Bitcoin and Ether slide below critical thresholds – $26,300 and $1,600, respectively. This decline mirrors a broader slump in the cryptocurrency market after the Federal Reserve’s hawkish September meeting. Ethereum grapples with a pivotal moment as the proposed upgrade, EIP-4844, aims to bolster its efficiency. Additionally, the average fee on the Ethereum blockchain hits a year-low, according to Sentiment. Toncoin takes a hit, leading the market‘s losses with a staggering 4% drop in 24 hours. The overall crypto market struggles amidst uncertainties stemming from the Federal Reserve’s resolute policy stance.
Cryptocurrency Market Navigates the Fed Influence
Bitcoin dropped 1.22% in the last 24 hours, settling at $26,252.57 by 07:40 a.m. in Hong Kong. This reflects a weekly loss of 0.91%, emphasizing a sustained bearish trend. Failure to breach the 50-day moving average of $26,876 points towards potential further decline. Ether experiences an 0.86% dip, landing at $1,579.12. This marks a 2.52% decline for the week. As Ethereum anticipates the transformative Cancun Upgrade, analysts scrutinize its implications. Concerns loom over Ether’s inability to rally above $1,650, potentially bearing significant implications for altcoin sentiment.
EIP-4844 and Ethereum’s Prospects
EIP-4844, the Ethereum Cancun Upgrade, emerges as a pivotal proposal aiming to refine the network’s speed and cost-effectiveness. Its potential implications for Ethereum’s capabilities and the broader crypto landscape are under close examination. While Bitcoin maintains stability, altcoins signal resilience, indicating a deeper market sentiment. Several alternative cryptocurrencies show signs of recovery, defying the overarching bearish trend.
Federal Reserve’s Influence on Global Markets
The Federal Reserve’s hawkish stance echoes across crypto markets. As interest rate speculations linger, the crypto landscape navigates uncertainty in the face of potential rate hikes. This influence extends to global markets, prompting considerations of broader ramifications, particularly in the context of rising oil prices. S&P revises China’s 2023 growth projection downward from 5.2% to 4.8%. This adjustment underscores the impact of constrained fiscal and monetary policies on the economic landscape. Market analysts closely monitor indicators for insights into the central bank’s next course of action as the Fed convenes in November.
