Cryptos Today: Weakened, Bitcoin Drops 10% on Dollar Breakout; Solana plummets 13% and Ethereum drops 8% one step away from Merge

Bitcoin remains fragile on the morning of this Wednesday (14) and balances out at the support of US$ 20,000 after a sudden drop that reached 10% yesterday in the wake of the release of consumer inflation data in the United States for August, which came above expectations.

At 7am, the cryptocurrency is trading at $20,342, cutting losses to 9.2% in the last 24 hours – on the week, BTC is still up 8%, but analysts are divided on the chances of a further sharper pullback. from here.

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The scenario is given by the flight of investors again to the dollar, which closed up 1.77% yesterday with inflation data in the US pointing to a greater possibility of announcing a new interest rate hike of 75 basis points at the end of the month – is on the table, including the possibility of a more severe adjustment of 1 percentage point.

“We have a scenario of broader and more persistent inflation, which should make the Federal Reserve raise interest rates by 75 basis points at the next meeting of the Federal Open Market Committee. [Fomc, na sigla em inglês]instead of the 50 points that some houses priced”, explains Jennie Li, stock strategist at XP Investimentos.

Ethereum is also going through a delicate moment and, although it resisted more than Bitcoin moments after the CPI (Consumer Price Index) was released, it also recorded a strong drop today, falling 7% and going to $1,603.

In addition to the greater risk aversion that also hits global exchanges, ETH reacts to the expectation of some traders that the price of the digital asset could plummet even further shortly after the Merge update, which should happen in less than 24 hours – according to sites that accompany the process, the merger of the network should take place between 0:00 and 1:00 on Thursday (15).

On the other hand, some analysts point out that it is precisely the Merge that continues to keep the price of ETH at the current level, preventing a stronger fall from now on. This is because some traders who aim to receive tokens for free after the update would be taking advantage of the drop to accumulate more coins.

The problem, however, is that most analysts see problems in the short term, as these same players are expected to dispose of these assets soon.

Raghu Yarlagadda, co-founder and CEO of FalconX notes that some institutional players see Merge as a “starting point for something bigger”, but others believe that the ETH rally last month has already represented all possible gains in cryptocurrency price on the horizon. next.

“Both sides are extremely passionate, but I don’t think there is a strong conviction that ETH will bounce back soon after the merger,” he said. “Retail seems to be on both sides of the counter at this point, based on what we’re seeing.”

Meanwhile, rival Solana (SOL) has the worst result of the day among the most valuable cryptos, plummeting 13% in the last 24 hours after exchange FTX, the main sponsor of the project, angered consumers by crashing amid yesterday’s volatility.

Watch: Everything you need to know about Ethereum Merge

Check out the performance of the main cryptocurrencies at 7 am:

cryptocurrencyPriceChange in the last 24 hours
Bitcoin (BTC)US$ 20,342.98-9.2%
Ethereum (ETH)US$ 1,602.21-7%
Binance Coin (BNB)US$ 279.82-4.5%
XRP (XRP)US$ 0.337906-4.5%
Cardano (ADA)US$ 0.473424-5.6%

Cryptocurrencies with the biggest gains in the last 24 hours:

cryptocurrencyPriceChange in the last 24 hours
Celsius (CEL)$1.76+18.3%
Evmos (EVMOS)$3.11+9.5%
eCash (XEC)US$ 0.00005218+8.4%
Radix (XRD)US$ 0.068614+4.9%
Ravencoin (RVN)US$ 0.063678+4%

Cryptocurrencies with the biggest drops in the last 24 hours:

cryptocurrencyPriceChange in the last 24 hours
Earth (MOON)$2.91-35.8%
Classic Earth (LUNC)US$ 0.00028776-22.9%
Solana (SOL)$33.49-12.9%
Helium (HNT)$4.44-12.5%
ApeCoin (APE)$5.07-11.7%

Check out how cryptocurrency ETFs closed in the last trading session:

ETFPriceVariation
Hashdex NCI (HASH11)BRL 19.51-5.52%
Hashdex BTCN (BITH11)BRL 25.18-8.4%
Hashdex Ethereum (ETHE11)BRL 24.67-5.87%
Hashdex DeFi (DEFI11)BRL 21.21-6.39%
Hashdex Smart Contract Platform FI (WEB311)BRL 20.04-2.71%
QR Bitcoin (QBTC11)BRL 6.60-8.71%
QR Ether (QETH11)BRL 6.19-3.43%
QR DeFi (QDFI11)BRL 3.84-6.34%
Crypto20 EMPCI (CRPT11)BRL 5.42-8.6%
Invest NFTSCI (NFTS11)BRL 27.89-1.2%

See the main crypto market news for this Wednesday (14):

Co-founder of the Terra project has been sentenced to prison

A South Korean court has issued an arrest warrant for Do Kwon, the co-founder of Terraform Labs, responsible for the Terra USD (UST) stablecoin that collapsed in May, according to the country’s Financial Crimes Unit.

The warrant includes five other people, according to Bloomberg News, which cited a text message from the prosecutor’s office. According to the publication, they are accused of violating the Capital Markets Act.

Opera Browser Launches MetaMask Integration

Opera browser, which already offered a native wallet, yesterday announced integration with third-party cryptocurrency wallets, including MetaMask. With the novelty, the user does not need to download extensions to access Web applications3.

The browser also works on a function called Wallet Selector, which allows you to manage multiple wallets, including automatic switching depending on the connected app.

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About Yadunandan Singh

Born in 1992, Yadunandan approaches the world of video games thanks to two sacred monsters like Diablo and above all Sonic, strictly in the Sega Saturn version. Ranging between consoles and PCs, he is particularly fond of platform titles and RPGs, not disdaining all other genres and moving in the constant search for the perfect balance between narration and interactivity.

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