Ethereum Slips More Than Bitcoin, Dogecoin After ‘The Merge:’ Analyst Says ‘Things Are Looking Pretty Ugly’ Right Now – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)
Major coins traded sharply lower on Sunday night as the global cryptocurrency market capitalization fell 4.55% to $929.5 billion at 8:21 PM EDT.
| Coin | 24 hours a day | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | -3.05% | -11% | $19,418.19 |
| Ethereum ETH/USD | -8.6% | -24% | $1,337.69 |
| Dogecoin DOGE/USD | -6.9% | -9.55% | $0.06 |
| Cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| Chillies (CHZ) | +3% | $0.23 |
| PAX gold (PAXG) | +0.1% | $1,669.07 |
| TrueUSD (THOUSAND USD) | +0.02% | $1 |
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Why it matters: Ethereum and Bitcoin lost 24% and 11% of their respective values over the past seven days.
The two biggest cryptocurrencies were in the red on Sunday evening, although US stock futures were marginally higher at the time of writing.
Traders look forward to monetary policy decisions from the US Federal Reserve and Bank of Japan in the recent trading week.
Commenting on the drop in Ethereum price after the “huge success” that was the merger, Lark Davis, one notable cryptocurrency investor tweeted, “Shame on the price action, but just like a [bitcoin] halving the effect is not instantaneous.”
The #ethereum merger was a huge success and a huge moment for the chain!
Shame about the price action, but just like one #bitcoin halving the effect is not instantaneous.
— Lark Davis (@TheCryptoLark) 18 September 2022
Justin Bennett predicted the first part of Bitcoin short liquidations around the 20,100 levels on Sunday. The cryptocurrency investor tweeted, “pump incoming.”
First part of the short liquidations here at 20,100.
More to come.$BTC #Bitcoin pic.twitter.com/PS798moiym
— Justin Bennett (@JustinBennettFX) 17 September 2022
In a more recent tweet, Bennett took a contrarian stance, saying he should have “stayed bearish.”
I remained bearish in the sense that I still have a part of mine $ETH cards from $1,708.
But I thought we’d see more of a bounce early this week. And we still can, but things are looking pretty ugly.
— Justin Bennett (@JustinBennettFX) 18 September 2022
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“But I thought we’d see more of a bounce early this week. And we still might, but things are looking pretty ugly [at the moment].”
Alternative.me’s The “Crypto Fear & Greed Index” was at “Extreme Fear” heading into a new week of trading. Last week, the index also reflected “Extreme Fear.”
OANDA senior market analyst Edward Moya said in a recent note, seen by Benzinga, that Bitcoin was lower as “risk appetite remains under wraps.”
The analyst singled out a White House release outlining a framework for regulating cryptocurrencies last week and said it is “unlikely to set anything big in motion.”
“New goals for [U.S. Securities and Exchange Commission] and [Commodity Futures Trading Commission] was expected, while the proposed regulation to eliminate illegal activity was not full guidelines on how to achieve this, Moya said.
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