Thursday, August 11, 2022

Crypto Furore: Ethereum Soars 11% After Fed’s Decision and Bitcoin Surpasses $23,000

For analysts, the Fed’s rate hike indicated that “the strength or weakness of the dollar matters most to bitcoin prices,” explained Naeem Aslam, head of analysis at AvaTrade. “We have seen Dollar Index Breaks Its Highs And Now We See Bitcoin Price Is Also Moving Up, It will be interesting to see if the relationship holds up as bitcoin price is still not too far from the crucial $20,000 support,” he added.

today, BTC and Ethereum prices are rising, “But the main resistance that will remove the risk of further downside is if BTC breaks above the $30,000 price mark and ETH breaks to $2,000,” says Aslam.

,The focus will now be on any economic data that may conflict with the Fed’s objectives., The central bank has to be prepared not only to seriously damage growth prospects in the states, but also to accept the reality of an impending recession and the labor market under great pressure,” comments GlobalBlock.

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ethereum, no roof

The second largest cryptocurrency in the market gains a strong rally following the announcement of the date of the merger with Ethereum (“The Merge”). Even then For Vitalik Buterin, co-founder of the cryptocurrency, the price could continue to rise. “Until ‘the merge’ (‘la fusion’) occurs, the event is not discounted by the market”, not only in market context but also in psychological and narrative terms. According to Coingap sources, the long-awaited merger is likely to take place on September 19th and the transition to Proof of Stake (PoS) with the merger of the Ethereum mainnet and Beacon Chain will not happen immediately.

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Buterin refers to the fact that the transition to PoS will not be complete with the merger of the Ethereum Mainnet and Beacon Chain. Ideally, the ‘surge, verge, purge and splurge’ steps are important for the ‘merge’.

According to ‘Coingap’ in an articlelo: “In terms of the market, those anticipating a price increase as a result of the next merger in mid-September will actually have to wait 6-8 months for the price to rise.”

Ethereum (ETH) will become a deflationary cryptocurrency after the fork as the supply will decrease as a result of EIP-1559 proposing to burn ETH instead of giving it to miners.

Nation World News Desk
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