The cryptocurrency market continues to fall on Thursday (15). Bitcoin (BTC), Ethereum (ETH) and other cryptocurrencies face a new withdrawal crisis, while the scenario expected by analysts was another.
The major cryptocurrencies on the market are feeling the effects of the global economic crisis. The latest inflation figures from the United States, point to a new interest rate increase by 0.5 points. In addition, the European economic crisis and the real estate crisis in China are also holding back large investments in high-risk assets such as cryptocurrencies.
According to global economic analysts, the expectation is that the period of high inflation could extend for at least another year. In addition, the lack of resolution of the conflicts between Russia and Ukraine and the threat of new conflicts between China and Taiwan create even more economic insecurity.
In Brazil, the National Wide Consumer Price Index, IPCA, registered a deflation of 0.36% in August. Furthermore, in recent days, the commercial dollar has been rehearsing a new low, trading between R$5.03 and R$5.19 over the past 15 days.
In the cryptocurrency market, the price of the dollar directly influences the price of stablecoins and also the final trading price of cryptocurrencies.
Bitcoin, the market’s leading cryptocurrency in terms of market capitalization, has fallen 0.6 percent in the past 24 hours, holding above the $20,000 level. For Brazilian traders, the drop has reached 1.2%. According to CoinGecko, the price of BTC is R$103,908.
The market value was trading at a low of $990.19 billion, falling almost one percent in the last 24 hours. However, total trading volume was down 23 percent, near $78.30 billion.
The Merge is launched, but Ethereum fails to take off
Despite the expectations of several Ethereum analysts and investors, the coin has not taken off after the update. According to CoinGecko, Ethereum’s price has dropped 1.3 percent in the past 24 hours. In just the 3 hours after the implementation of The Merge, the price of ETH has dropped by more than $400, reaching the current price of $8,210.
Price of the main cryptocurrencies today
In addition to the new drop in the commercial dollar, which has lowered the price of stablecoins such as USDT, USDC and BUSD to R$5.15, altcoins are also facing a new wave of decline. BNB, for example, fell 2.1% in 24 hours, reaching a price of R$1,419.
The XRP and Cardano (ADA) coins fell by about 0.5% each, while the meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB), posted drops of 0.6% and 1.6%, respectively. The Polkadot (DOT) coin also registered a drop of 1.9% to $36.58.
Among the major cryptocurrencies in the market, only Solana (SOL) escaped losses. According to CoinGecko, Solana’s price rose 1.3% in the last 24 hours, reaching a price of $174.77. Another one that also posted a profit in the last few hours was Ethereum Classic (ETC), rising more than 4.8%.
Among DeFi coins and gaming tokens, Ape Coin (APE) and STEPN stood out, up 1.1% and 0.4%, respectively. All other tokens were down by up to 2%.