Today, cryptocurrency values plummet as bitcoin falls below $1900. Ether falls by more than 10%

bitcoin
In this illustration, souvenir tokens for the cryptocurrency networks Bitcoin, Ethereum, Dogecoin, and Ripple dive into the water.

Today’s cryptocurrency values remained negative, hurt by a further decrease in the second largest token Ether and the threat of a worldwide wave of monetary tightening this week. Bitcoin, the world’s largest and most popular cryptocurrency, was trading 6% down at $18,830, well shy of the $19,000 mark. According to CoinGecko, the worldwide crypto market valuation today slipped below $1 trillion, falling more than 4% in the previous 24 hours to $974 billion.

On the other side, Ether, the second largest cryptocurrency and the token tied to the ethereum blockchain, fell more than 10% to a two-month low of $1,370.

Since mid-June, an Ether surge fueled by anticipation over an update to the Ethereum blockchain has been gradually unravelling. Meanwhile, investors are braced for turbulence as the Federal Reserve raises interest rates to combat pricing pressures this week.

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Ethereum’s redesign saves a lot of energy and allows it to scale higher and become faster, according to the network’s creators. The transition from proof-of-work to proof-of-stake took years and appears to have gone successfully, while hitches remain potential.

The integration is only the beginning of a series of Ethereum enhancements that will make it more scalable and decentralised.

The second-largest cryptocurrency faces several obstacles, including a potential governmental response.

Meanwhile, the price of dogecoin was roughly 7% down today at $0.05, while Shiba Inu fell more than 9% to $0.000011. Other crypto values have also dropped in the previous 24 hours, including XRP, Uniswap, Solana, Polygon, Avalanche, Binance USD, Polkadot, Litecoin, Apecoin, Cardano, Stellar, Chainlink, Tron, and Tether.

In other news, allegations that Ripple Labs Inc. and the US Securities and Exchange Commission (SEC) are seeking an urgent judgement in a court action involving Ripple’s connected cryptocurrency XRP caused the latter to lose up to 12% of its value. According to Bloomberg, the SEC believes Ripple was imprudent in asserting that XRP is not a regulated security.

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