Despite the historic Ethereum (ETH) Merge event, which moved the blockchain to Proof-of-Stake (PoS) status, the global cryptocurrency market has seen a significant outflow in the last week.
In the past week, the global cryptocurrency market fell below the psychologically significant $1 trillion threshold, falling $165 billion between September 12, when it was trading at $1.068 billion, and September 19, when it was trading at $903 billion, according to data obtained by Finbold from CoinMarketCap.
Notably, the previous time the market hit such a low was on July 14, 2022, over two months ago; while being in a longer bear market, the total capitalization of cryptocurrencies had struggled to maintain support above $1 trillion throughout this period.
Bitcoin (BTC) is now trading at $18,439, down 8.07 percent on the day and 17.08 percent over the previous week, with a market cap of $354 billion.
Ethereum, the second-largest cryptocurrency by market capitalization, is now trading at $1,295, down over 10.99% in the last 24 hours and an additional 26.15% over the past week.
Ali Martinez, a crypto trading expert, was quick to tweet a September 15 theory. Now that Ethereum’s price has fallen below $1,300, Martinez highlighted that ETH’s downward spiral might reach $1,000.
Compared, Michael van de Poppe observed on September 19 that Ethereum has lost its upward momentum.
The widespread consensus is that there will be a 100-basis-point increase, followed by more hikes in the coming months, as debates over this policy escalate.
As the Federal Open Market Committee (FOMC) meeting on March 21 approaches, it remains to be seen if the markets will continue to decline depending on the decision.
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