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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Plummets 9% As Fed Chair Passes Hawkish Remarks

Kent Tenix
Kent Tenix
2 years ago
3 mins read
Ethereum

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The crypto community has witnessed another price plunge after the just concluded Federal Reserve annual meeting. Many investors already anticipated a new turn in asset prices after Jerome Powell spoke on the approach to combat inflation. But from the turn of events, Powell tipped the scale against investors’ expectations. As a result, many cryptocurrencies and equities have already started a downward price trend.

Ethereum (ETH) and many other cryptocurrencies have lost some August 25 price gains. After the meeting, ETH’s price tanked 9% and stood at $1555. But the bears continued to push the price lower. Some hours later, in the evening, ETH plummeted lower to $1478 before climbing up gradually. 

Related Reading: Avalanche (AVAX) Tries Comeback, Unfazed By $2-B Market Cap Loss In Last 2 Weeks

As of the time of writing, ETH is still in the reds on August 27. The price fluctuates between $1499 and $1505. The coin struggled to climb a bit higher than the August 26 lowest point of $1478 to stand at $1,499, showing a 9.68% loss. 

Bitcoin And Stocks Didn’t Fare Better 

Bitcoin and equities lost gains following the Fed annual meeting too. BTC price early morning August 26 was $21,596.09. It recorded an intraday high of $21,804. But later, BTC started a terrible downtrend to a peak low of $20,036 before climbing sluggishly upwards. At the close of the market, BTC’s price was $20,260.02. As of August 27, BTC is at $20,206 and still fluctuating lower. 

Other stocks also fell after Powell’s hawkish approach decision. For instance, S&P 500 lost more than 3% of its gains after the meeting. Dow Jones Industrial Average lost more than 1000 points while Nasdaq Composite recorded almost 4%.

ETHUSD
Ethereum’s price currently fluctuates below the $1,500 mark. | Source: ETHUSD price chart from TradingView.com

 

Any Market Reversal in Sight?  

The crypto market expected a price movement depending on the meeting’s outcome. Many people expressed their worries on August 26 before the meeting, stating that a dovish approach will mean positive price movement while a hawkish decision will mean an extended bearish trend. 

Recall that the Minneapolis Fed CEO and President Neel Kashkari suggested a Volcker Esque rule to combat inflation. Paul Volcker was the Fed Chair who created two recessions to fight inflation. Kashkari’s suggestion already had everyone worried about the outcome of the annual meeting. Unfortunately, Powel’s insistence that the central bank won’t adopt a dovish approach but will maintain its aggressive strategies to restore price stability has tipped the scale negatively. 

Related Reading: TA- Binance Coin (BNB) Loses $300 Key Support, Are Bears Taking Over?

It is happening when many analysts expect the Ethereum Merge to improve crypto prices.

The number of $ETH deposits into the Beacon chain contract is now at a stable but macro low of 220 deposits/day.

This may signify a stable holding pattern is been reached, as investors await a successful Merge, scheduled for mid-September.

Live Chart: https://t.co/uVDy2zfZBr pic.twitter.com/rmXoSKAqr0

— glassnode (@glassnode) August 23, 2022

But with the current events in the financial markets, the upcoming upgrade might not have the desired positive effect on Ethereum and other crypto prices. Another period of price crash might be imminent. 

Data have already shown that the deposits of ETH into the Beacon Chain have reduced. Also, many people are stating that the market has already “Priced In” the Merge.

Featured image from Pixabay and chart from TradingView.com
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Kent Tenix
Kent Tenix

Kent Tenix

Kent is a talented freelance writer and journalist who creates insightful and thought-provoking content. With over 5 years of experience, she has honed her skills and established herself as an expert in her field. Kent is especially passionate about in-depth reporting and investigative journalism. She thoroughly researches every topic and story she covers to provide readers with comprehensive information and perceptive analysis. Whether she's reporting on crypto, business, technology, or finance, Kent prioritizes accuracy, nuance, and integrity. Her goal with every piece is to inform readers and inspire meaningful conversations and positive change. Kent enjoys traveling, photography, and spending time with her family when she's not tirelessly conducting interviews or poring over data. She hopes to continue using her writing to enlighten and engage audiences on issues that matter.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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The highest standards in reporting and publishing
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