For all Binance's flaws, it being a Ponzi is not something that even its fiercest critics would say; bitcoin falls below $21K at one point during Tuesday trading, while ether suffers through another dreary day. thesamreynolds and JPRubin23 report
Cryptocurrencies on Tuesday drifted further away from their recent highs as investors processed the latest spike in macroeconomic uncertainty and braced for aftershocks of the U.S. Federal Reserve's expected 75 basis point rate hike.
Ether was recently trading just above $1,440, off less than a percentage point from the previous day but well off its most recent high above $1,600. The second largest crypto by market cap after bitcoin rallied last week on optimism about the Merge, which would shift the Ethereum blockchain from a more energy intensive proof-of-work model to proof-of-stake, and investors' increased appetite for risk. A heightened level of options open interest, relative to that of BTC underscored this trend.
Most other major cryptos fell deeply in the red with UNI and SUSHI down more than 11% and 10%, respectively at one point, and SAND dropping more than 6%.Stock indexes suffered through a dreary day with the tech-focused Nasdaq declining nearly 2% and the S&P 500, which has a tech-heavy component, and Dow Jones Industrial Average, falling 1.2% and 0.7%, respectively, as investors digested a Tuesday wave of disappointing earnings and other news.
Eisma noted the U.S. Federal Reserve's difficult position in combatting inflation without casting the economy into a deep, rapid recession and investors' understandable caution.
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