© Reuters Crypto Flipsider News – Bitcoin (BTC) to $12k; Ethereum (ETH) Crashes; Vasil Final Stage; Ripple Case Conclusion; U.S. Crypto Framework
Read in the Digest:
- Goldman Sachs (NYSE:) predicts (BTC) at $12k as markets plunge ahead of Fed rate hike.
- Steep decline sees (ETH) fall to 2-month low – ETHW loses 86%.
- Cardano’s Vasil hard fork enters its final stage, ADA risks record drop.
- SEC and Labs both file motions for the immediate conclusion of the case.
- The U.S. publishes crypto framework – ECB chooses Amazon (NASDAQ:) CBDC prototype.
Goldman Sachs Predicts Bitcoin (BTC) at $12k as Markets Plunge Ahead of Fed Rate Hike
Bitcoin’s (BTC) brief release over the weekend proved unstainable as the crypto market plunged once again amid fears of a new interest rate hike. The United States Federal Reserve is expected to raise its interest rate in response to the recently published inflation report.
Previous comments by Fed chief Jerome Powell suggest that the September 21st interest rate hike could be the highest made by the apex bank of the United States in the last four decades.
The fearful sentiment sent the price of BTC plunging beneath the $20k support level it had held over the weekend. Bitcoin has dropped in value by 6.5% over the last 24 hours to trade as low as $18,390, a new 3-month low.
The 24 hour price chart for Bitcoin (BTC). Source: CoinMarketCap
Analyzing the bearish macroeconomic environment, a team of Goldman Sachs economists, led by Jan Hatzius, predicts that the price of Bitcoin could fall to as low as $12,000 if the Fed continues to hike interest rates.
Flipsider:
- Popular pseudonymous crypto analyst “Capo”, who foresaw the 2022 crypto market crash, has predicted an imminent short-term rally for BTC.
Why You Should Care
The ongoing Bitcoin crash mirrors that of the broader stock markets, which have endured weekly decline since June 17th.
Steep Decline Sees Ethereum (ETH) Fall to 2-Month Low – ETHW Loses 86%
The recent…
