Bitcoin (BTC) is down 3.4% in the past 24 hours to trade at $19,436 at 8am Hong Kong, according to CoinMarketCap, while Ether (ETH) is down 8.9% to $1,337 – the lowest level since July 18. Solana also fell 7.5% to $31.14 while Cardano shed 7.8% to $0.44. The world’s leading memcoin, Dogecoin, fell 7.3%, changing hands, to $0.057. In general, fundamentally, most other major cryptocurrencies also spent Sunday in dark red, and RVN and YGG fell by about 15%. The Fear&Greed crypto index remains in fear territory.
Ethereum Classic (ETC), the original network from which ETH was forked, traded 14% lower at $29.61. ETH is down 24% over the past seven days, while ETC is down 22.8% in a sell-off after the long-awaited “merger” that took place last Thursday. The two chains made significant price gains ahead of the event, but much of that gain has since evaporated. Some miners have clouded the new blockchain with a “fork” in an effort to keep the old proof-of-work network alive. Chandler Guo, one of the strongest proponents of the fork, said on Friday that only 10% of miners using PoW to mine ETHPOW (Ethereum Merge fork token) or ETC (Ethereum Classic token) will eventually survive.
For now, Ethereum and other cryptocurrencies are likely to remain vulnerable to the same macroeconomic forces that have been affecting equities and other riskier assets for months now. Stock markets ended the week on a gloomy note. The triggers for the downturn were FedEx’s Thursday announcement that it would be closing offices amid recession fears, Goldman Sachs’ looming job cuts and General Electric’s supply chain problems. FedEx’s business is often considered a measure of broader business and consumer activity. For the week, the Nasdaq was down over 5%, while the S&P and DJIA were down over 4%.
US Federal Reserve officials have repeatedly reaffirmed their commitment to raising interest rates in recent months until inflation is brought under control. Thus, investors are looking forward to the upcoming US Federal Reserve meeting this week from September 20-21, which is expected to further raise interest rates by 75 basis points as part of the ongoing campaign to fight inflation. Meanwhile, last week, the World Bank warned that the Fed’s efforts to fight inflation in this way could lead to a recession in the global economy by 2023.
In such conditions of high market volatility and “tremor” of cryptocurrency rates, higher interest rates of the Fed and the ECB, high inflation and even higher inflationary expectations, the most reliable and stable way not only to keep your funds in cryptocurrency, but also to increase them is to invest in the ASTL project with stable ROI payments of up to 18% per annum on the initial investment, not dependent on crypto market fluctuations, and in a stable cryptocurrency – USDT.