On Friday, the main fluctuations are at 19,797 USD. Everything which is going on with the BTC now has a lot to do with the situation in the US stock market. The latter, in turn, is experiencing totally not the best times. After capital markets dropped on Tuesday, there happened a pause, but it was as short as expected. Yesterday, the Nasdaq and S&P 500 indices went negative again because fundamentally speaking, nothing has changed in them. Crediting prices in the US will be growing, which is bad news for companies and enterprises.
The next meeting of the Federal Reserve System will be next week already. The interest rate decision will be announced on 21 September. Average expectations suggest growth by 75 base points. The aggressive scenario does not exclude growth by 100 points at once.
The probability of the latter scenario, by the way, grew from 14% to 20%. Now the key support level for the BTC is 17,500-18,000 USD. If it is broken away downwards, a pathway to 15,000 USD will open. The crypto winter continues.
ETH: historic event
Well, on 15 September the long-awaited Merge update was installed in the Ethereum network. The blockchain switched for the Proof-of-Stake consensus algorithm, so that the network will be managed not by miners but by validators. Switching from mining to staking will affect the ETH and the whole crypto industry.
The Central bank of Egypt reminded citizens of the risks around cryptocurrencies and highlighted that it did not support such operations. The regulator introduced a punishment for those compromising their central role. The punishment includes imprisonment and huge fines.
