The global cryptocurrency market experienced a massive influx last week despite the historic Ethereum (ETH) merger event that turned the blockchain into a Proof-of-Stake (PoS) state.
Last week, the global crypto market fell below the crucial psychological threshold of $1 trillion, collapsing $165 billion between September 12, when it traded at $1.068 billion, and $903 billion on September 19, according to data obtained by Coinphony. From CoinMarketCap.
It is worth noting that the last time the market recorded such a low level was on July 14, 2022, a little less than two months ago; Despite being in an extended bear market, the total value of the cryptocurrency struggled to maintain support above $1 trillion during this time.
Leading cryptocurrencies see the color red
As it stands, Bitcoin (BTC) is trading at $18,439, down 8.07% on the day and 17.08% from the previous week, with a total market capitalization of $354 billion.
Elsewhere, the second largest cryptocurrency by market capitalization, Ethereum, is trading at $1,295, down more than 10.99% in the past 24 hours and another 26.15% in the previous week.
Cryptocurrency trading analyst Ali Martinez was quick to post a hypothesis on Twitter as of September 15th. Now, Ethereum has fallen below $1,300, especially Martinez marked That ETH could end up in a downward spiral as low as $1,000:
“You don’t want ETH to go below $1,460 because that could lead to a selloff of up to $1,000.”
By comparison, Michael van de Poppe pointed Ethereum lost its upward trajectory on September 19. He said:
“Waiting for a response from $1200-1300. I am not sure if we will bounce back to $1425 because the Fed on Wednesday is the most important for setting the trend.”
The general view is that there will be a 100 basis point increase, followed by more increases in the coming months, as discussions about this policy begin to intensify.
It remains to be seen if the markets will continue lower based on the results as the FOMC meeting on Wednesday 21st approaches.
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After the crypto market lost $165 billion in a week and plunged to a two-month low, it debuted on Coinphony.