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Coin Circle (120BTC.COM) News: The annual growth rate of the Consumer Price Index (CPI) announced on the 13th in the United States reached 8.3% and showed no downward trend. People from all walks of life are worried that the inflation data will trigger the Federal Reserve (Fed) to significantly raise interest rates by more than 75 basis points. , coupled with the news that all profits were exhausted after the Ethereum (ETH) merger was completed last week, the price of Ethereum accelerated its pursuit of the bottom. It fell below US$1,300 from last week's high of US$1,760 before the deadline, and dropped to as low as US$1,280, nearly US$1,280. The largest drop in 24 hours was more than 10% and hit a low in the past month; Bitcoin also fell below US$19,000 in a single day, once falling by nearly 6%.

 MakeDAO and AAVE face ETH liquidation

As the price of Ethereum continues to fall, decentralized finance (DeFi) platforms are also facing various liquidation crises. According to Defillama data, the current ETH on MakerDAO and AAVE protocols will face liquidation. When ETH falls to $1,284, 3354.57 ETH will be liquidated on MakerDAO, worth 4.3 million US dollars; when ETH drops to 1263 US dollars, 948.248 stETH will be liquidated on AAVE, worth 1.2 million US dollars.

When ETH fell to $1,188, the liquidation amount of ETH and stETH on MakerDAO and AAVE exceeded $44 million. As a result, large amounts of Ethereum may be sold off in the market, and it may face further declines.

In addition, in terms of WBTC liquidation pressure, according to Defillama data, when BTC fell to $17,492, 102.217 WBTC worth $1.78 million would be liquidated on MakerDAO; when BTC fell to $17,476, there would be 765.846 WBTC on Compound. was liquidated, with a value of more than 13 million US dollars. Compared with ETH, WBTC's liquidation amount on the entire network mostly comes from Ethereum.

At the time of writing, the current price of Ethereum is US$1,290, which is about US$100 away from the current maximum liquidation price of US$1,188. The market focus this week is currently on the US Federal Reserve’s September interest rate decision announced at 2 a.m. (22nd). If If interest rates are raised by 100 basis points to 3.23–3.5%, there is a high probability that Ethereum will continue to decline and touch the liquidation price of $1,188.

The key to whether it will hit the key price of $1,188 may lie in the U.S. Federal Reserve (Fed) announcing its September interest rate decision at 2 a.m. Beijing time on Thursday (22nd) this week. Due to the August consumer data released last week The price index (CPI) is higher than expected, which has led to a collective plunge in the stock market and cryptocurrency market. Currently, according to CMEFedWatch forecast data, there is an 82% chance that the FED will raise interest rates by 75 basis points in September and raise the benchmark interest rate to 3.0-3.25%; The probability of raising interest rates by 100 basis points to 3.25–3.5% is 18%, and the probability of raising interest rates by 50 basis points has dropped to zero.

In addition, according to the latest survey between the Financial Times and the University of Chicago Booth School of Business, about 70% of the 44 economists surveyed from September 13 to 15 believe that the Fed will lower the benchmark during the tightening week. Interest rates have increased to a peak of 4-5% (currently 2.25-2.5%), and 20% of scholars even believe that it will exceed this level. This also implies that the interest rate environment will continue until 2023 or beyond to curb the current Qualcomm expanding environment.