- Bitcoin falls below the $19,000 mark.
- Ether is currently worth $1,508 on international exchanges.
- Over the past day, Ether’s value has decreased dramatically by 8.16 percent.
- The value of the second-largest cryptocurrency in the world has climbed by 9.5 percent week over week, according to data from CoinGecko.
- In the previous day, the market capitalization of all cryptocurrencies decreased noticeably, dropping as much as 6% to $935.13 billion.
- A $40 threshold is about to be crossed as the price of Ethereum Classic has risen by over 23%.
The value of Bitcoin, the largest cryptocurrency in the world by market capitalization, has started a sharp decline that will likely take it closer to the lows it reached in June 2022 as investors shift even more firmly into a risk-off mindset. Bitcoin’s value has decreased significantly over 5 percent in the past day, with prices currently circling around the $19,000 mark on international exchanges while falling by 1.5 percent to $20,582 on Indian platforms like CoinSwitch and CoinDCX.
The overall cryptocurrency market saw weakness as a result of Bitcoin’s decline, as the market value once more fell below the $1 trillion threshold. As a result of greater inflation and rising interest rates, the market has lost close to $2 trillion so far this year.
Strong U.S. employment and service sector numbers, which show some resiliency in the largest economy in the world, are what led to Bitcoin’s most recent losses.
Bitcoin dropped below $19,000
The price of Bitcoin is $18,704 on major exchanges including CoinMarketCap, Coinbase, and Binance, while data from CoinGecko shows that the value of BTC has fallen by 5.3 percent since last Wednesday.
Despite the Bellatrix update, Ether’s price has strangely followed BTC’s price trend as we enter the eagerly anticipated “Merge” week.
Currently, Ether is valued at $1,508 on international platforms. Ether’s value has fallen significantly over the last 24 hours, by 8.16 percent.
The performance of Ether throughout the last days of last week has caused the cryptocurrency’s value to rise significantly from where it was. According to CoinGecko data, the value of the second-largest cryptocurrency in the world has increased by 9.5 percent week over week.
A startling 5.43 percent decline in the market capitalization of all cryptocurrencies was also seen between late Tuesday and early Wednesday.
Shiba Inu and Dogecoin, two memecoins, fell in value significantly after the majority of cryptocurrencies. Shiba Inu is currently worth $0.000012, down 5.37 percent over the past day, while Dogecoin is currently priced at $0.06 after losing 7.69 percent of its value over the past 24 hours.
Macroeconomic issues are to blame for a large portion of the recent crypto decline. The value of bitcoin decreased as the currency regained strength. The Bloomberg Dollar Spot Index reached record highs while the dollar soared to a 20-year high. Similar to this, US 10-year treasury bonds have performed well ahead of the Fed’s planned quantitative tightening.
The dollar’s strength also caused the conventional market to decline. The NASDAQ 100 plummeted by 0.7 percent while the S&P 500 dropped by 0.4%. Gold prices decreased as a result of the strong dollar.
On Wednesday, all other tokens were trading with significant losses besides the stablecoins tethered to the US dollar. While meme coins like Dogecoin and Shiba Inu fell by 8 percent, Polygon and Polkadot had a 9 percent decline.
The market capitalization of all cryptocurrencies fell down significantly in the last day, falling as much as 6% to $935.13 billion. However, the overall trade volume increased by close to 32%, or about $87.05 billion.
The news of the merger drove up Ethereum Classic. The anticipation for the impending Ethereum merger is having a beneficial impact on the price movement of Ethereum’s old token. The price of Ethereum Classic has increased by approximately 23% and is on the verge of crossing the $40 threshold.
Bitcoin price
At the time of writing, BTC is valued at $18826.40, accordting to TradingView.
