- Crypto market is currently down with BTC’s price plunging to $18,787.
- ETH and ADA have also downsized contrary to their blockchain developments.
- ETC, which soared in the past day, is also 17% down in the past 24 hours.
The crypto market is hit again with red waves as Bitcoin fell off to $18,787, at press time. With a 5.3% dip for BTC in the past 24 hours, almost all the coins including Ethereum and Cardano signaled red with an 8.66% and 9.37% plunge, respectively.
As crypto experts predicted, the BTC market seems to be entering the dreaded “red September”. Looking at the anecdotes of the coin, BTC has been signaling red in seven out of the last nine Septembers.
Importantly, in a talk with Coinbase, Kyle McDonald forecasted that BTC will never tap back to $69,000 again due to “The Merge” and it could end up being “regulated away.”
Earlier, ETH and ADA were looking ahead for a further surge due to their respective forthcoming PoS Merge and Vasil upgrade. Also, they were hiking since August 29, whereas BTC hiked on the same day, but did not flash a good uptick. Currently, ETH trades at $1,518 and ADA is at $0.4633.
Also, Ethereum’s price is down, despite the Bellatrix upgrade that went live on its Beacon chain in the past day. Reports stressed that the rate of participation on the network decreased following the Bellatrix upgrade. The reason for this fall is reportedly due to the failure of some nodes in upgrading their clients.
Adding on, Ethereum Classic (ETC), which was soaring in the past day, tumbled by 17% in the past 24 hours.
Similarly, Polkadot (-8.9%) and Polygon (-9.7%) have also taken a similar path. Besides this, Dogecoin (-7.2%), Siba Inu (5.4%), Avalanche (7.9%), Litecoin (10.4%), and Chainlink (9.6%) are some of the coins that went down in the past 24-hour scale.
Reportedly, macroeconomic factors such as the renewed value of the dollar, and the strengthening of the US 10-year treasury bill in expectation of the Fed’s quantitative tightening, are also the reasons for the current market fall. Moreover, stock markets are also down, where Apple started drooping on August 19 and Tesla had major dips since August 4.
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