Inflationary pressure and fear of a global recession have driven investors away from riskier assets, especially cryptocurrencies. Bitcoin price is down for the year. Standing at $19,243, BTC price is up by 3.15% in the last 24 hours. It’s likely to run for the $20,000 level soon. On September 6, the world’s topmost cryptocurrency plunged to its lowest level in 80 days.
Ethereum, as per data from CoinMarketCap, gained 8.45% of its value in the last 24 hours. It’s trading at $1,627. The second most loved cryptocurrency is likely to touch $2,000 before the Merge.
The altcoins have seen some gains in the last 24 hours. Solana (SOL) is up by 6.46%, Polygon by 6.18% and Polkadot gained 5.54%. The meme coins, Dogecoin and Shiba Inu gained 5.11% and 3.56%, respectively.
Macroeconomics continues to have pressure on markets. Bitcoin and stocks have faced pressure from hawkish chatter by monetary officials. Lael Brainard, the Fed Vice Chairwoman, in a speech on Wednesday at a banking conference in New York said they are in this as long as it takes to get inflation down. Cleveland Federal Reserve President Loretta Mester said she needs to see several months of declines in the month-over-month readings. She wants to guard against declaring victory over inflation too soon, as such the Fed needs to raise rates above 4% and keep them there for a while. Jerome Powell, the chairman, in July had said that upcoming decisions would be data-dependent. This means they would be looking at the consumer price index.
With uncertainty across the market, many traders are betting on a continued price decline for Bitcoin. This is reflected in the increasing record level of speculation seen in the crypto futures market.