Majority of the top 100 DeFi tokens had a mixed week, with several tokens trading in green on weekly charts, with the total value locked seeing a minor increase of $4 billion.
Macroeconomic factors and centralization concerns are putting pressure on Ethereum’s price post-Merge.
Jerome Powell is lengthening economic pain by refusing to raise interest rates at the necessary pace. It’s time to rip off the band-aid.
In addition to a 0.75% basis point hike, the Federal Reserve also set its 2022 target interest rate at 4.4%, leading Bitcoin analysts to forecast further downside for BTC.
Polls suggest that the Fed is likely to raise rates by 75 basis points as Bitcoin price clings to $19,000.
A set of technical indicators see Bitcoin price ending its prevailing bearish cycle.
With the Merge resulting in a ‘buy the rumor, sell the news event,’ Mike McGlone thinks that ETH might drop to “$1,000, or even get a bit lower” given how hawkish the Fed has been.
In a recent Twitter Space, Capriole Fund founder Charles Edwards told Cointelegraph that BTC could go lower, but currently reflects “incredible deep value” based on multiple price metrics.
The Federal Reserve’s rate hike spree will likely spoil XRP’s most bullish fundamentals in years.
On-chain and technical indicators also hint at more pain for Bitcoin and Ethereum for the remainder of 2022.