October 1, 2022

Bitcoin Drops Below The $19,000 Mark, Ethereum Not spared

Major cryptocurrencies traded in red early today on September 19 as the global crypto market cap declined 6.55% to $909.40 billion over the last day. On the other hand, the total crypto market volume surged 43.72% to $69.19 billion during the last 24 hours. The total volume in DeFi stood at $5.00 billion, 7.32% of the total crypto market 24-hour volume. The volume of all stable coins is now $62.88 billion, which is 90.88% of the total crypto market 24-hour volume. The price of Bitcoin is with a dominance of 39.59%. This was a 0.16% increase over the day, according to data from CoinMarketCap.

In dollar terms, bitcoin fell 5.4% to $18,934.8 – dropping below $19,000-mark again. Its market value stood at $373 billion. The world’s biggest and best-known cryptocurrency is down 58.9% from the year’s high of $48,234 on March 28.

Global Bitcoin Updates

The European Central Bank chose five organizations to help develop user interfaces for a potential digital euro. The organizations include Amazon and the European Payments Initiative.

Two Sigma Ventures announced plans to invest $400 million across two new venture capital funds, confirming that Bitcoin investments will be included, reported some Bitcoin publications.

An accounting bug at Binance has led to a windfall in Helium Network’s native HNT token for some users and shouldered the world’s largest crypto exchange with a multimillion-dollar shortfall, according to people familiar with the matter.

In stark contrast to the mostly flawless execution of the Ethereum Merge, technical snafus and defections have marred the new “fork” blockchain by crypto miners aiming to preserve the old proof-of-work network.

Expert Take On Ethereum Merge

Sathvik Vishwanath Co-Founder CEO Unocoin said that the weekend was bearish but the value lost is not significant except Ether which has continued to lose its value.

“After the merge, the signs of split are minimal even though it is not completely out of chance yet,” he added. “The rest of the top 100 coins from other sectors ended up in red. The rest of the week is expected to be bumpy.”

Robert Kiyosaki on Fed Rate Hikes, U.S. Economy, Bitcoin

The author of Rich Dad Poor Dad, Robert Kiyosaki, is back with more warnings about the U.S. economy and advice on where investors should put their money.

Rich-Dad-Poor-Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.

On Friday, Kiyosaki tweeted that “savers are losers,” elaborating:

Today, U.S. debt in 100s of trillions. REAL INFLATION is 16% not 7%. Fed raising interest rates will destroy U.S. economy. Savers will be biggest losers. Invest in REAL MONEY. Gold, silver & bitcoin.

A number of economists, are predicting a 100 bps increase in the Fed’s benchmark short-term rate next week. Investment strategist Ed Yardeni made a statement to CNBC on Friday. He believes the Fed is “going to come around and conclude that maybe just get it over with, maybe 100basis points instead of 75. And then maybe one more hike after that.

Some people, such as Tesla CEO Elon Musk and Ark Invest CEO Cathie Wood, have warned that a major Fed rate hike risks deflation in the U.S. economy.

Augustine Ojeh

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