Claim $500Crypto Plummets As Altcoins Tank, Why Is Crypto Crashing Today?
The crypto market is crashing in the last 24 hours. The crypto market cap fell another 4% in the last 24 hours and is in serious danger of falling below the $900 billion mark.
Bitcoin fell by 3% in the last 24 hours and is trading at $19,464. However, it is the altcoins that are facing the major brunt of this bear market.
Ethereum continues to face a major slump after the Ethereum merge. ETH fell another 8% in the last 24 hours. In the last 7 days. Ethereum has fallen by 23% and is trading at $1,344.
Altcoins In A Major Slump
Ethereum’s price drop after the merge is reflected by the other altcoins. Cardano, Solana, Dogecoin and Polkadot all fell close to 7%. Polygon’s MATIC, Shiba Inu, and Avalanche faced an absolute bloodbath as they fell close to 10%.
Ethereum Classic and ETHPoW were the two biggest losers of the last 24 hours. While ETC fell by 12%, ETHPoW fell by close to 50%. ETHPoW is a hard fork of Ethereum which hopes to keep Proof-of-work alive on Ethereum after the merge.
Why Is Crypto Crashing Today
The crypto slump in the market is a direct result of the macroeconomic conditions at play. According to experts, the Ethereum merge could not have taken place at a worse time. Due to soaring inflation, the Federal Reserve has taken an extremely hawkish stance.
The next Federal Open Market Committee will meet on the 21st of September to discuss the next interest rate hike. According to the CME Fed Watch Tool, the Fed will most likely go with a 75 bps hike. However, experts believe that the market is pricing in a 100 bps hike as well. A 75 bps hike will likely already be fully priced in and will not have a major impact on the crypto market.
Meanwhile, Elon Musk’s deflation warning and World Bank’s recession warning are also at play in light of the Fed’s jumbo hike.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Shiba Inu Team Unveils ‘Shib Owes You’ Plan To Repay Plasma Bridge Hack Victims
- Fed Chair Race Tightens as Hassett’s Odds Slip Below 50% Ahead of Trump’s Decision
- Fed Injects $26 Billion: Will the Crypto Market Record a Year-End Rally?
- XRP Sell Pressure Intensifies amid Rising Inflows to Binance, South Korean Exchanges
- Crypto ETFs in 2026: What to Expect for Bitcoin, Ethereum, XRP, and Solana
- Binance Coin Price Risks Crash to $700 as Key BSC Metric Plunges 80%
- SUI Price Forecast: What’s Next for SUI in 2026 After $78.9M Token Unlocks?
- Solana Price Prediction: How High Could SOL Go in January 2026?
- Top 3 Predictions for Bitcoin price, Ethereum price and XRP price for 2026 According to Analysts
- Is $1 Dogecoin Price Technically Possible in 2026?
- Bitcoin Price Year-End Prediction: Analysts Highlight Key Levels Before 2025 Close
