NewsletterStocks, Bonds, Commodities Dropping: Crypto Prices To Follow Suit?
At a time when the crypto ecosystem went through one of the most sought after upgrades, the stocks are falling. On Thursday, everything seems to be on the downward curve while cryptocurrencies already were down after The Merge completion. All asset classes, including stocks, bonds, crypto and commodities are falling in values currently. The Nasdaq composite index is down over 1% as of writing. This seems to have a ripple effect on the crypto market too, with Bitcoin (BTC) and Ethereum (ETH) following suit.
Crypto Prices Following Dip In Stocks?
In the space of just one hour, BTC and ETH dropped by nearly 2% and 6% respectively after the stock market started dipping. Even Ethereum Classic (ETC) fell sharply in the last one hour, with ETC losing by around 4%. As of writing, BTC price stands at $19,730.68, down 2.60% in the last 24 hours, according to price tracking platform CoinMarketCap. Ethereum, which suffered the impact of The Merge earlier in the day, is trading at $1,486.90, down 6.91% in last 24 hours.
Briefly after The Merge completed officially, ETH price fell back to pre-merge levels. However, the crypto community seems to have confidence in the Ethereum’s future prospects. Earlier in the day, Ethereum Merge has triggered successfully by the total terminal difficulty (TTD) of 58750000000000000000000 at block 15537394. With this, the blockchain network accomplished the transition to proof of stake consensus after successfully completing the Merge. The network upgrade will bring about a 99.95% reduction in its energy consumption.
Correlation To Fade Out?
Experts believe the falling prices pose a great opportunity to take positions in ETH. On the other side, the crypto market has once again proved to be affected by the stock market. However, increasing crypto adoption and fueling of new institutional capital into the market is expected to change the scenario. With more stability in crypto projects, the prices of digital assets could have lesser correlation with stock prices.
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