Bitcoin -16%, Ethereum -26%, ADA -14%! Is another accident about to happen?

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Most cryptocurrencies have already faced corrections over the weekend, now the casualties seem to be mounting: Almost all coins are falling – massively! Whether Bitcoin, Ethereum, Binance Coin, Cardano or Ripples XRP: The markets are looking so red right now that many fear a new mega crash. What’s next for BTC and Co.?

Bitcoin, Ethereum and Altcoins continue to crash

It was already announced by industry watchers, and now it looks like the drama is unfolding in all its glory, just days after the highly anticipated The Merge update for weeks. the crypto markets are currently falling dramatically.

Notice

For example, Bitcoin, the most valuable cryptocurrency by market cap, lost 7.8% in the last 24 hours, trading at $18,494 as a result. The decline continues an already weak week: In , BTC has retreated 17.47% (data from Nomics.com).

Bitter record: For the month, there are losses of 12.75%, last year it was worth a whopping 60.89%.

Ethereum did not succeed as the second cryptocurrency, quite the opposite. All hopes were placed on the smart contract platform, she could reach a new all-time high through The Merge.

Now the coin is moving in the exact opposite direction. Ethereum had to lose 26% within the last week, since yesterday losses are almost 11%. ETH is currently trading at $1,300.

BigCheds Top Analysts so a major correction is already on the horizon, warns his more than 284,000 Twitter followers:

“If ETH does not bounce at $1,270, it will quickly fall below $1k”

Quick tip ✍️
Two $ETH no bounce at $1270 it’s going below 1k fast https://t.co/boTxZtSxbm
— Cheds (@BigCheds) September 18, 2022

Altcoins are extremely under pressure

In addition to Ethereum (ETH), altcoins are also correcting strongly, including Ethereum Classic (ETC): No other altcoin in the top 100 cryptos lost as much as ETC in the last 24 hours. The coin from which today’s Ethereum (ETH) originated suffered a massive 16.72% loss.

EOS (EOS) also retreated (-15%), as did Durve DAO Token (CRV, -14.8%), Celsius Coin (-14%), Terra (LUNA, -13.95%) and Lido DAO (LDO , -13.3% ).

Crypto Crash: Why has Bitcoin crashed?

The reason for the current crash in the crypto market is the macroeconomic conditions, including: Inflation, fear of recession, rising prices, war in Europe. Many assume that the markets have acted bullishly in recent weeks due to the prospects of the Ethereum “The Merge” upgrade.

Classic buy on the rumor, sell on the news event
— Roman (@RNR_0) September 19, 2022

Analysts are now looking forward to the Fed’s next move to gauge developments in the crypto markets. Interest rates rose by 0.75% at their most recent meeting.

Industry watchers think that BTC will be able to handle another 0.75 basis point hike and – more could send the markets into a deadly downward spiral. The next meeting of the central bank is now scheduled for 21 September. Analysts fear that Chairman Jerome Powell will offer a full percentage point hike.

So many are possible that September will once again be the weakest crypto month of the year.

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Last updated September 19, 2022