Cryptocurrency continues to fall today, before the US Federal Reserve FOMC meeting this week. On September 18, at 6.05 pm UTC, Bitcoin fell by 2.10% intra day, and was quoted at US$ 19,690.80. Yesterday, Bitcoin closed at US$ 20,113.30. In the last 5 days, Bitcoin fell by 2.39%. In the past 1 month, it has dropped by 15.09%. Additionally, in the last 6 months, Bitcoin plunged by 52.87%. The overall crypto market has seen a major fall in the trading volumes along with pressures after the Ethereum Merge event.
Similar to Bitcoin, other large cryptocurrencies have also fallen today. Ethereum was quoted at US$ 1,384.94, down by 5.72%. Yesterday, Ethereum closed at US$ 1,467.38. Litecoin was quoted at US$ 56.04, down by 3.08%, Dogecoin was quoted at US$ 0.0599 down by 3.50%, and Cardano was quoted at US$ 0.4647 down up 4.48% today, till last traded.
“The Merge has finally happened, and while bitcoin remains the preferred cryptocurrency of institutions (and one nation-state, El Salvador), Ethereum’s new consensus mechanism – and the scalability that is supposed to go with it – may attract some interest away from its bigger, older brother as the biting cold of the crypto winter continues. Still, institutions may be hesitant to jump all in on ether just yet. One reason is regulatory uncertainty. U.S. Securities and Exchange Commission Chair Gary Gensler said proof-of-stake cryptocurrencies may be viewed as securities, though the regulator said he wasn’t talking about any specific coins,” CoinDesk reported on the matter of crypto fall.
Along with the crypto market, the US stock markets have also closed bearish on the last trading day, as Fed rate hike fear looms. S&P 500 down by 0.72%, stood at 3,873.33, and Nasdaq Composite fell by 0.90%, stood at 11,448.40, at the time of writing. However, the US Dollar index gained to 109.64, till last traded.
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Story first published: Sunday, September 18, 2022, 23:52 [IST]