The overall crypto market became bearish after the publication of the US Consumer Price Index (CPI). Bitcoin, the world’s first cryptocurrency, has fallen below $21,000 and trades at $20,000 right now. The same downward trend is also evident for Ethereum and other assets. Moreover, The New York Times praised Helium earlier this year, and investment firms like Andreessen Horowitz backed its parent company.
Bitcoin was selling for $20,304 at the time of publication and Ethereum at $1612, representing a loss of 9.4% & 6. 35%, respectively.
Despite all the volatility, three events can still be seen in the crypto market. Ethereum MergeThe much-anticipated ETH merger is scheduled for September 15. The merger will change Ethereum from a proof-of-work (PoW) to a proof-of-stake mechanism (PoS), and the mining rewards will be close to 1,600 Ethereum per day.
According to the official website, ETH will not be issued after the merger. ETH will also be burned at an average gas cost of 19 gwei. Rumors suggest that the market will experience extreme volatility following the merger.
Mt.Gox Bitcoin RepaymentsMt.Gox was hacked in 2011. Around 840,000 BTC were taken from it. It recovered with almost 140,000 BTC after three years. However, it remains in litigation.
After September 15, the crypto market could be volatile again if Bitcoin is not repaid to applicants. Consumer Price Index (CPI). The Consumer Price Index (CPI) was released yesterday and has impacted the price action of the primary cryptocurrency. CPI data indicates an inflation rate of 8.1%. Cryptocurrency prices have been lowered as a result. As a result, the Federal Reserve is expected to raise interest rates soon. Despite all facts, the FBI got an alert when 13 out of 28 victims could not withdraw their money from the app.