Cryptocurrency market Update: September 9, 2022

Despite Powell’s Comments, Crypto Market Remains Surprisingly Stable

Although Federal Reserve Chairman Jerome Powell gave a speech during an interview with the Cato Institute, the cryptocurrency market remained surprisingly stable over the past 24 hours. In the interview, Powell hinted at the possibility of another substantial interest rate hike to curb inflation.

His comments may have been offset by data showing a sharp increase in U.S. job growth. Another factor contributing to market stability might be the optimism surrounding the upcoming Ethereum Merge and the Cardano Vasil hard fork.

As of September 9, 2022, the overall crypto market rose by 2.12%.

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Key Developments
Here are some major updates released on Friday morning:

• Europe is undergoing its largest interest rate hike in history, with rates rising to 75 basis points.

• As of September 9, the total global cryptocurrency market cap stood at $985.78 billion.

• Bitcoin’s market dominance continues to decline but currently stabilizes at 37.63%.

• The onshore crypto rupee index CRE8 rose by 0.81% over the past 24 hours.

• The crypto market failed to maintain the gains seen before the September 6, 2022, Merge. However, most cryptocurrencies showed stable price movements, which may inspire cautious optimism.

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Key Coins

Bitcoin (BTC) and Ether (ETH) saw modest gains over the past 24 hours, rising by 0.81% and 0.78% respectively. Solana (SOL) was the best performer among the top ten cryptocurrencies, rising by 4.89% at the time of writing. Trailing Solana was Polkadot (DOT), a Layer-0 blockchain network, which rose by 3.37% as of September 9.

In terms of key price levels, BTC was last trading at $19,392. In comparison, ETH held slightly stronger, stabilizing at $1,639.

Among the biggest gainers, decentralized trading platform Polymath emerged as a dark horse, with its token POLY soaring an unregistered 70% in a single day. The well-known payment ecosystem Golem (GLM) also posted strong performance, gaining 34.50% upon issuance.

In contrast, Fetch.ai (FET) from the Cosmos ecosystem recorded the largest pullback, dropping 4% over the past 24 hours.

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Crypto Fear & Greed Index (CFGI)

Market sentiment remained subdued on Friday. The Crypto Fear & Greed Index stood at 22, still far below the optimistic threshold of 35. A sustained break above this level is needed before signs of renewed buyer confidence appear.

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Market Update

Compared to yesterday, market sentiment has seen a slight recovery. However, feelings of weakness and panic may persist for a while, especially with the U.S. Consumer Price Index (CPI) data for September set to be released next week.

Despite broader financial concerns, the upcoming Ethereum Merge continues to offer a glimmer of hope for the wider crypto community. Still, we advise proceeding with caution and conducting thorough research before making any investment decisions.

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FAQs

How much has cryptocurrency fallen in 2022?
In 2022, cryptocurrency prices have seen significant fluctuations due to various factors such as regulation and environmental concerns. Bitcoin’s price ranged between $30,000 and $50,000 during this period.

What’s the next trend in cryptocurrency?
The next trend in crypto remains uncertain, but experts point to continued adoption of blockchain technology, innovations in decentralized finance (DeFi), and potential growth in non-fungible tokens (NFTs) as key areas to watch.

What was Bitcoin’s price in September 2022?
In September 2022, Bitcoin’s price fluctuated due to market volatility, with a range between $30,000 and $50,000, reflecting the broader instability in the crypto market at the time.

Will the cryptocurrency market recover?
The crypto market has shown resilience in the past, often rebounding after downturns. However, its future performance will depend on regulatory developments, technological progress, and investor sentiment.