0
0
Read Time:1 Minute, 50 Second
Today’s cryptocurrency values fell, with Bitcoin trading below the $21,000 mark. The value of the biggest and most used cryptocurrency in the world fell by more than 6% to $20,298. Despite falling more than 6% in the previous day to $1.02 trillion, the total value of all cryptocurrencies was beyond the $1 trillion threshold today.
On the other side, Ether, the second-largest cryptocurrency and coin connected to the Ethereum blockchain, fell more than 10% to $1,509. In recent weeks, Ether had outperformed the overall cryptocurrency market thanks to anticipation around the upcoming “Merge” network software upgrade.
The Ethereum Foundation revealed more details regarding the forthcoming update earlier this week, showing that all the preparations are proceeding without a hitch. The update will be finished in its entirety between September 10 and September 20, according to the release.
Shiba Inu was down almost 10% at $0.000013, while Dogecoin was trading almost 7% down at $0.06 today. Since the values of BNB, Chainlink, Apecoin, XRP, Uniswap, Tron, Litecoin, Stellar, Binance USD, Polygon, Solana, Polkadot, Avalanche, and Tether have been falling over the past 24 hours, other cryptocurrencies’ performance today has also decreased.
After Jerome Powell cautioned against the prematurely relaxing policy, cryptocurrencies sank in step with the overall market, with Bitcoin falling towards the lower end of the tight band it has been trading in for the past two weeks. Since last Friday, it has fluctuated between a price range of $22,000 and $20,000.
The chairman of the Federal Reserve, Jerome Powell, pushed back against the notion that the Fed would soon change direction, indicating that the US central bank is likely to keep hiking interest rates and maintain them high for some time to stifle inflation.
In the first half of the year, cryptocurrencies had difficulty as a result of the Federal Reserve’s rate increases to battle persistently rising inflation. Several cryptocurrency organizations have slashed staff after a significant pair of tokens collapsed, and other cryptocurrency lenders have frozen client withdrawals. Although Bitcoin has risen from its mid-June lows, the second-place crypto Ether has performed even better as anticipation for its next Merge update grows.
Happy
0 %
Sad
0 %
Excited
0 %
Sleepy
0 %
Angry
0 %
Surprise
0 %
