The crypto market has been falling in the last 24 hours. The crypto market cap has dropped another 4% in the last 24 hours and is in danger of falling below $900 billion.
Bitcoin has fallen over 4% in the past 24 hours to levels below $19,000 before rebounding to trade at $19,084, up 1.60% in the past hour. The situation is worse for altcoins in the crypto market.
Ethereum continued to face major declines after the Ethereum merger. ETH fell another 8% in the last 24 hours. In 7 days, Ethereum has fallen by 23% and is trading at $1,344.
The drop in Ethereum price after the merger also affected other altcoins. Cardano, Solana, Dogecoin and Polkadot each fell by almost 7%. MATIC Polygon, Shiba Inu, and Avalanche even faced a bigger drop of almost 10%.
Ethereum Classic and ETHPoW were the two biggest losers in the last 24 hours. ETC has fallen by 12%, while ETHPoW has fallen by almost 50%.
The decline of crypto in the market is a direct result of the uncertain macroeconomic conditions. According to experts, the Ethereum merger comes at an inauspicious time with soaring inflation, the Federal Reserve has taken a very hawkish stance.
The FOMC is expected to meet on September 21 to discuss the next rate hike. Based on CME's Fed Watch Tool, the Fed is most likely to raise rates by 75 basis points. However, experts believe that there is a probability of an increase of 100 basis points.
Meanwhile, Elon Musk's deflation warning and the World Bank's recession warning are also other major factors.
