Recently we have witnessed one of the most awaited events in the history of the crypto space, fortunately, from the technical perspective the Ethereum merge has been carried out smoothly and the Ethereum is working on Proof-Of-Stake. But even after a smooth merger, there was pushback in the Ethereum price but now the entire crypto market is in red. In this article, we will have an overlook of the market and look into some news that will be helpful in understanding the market situation.

Today's Crypto Market

Today on the 19th of September, the entire crypto market is red, all the top ten cryptocurrencies are down by over 5% in the last twenty-four hours. And the market leader Bitcoin ~4.5% and 38.14% is the current dominance of Bitcoin. As you can see in the picture below that there is a lot of volatility in the index Bitcoin dominance in the last seven days which shows the volatile nature of the entire crypto market as well. And about the Fear & GREED Index of Bitcoin, we can clearly see that the current sentiment of the market is 'Extreme Fear', the index is at 21 which is down by two points in the last twenty-four hours ago.

And at the rightmost part of the picture, you can see the comparison between the long and short Bitcoin positions on Binance as well as on entire aggregated data across all major exchanges. There are 46.82% of long positions whereas 53.18% of short positions, this clearly indicated that the bear has totally gained control of the market.

Trending News of The Day

Following is the trending news in the crypto space which might be acting as the market drivers -

1) UK Warns Consumers About FTX

Recently UK's Financial Conduct Authority (FCA) posted a warning against FTX on their official website. In the warning, they have warned the consumers that FTX is an unauthorized firm that is providing financial services in the UK. Following is the quote from FCA's official warning -

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary of dealing with this unauthorised firm and how to protect yourself.

Link to FCA warning - FTX | FCA

2) FED To Announce

This week on Wednesday, US Federal Reserve Bank will be announcing the interest rates which are supposed to be a hike of another 75 points which is a 0.75% hike in the current interest rates. This hike will impact the entire financial industry, traditional as well as cryptocurrency. It is expected that the crypto market will be in the red until this announcement comes and also will take a hit after this announcement. According to the statement made by Chairman Jerome Powell, we might see a slowdown in the hikes after this upcoming rate.

Related - Crypto Prices Are Crashing Because of What's Coming on Wednesday

Conclusion

These are some of the important and trending news in the crypto space which will surely affect the crypto market in the upcoming days. And if we consider the estimated rate hikes are implemented then there will be more downside action in the crypto space. So be sure to get into the market only if you are sure and do not take any unnecessary risks.

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