Why is Ethereum (ETH) price down today?


Ether (ETH) price is down on Dec. 16 and the pre-FOMC rally to $1,350 was obliterated after Federal Reserve chair Jerome Powell issued hawkish statements following a 0.50% hike in interest rates.

Ether price was dealt another blow when Silvergate Capital (NYSE:SI) Corporation decided to voluntarily liquidate Silvergate Bank. Silvergate Bank was one of the major crypto-friendly banks before a wave of companies dropped their services due to liquidity concerns.

Ethereum long liquidations. Source: CryptoQuantEthereum ecosystem total value locked. Source: DeFiLlamaEthereum exchange netflow. Source: CryptoQuantInterest rate probability. CME Group (NASDAQ:CME)Bitcoin and Ethereum daily active users. Source: TokenTerminal


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