Cryptocurrency Prices Crash Today As Bitcoin Below $19,000, Ether Plunges Over 10%

Cryptocurrency prices remained in the red today, hampered by a further decline in the second-largest token Ether as well as the prospect of a global wave of monetary tightening this week. Bitcoin, the largest and most popular cryptocurrency in the world, was trading more than 6% lower at $18,830, falling below the $19,000 mark. The global crypto market capitalization fell below the $1 trillion mark today as it fell more than 4% in the past 24 hours to $974 billion, according to CoinGecko.

On the other hand, Ether, the coin linked to the Ethereum blockchain and the second-largest cryptocurrency, plunged more than 10% to hit a more than two-month low at $1,370. An Ether jump since mid-June that was spurred by hype around an upgrade to the Ethereum blockchain is unfolding quickly now that the overhaul is complete. Meanwhile, investors are bracing for the volatility of the massive interest rate hike expected this week by the Federal Reserve to combat price pressures.

Ethereum’s overhaul makes it much more energy efficient and paves the way for it to scale and become faster, network developers said. Moving to a so-called proof-of-stake approach from proof-of-work has taken years and seems to have gone smoothly, although hiccups are still possible.

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The merger is just the start of a series of upcoming upgrades to Ethereum to make it more scalable and decentralized. Many challenges still await the second-largest cryptocurrency, including a potential regulatory backlash.

Meanwhile, the price of dogecoin was also trading down around 7% today at $0.05, while Shiba Inu fell more than 9% to $0.000011. The performance of other crypto prices today also declined as XRP, Uniswap, Solana, Polygon, Avalanche, Binance USD, Polkadot, Litecoin, Apecoin, Cardano, Stellar, Chainlink, Tron, Tether prices traded with declines over the past 24 hours.

Elsewhere, reports indicate that Ripple Labs Inc. and the United States Securities & Exchange Commission (SEC) are seeking an immediate decision in a legal case involving Ripple’s affiliate XRP token, with the latter losing up to 12%. The SEC argues that Ripple was reckless in its assertions that XRP is not a regulated security, Bloomberg reported.

(With agency contributions)

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Cryptocurrency Prices Crash Today As Bitcoin Below $19,000, Ether Plunges Over 10%

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