data for August <\/a>which fell 0.1% month-over-month compared to a 0.4% fall in July.\u00a0<\/p>\nInvestors are waiting for a slew of economic data on Thursday morning such as retail sales, jobless claims, import prices and the Philadelphia Fed manufacturing survey.<\/p>\n
\u201cBitcoin\u2019s best case scenario was for the Fed\u2019s soft landing to happen and now that seems less likely as the risk of recession is growing. A broader slowdown is hitting Wall Street and that should keep Bitcoin grounded and stuck in this crypto winter,\u201d said Edward Moya<\/strong>, a senior market analyst at OANDA<\/strong>, in a note seen by Benzinga.<\/p>\nOn the imminent Ethereum merge, Moya said, \u201cEthereum\u2019s Merge should be a pivotal moment for the cryptoverse and its current weakness is more likely reflecting investor expectations that we will see a classic \u2018sell the event\u2019 reaction once the Merge is done.\u201d<\/p>\n
\u201cEthereum will likely continue to chip away at Bitcoin\u2019s lead as the top crypto, but chances of a ‘flippening’ will have to wait a couple more years.\u201d<\/p>\n
A Twitter poll conducted by Justin Bennett<\/strong> appears to concur with Moya\u2019s assessment that The Merge is a \u201csell the event\u201d phenomenon as far as price action goes.<\/p>\n