Ethereum can't catch a post-Merge break while Bitcoin twists on support

The crypto markets have hit new monthly lows of US$910bn, mainly due to an Ethereum that can't seem to catch a post-Merge break. Now changing hands at US$1,270, ETH has slashed over 20% from its market cap in the past week alone, with the bulls and bears fighting it out in equal measure throughout Thursday morning's trade.

Timeline of Bitcoin, Ethereum

Shark Tank celebrity investor Kevin O'Leary reportedly says that policies will impact investments in the digital asset space as he shares his optimism that US policymakers will be supportive of crypto.

Despite the back-and-forth stance towards crypto in Russia, serval Russian departments have reached a consensus that Bitcoin mining should be legalized in areas rich in electricity.

Bitcoin and other major altcoins have displayed a correlation between macroeconomic factors and virtual currencies. After the August CPI data release, almost all the crypto assets started dropping.

According to this banking insider, the governments have it all wrong. Bitcoin is one of the least private assets out there, and they should change policies for the pendulum to swing the other way.

Bitcoin price struggled to clear the $19,500 resistance. BTC is currently (03:10 UTC) trading below $19,000. The fed rate hike to 3.25% increased selling pressure and now there is a risk of a move below the $18,000 level.

Major coins fell sharply on Wednesday evening as the global cryptocurrency market cap decreased 2.7% to $896.8 billion at 8:30 p.m. EDT. Price Performance Of Major Coins Coin 24-hour 7-day Price Bitcoin (CRYPTO: BTC) -2.5% -8.9% $18,444.58 Ethereum (CRYPTO: ETH) -6.4% -24.6% $1,242.58 Dogecoin (CRYPTO: DOGE) -2.8% -6.6% $0.06 Top 24-Hour Gainers (Data via CoinMarketCap) Cryptocurrency 24-Hour % Change (+/-) Price Celsius (CEL) +7% $1.55 Compound (COMP) +3.1% $56.3 XDC Network (XDC) +1.1% ​​$0.03 See Also: How To Get Free NFTs Why It Matters: Ethereum tumbled and Bitcoin fell sharply after the U.S. Federal Reserve issued the third consecutive 75 basis point interest rate increase on Wednesday.

Ethereum has been in the heat of discussion on social media following the release of the Merge last week. However, everything has not gone according to plan as ETH prices have dropped below $1,350.

The bitcoin mining industry has now grown to the point where it is being measured up against other similar industries that have been around for longer. However, the operations of the bitcoin mining firms to these established commodity-based firms are very different.

Bloomberg commodity strategist Mike McGlone has reiterated he believes that the price of the flagship cryptocurrency Bitcoin ($BTC) will hit the $100,000 mark. Per the analyst, it's a “matter of time” until the cryptocurrency reaches six figures.

The host of the Coin Bureau YouTube channel is warning that interest rate hikes will negatively impact crypto assets. The Coin Bureau host tells his 80,300 YouTube subscribers that Bitcoin (BTC) could drop by over 35% from the current level as interest rates rise.