The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    K-pop group Kingdom recalls album cover resembling Quran

  • 3

    BTS' Jungkook to drop 2nd solo single '3D'

  • 5

    4 in 10 Koreans experience overdue wages: survey

  • 7

    Korea has world's highest senior poverty rate: data

  • 9

    All BTS members renew contract with BigHit

  • 11

    K-pop fans rally in Seoul against luxury brands' failure on climate action

  • 13

    Deoksu Palace's reconstructed Dondeokjeon hall to open to public

  • 15

    Korean gov't faces international criticism for R&D budget cuts

  • 17

    Hyundai Steel decides to form steel pipe unit

  • 19

    SK earthon begins crude oil production in South China Sea

  • 2

    Actor Song Joong-ki still hungry for new movie roles

  • 4

    Tanghulu captures hearts of Korean millennials and Gen Z

  • 6

    S. Korea flexes military might in rare parade with US in central Seoul

  • 8

    PHOTOSHarvest season arrives

  • 10

    Korean tennis player Kwon Soon-woo eliminated in 2nd round at Hangzhou Asiad

  • 12

    Serial killer transferred to detention center in Seoul equipped with execution chamber

  • 14

    Over half of Koreans want continuous strengthening of alliance with US: poll

  • 16

    LG Uplus, Hanwha develop ceiling-mounted EV charging system

  • 18

    EXCLUSIVELawmakers to submit resolution urging China to free N. Korean escapees

  • 20

    Main opposition chief in showdown with prosecutors over arrest

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Wed, September 27, 2023 | 05:00
Cryptocurrency
Fears of rate hikes hit crypto market despite Ethereum Merge upgrade
Posted : 2022-09-19 16:12
Updated : 2022-09-20 12:20
Lee Min-hyung
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
gettyimagesbank
gettyimagesbank

By Lee Min-hyung

Fears of external monetary uncertainty are bringing jitters to the global crypto industry despite Ethereum's much-anticipated Merge upgrade, which many critics have considered a major turning point for revving up lukewarm crypto sentiment.

The world's second-largest cryptocurrency by market capitalization completed Thursday the system upgrade with an environmentally friendly proof-of-stake mechanism. This upgrade raised hopes for the introduction of smarter contracts across the crypto industry, but there was little effect in terms of boosting its valuation on the market.

According to data from crypto price tracker, CoinMarketCap, the price of Ethereum has been on the sharp decline for the past week. It was traded at around $1,750 as of Sept. 12, but plunged to $1,300 as of 2:30 p.m. Monday.

The prices of other major cryptocurrencies also remained weak during the same period. Bitcoin was traded at around $22,300 last Monday, but failed to defend the $20,000 mark in a week, with its value tumbling down to $18,800 on Monday afternoon.

This situation was caused mainly by external macroeconomic fears ahead of the U.S. Fed's likely hawkish decision on monetary tightening. The market expects the Fed to take another giant step and raise its key interest rate by 75 basis points during the Federal Open Market Committee (FOMC) meeting slated for Sept. 20 and 21.

The crypto industry remains more than vulnerable to monetary tightening than any other asset markets ― such as stocks or real estate ― so chances are that major and minor cryptocurrencies will extend their declines from a near-term viewpoint due to the Fed's unwavering hawkish moves. But there also stands a possibility that investors will engage in a buying spree of major cryptocurrencies after the monetary uncertainty is cleared away following the FOMC meeting.

The unceasing fears of inflation also add more burden to the overall crypto market after the U.S. Labor Department said last week that its consumer prices rose 8.3 percent in August from a year ago.

Market analysts said that the crypto market will likely remain in the doldrums until the Fed and global monetary authorities indicate that they will end their cycle of rate hikes.

"The scorching inflation triggered a stock market selloff that is also dragging Bitcoin along for the ride," Edward Moya, senior market analyst at OANDA, said. "Hopes of a soft landing, the end of the Fed hiking cycle, and a resilient consumer, are fading away. Bitcoin's plunge reminded traders it remains the ultimate risky asset and is vulnerable if a stock market selloff deepens."


Emailmhlee@koreatimes.co.kr Article ListMore articles by this reporter
 
miguel
wooribank
Top 10 Stories
1S. Korea flexes military might in rare parade with US in central Seoul S. Korea flexes military might in rare parade with US in central Seoul
2Korea has world's highest senior poverty rate: data Korea has world's highest senior poverty rate: data
3For closer business ties between Korea, Vietnam For closer business ties between Korea, Vietnam
4Seoul Welcome Week to return for first time since pandemicSeoul Welcome Week to return for first time since pandemic
5Gov't to boost Korean language education for multiethnic students Gov't to boost Korean language education for multiethnic students
6POSCO International to enter US grain market POSCO International to enter US grain market
7BOK warns of worsening household debt situation BOK warns of worsening household debt situation
8Late Samsung chairman's love of animals helps change Korea's pet culture Late Samsung chairman's love of animals helps change Korea's pet culture
9SK Telecom to triple AI investment over next 5 years SK Telecom to triple AI investment over next 5 years
10Biden will try to 'manage' NK nuclear issue, not resolve it: US expert Biden will try to 'manage' NK nuclear issue, not resolve it: US expert
Top 5 Entertainment News
1[INTERVIEW] ONEUS returns as 'mermaid prince' INTERVIEWONEUS returns as 'mermaid prince'
2Kep1er unveils 'Magic Hour' with fresh perspective on love Kep1er unveils 'Magic Hour' with fresh perspective on love
3Rwandan artists bring diversity to Seoul's art scene Rwandan artists bring diversity to Seoul's art scene
4K-pop group Kingdom recalls album cover resembling Quran K-pop group Kingdom recalls album cover resembling Quran
5BTS' Jungkook to drop 2nd solo single '3D' BTS' Jungkook to drop 2nd solo single '3D'
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group