Bitcoin (BTC) price dropped almost 10% on the back of stronger US inflation figures on Tuesday, when the whole market was positioned for a weaker number. In light of the release, markets had to reassess the new situation, which meant that any positive scenario for a return to normal conditions in 2023 got thrown in the bin. It looks like the Fed had it right all along, and markets will need to live for at least another year with high inflation still taking a massive bite out of the monthly household budget, and thus less disposable cash to spend on cryptocurrencies.
Ethereum price is on everyone's mind as the upcoming Merge event provokes considerable speculation about where the price is going. According to Santiment's Social Media Indicators' Ethereum Merge is currently ranked third in popular discussions on all social media platforms. Despite the hype and speculation that Ethereum's big day will yield a massive move, the technicals could be suggesting that nothing spectacular is set to happen at all.
Litecoin price is flirting with $60.00 after holding support around the same zone. The token continues to form a higher high and low pattern despite the many price corrections since its primary support at $42.00 in June. The largest smart contracts platform, Ethereum, is set to activate the biggest software upgrade in its history, called the Merge, in about 15 hours from the time of writing. Ethereum developers have been working tirelessly to transition Ether from a proof-of-work (PoS) mechanism to a more energy-efficient proof-of-stake (PoS) consensus.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.