Ethereum (ETH), the second-largest cryptocurrency by market capitalization, fell below $2,000 on May 20 as the crypto market continues to fall.
At press time, the number of Ethereum addresses in a loss reached a 2-year high of 33,403,723.452, according to a May 21 tweet from the on-chain metrics platform Glassnode.
In addition, the hourly chart reveals that the number of lost addresses began to rise at the start of 2022.
Crypto market feels the effects of a rate hike
The market has been attempting to digest the Federal Reserve’s (Fed) aggressive strategy to combat inflation by increasing interest rates. All year long, the prices of risky assets have been very unstable. For example, ETH hit $1,800 last week, which was its lowest level since July 2021.
Typically, Ethereum prices mirror those of Bitcoin. However, the future of the token is uncertain due to the upcoming merge, a massive software update.
Nonetheless, market participants would argue that the crypto market reflects global concerns regarding the war in Ukraine, soaring inflation, and the U.S. government’s monetary policy shifts. Recently, governments have talked about wanting to regulate the cryptocurrency market, which could scare investors even more.
According to CoinMarketCap data, the price of Ethereum at press time was $1,966, representing a 3.33 percent decrease on the day and a 0.55 percent decrease over the previous seven days. Its current market capitalization is $237.7 billion
Source : Finbold
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