Despite the Ethereum (ETH) merge, the crypto market is turning red again today. It is a sign that the poor macroeconomic situation still determines the direction of the financial markets. The total market cap of all cryptocurrencies has fallen by 4.2% in the past 24 hours and is currently falling back below the $1 trillion mark. Discuss this in our Discord surroundings!
📈Market Overview#BTC price trades below $20K
The Top 10 are traded in red zone: $ETH -7.77%, $XRP -3.86%, $DOT -2.18%.
Market cap: $1.01T (-3.23%) $BTC dominance: 37.32% (+1.39%)
Fear & Greed Index: 20 (Extreme Fear)Full Report👉https://t.co/iUAydY2Kti pic.twitter.com/UzFCy5mfSG
— CryptoRank Platform (@CryptoRank_io) September 16, 2022
Bitcoin Drops Below $20,000 Again
Bitcoin (BTC) initially did not respond to the Ethereum merge nor to new US economic data. However, a few hours later, bitcoin made a small dive and the price has since hovered below USD 20,000. At the time of writing, the BTC price stands at 19,680 on Binance and $19,750 on Bitvavo. Bitcoin is currently 2.1% in the min.
#Bitcoin | Notice $BTC tends to rebound each time it reaches this rising RSI trendline in the four-hour chart!
The question is whether, this time around, the trendline will hold again and help #BTC regain some of the losses incurred. pic.twitter.com/FWh4x8US2X
— Ali (@ali_charts) September 16, 2022
Analyst Ali Martinez reports that bitcoin is currently back on the trend line for the Relative Strength Index (RSI). Bitcoin has a tendency to take a small rebound to make. The analysts from our Discord group expect a small recovery in the short term.
Ethereum drops sharply after merge
The ether price also barely reacted to the merge at first, but started to fall sharply at the end of yesterday afternoon and that seems to be continuing steadily for the time being. Was it a “buy the rumour, sell the news” event after all? ETH stands at $1,460 at the time of writing and is down a whopping 9.2% today. ETH may fall even deeper before the price turns bullish, according to analysts.
1/ Postal #Merge Market Update:
Funding rates have started returning to neutral on most exchanges, although Binance and Okex remain strongly negative. pic.twitter.com/l8gTk210DP
— Kaiko (@KaikoData) September 15, 2022
Analyst company Kaiko took a closer look at some data after the merge. The company reports that, among other things, the so-called funding ratewhich fell sharply shortly before the merge, have returned somewhat to neutral.
Crypto top 100 hardest fallers and risers
In the top 100 crypto, more prices take significant blows. Ethereum classic (ETC) is down about 10%, rocket pool (RPL) is down 13.5%, ravencoin (RVN) is down 18% and Celsius network (CEL) is even down by 23%.
At our hearing today and throughout our case, Celsius continues to engage with the Unsecured Creditors Committee and US Trustee to make meaningful progress on our efforts to maximize value for all customers and ensure transparency in our case.
— Celsius (@CelsiusNetwork) September 15, 2022
However, some exceptions can be found today. Terra Luna Classic (LUNC) is cautiously rising after a hard decline and is up 2%. Quant (QNT) is also up 2%. Chainlink (LINK) is already up 3%, but the big winner of the day is chiliz (CHZ). The CHZ price is up 7.5% to USD 0.2, but seems to be struggling to hold on to this.
𝚒𝚗 🇧🇷
𝚜𝚘𝚘𝚗 𝚝𝚘 . . . 𝚕𝚊𝚞𝚗𝚌𝚑𝚙𝚊𝚍 👀$MIBR ⚡️ $CHZ pic.twitter.com/BhhKwRwJ54— Chiliz ($CHZ) – Powering Socios.com ⚡ (@Chiliz) September 15, 2022
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