest loser today is ethereum classic (ETC) with a drop of almost 17 %.

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