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ETH falls 6% amid Trump assassination attempt, looming rate cuts, ‘FUD’ wave

Market Musing-g

ETH falls 6% amid Trump assassination attempt, looming rate cuts, ‘FUD’ wave

ETH

TRUMP

DON

TRUMP2024

By Cointelegraph

Created 7 months ago, last updated 7 months ago

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3 mins read

ETH falls 6% amid Trump assassination attempt, looming rate cuts, ‘FUD’ wave

The price of Ether has tumbled 6% in the last 24 hours amid crypto market jitters, falling from an intraday high of $2,425 on Sept. 15 to bottom out at $2,260 on Sept. 16.

The asset briefly dropped below $2,200 during the flash crashes of Aug. 5 and Sept. 7, and it is now back at levels not seen since January.

Meanwhile, the broader crypto market has retreated 4.5%, with total capitalization sinking back to $2.12 trillion, though Ether (ETH) has taken the brunt of the pain.

The price of Ether over the past 24 hours. Source: TradingView

The move comes amid an apparent wave of FUD — fear, uncertainty and doubt — on X, with even analysts and crypto industry observers seemingly jumping on the Ether-bashing bandwagon.

“Half of my feed is ETH FUD at this point,” exclaimed Ethereum developer Antiprosynthesis in a post on X on Sept. 15.

Meanwhile, economist Alex Krüger compared Ethereum to Brazillian footballer Neymar Junior.

If Ethereum were a football player pic.twitter.com/OZLwpye8R4
— Alex Krüger (@krugermacro) September 16, 2024

Crypto analysts James Check and Kaleo also joined the ETH-bashing, posting memes about the collapse in prices and the decline against BTC.

Meanwhile, The Crypto Dog told his 820,000 X followers on Sept. 15 that even Bitcoin Cash (BCH) has outperformed Ether in the last year.

The ETH/BTC ratio is now at its lowest level since April 2021, hitting 0.038 on Sept. 16, according to TradingView.

ETH/BTC. Source: TradingView

The ETH price slump has happened at the beginning of a very busy week for the United States, with the Federal Reserve poised to announce a rate cut on Sept. 18.

According to the CME Fed Watch tool, the odds are currently 41% of a 25-basis-point rate cut and a 59% chance of a larger 50-basis-point cut.

Earlier this month, Bitfinex analysts predicted that the US central bank’s widely expected rate cut could lead to a dip in the crypto market.

Additionally, former US President Donald Trump survived what mainstream media are calling a second assassination attempt on Sept. 15.

Trump was unharmed, and a suspect who fled the scene was arrested and identified as 58-year-old Ryan Wesley Routh.

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ETH falls 6% amid Trump assassination attempt, looming rate cuts, ‘FUD’ wave

Cointelegraph

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