The overall crypto market fell ahead of the arrival of Ethereum’s energy-efficient upgrade called the Merge which is expected to arrive today. Bitcoin opened with a loss of 1.65 percent on Thursday, September 15, according to Gadgets 360’s crypto price tracker. The current trading value of BTC is $20,030 (roughly Rs. 16 lakh). On global exchanges such as Binance and CoinMarketCap, BTC traded around 1.65 percent lower at the same $20,000 (roughly Rs. 16 lakh) price point. It is being claimed that with eco-friendly merge improvements, the Ethereum blockchain could soon threaten Bitcoin’s dominance over the crypto space.
Ether lost less than Bitcoin, falling 0.15 percent in price. According to Gadgets 360’s price tracker, ETH is currently trading at $1,597 (roughly Rs. 1.26 lakh).
From stablecoins to memecoins, all kinds of altcoins tumbled down the price charts today. Most reported only minor damage.
These altcoins include Tether, USD Coin, Binance Coin, Binance USD, Ripple, Cardano and Solana.
Effectively, only a few altcoins seemed unaffected by the chaos of the merger and returned to small gains.
Monero, LEO, Zcash, Underdog, Gas, and WETH emerged as gainers on a rough market day.
Along with the advent of mergers, there are other factors that are contributing to the market movement.
A more aggressive path of interest rate hikes continues to counter a rising inflation story with widespread expectations that a 75-100 basis point interest rate hike is the most likely outcome from the FOMC meeting on September 21. Broad instead of cooling as expected; Especially due to acceleration in services and cost of living driven inflation,” the research team at CoinDCX told Gadgets 360.
The overall crypto market fell by 0.82 percent CoinMarketCap showed
The crypto sector has a market value of $985.93 billion (approx. Rs. 78,33,849 crore).
“These bullish sentiments sent both TradFi markets and cryptos down and the Nasdaq down more than 5 percent, while Bitcoin is trying to hold $20,000 (roughly Rs. 16 lakh) as psychological support after falling more than 10 percent since the announcement. Total crypto market cap fell more than 7 percent as it looks poised to retest the trillion-dollar territory,” added the CoinDCX research team.
Meanwhile, the historic Merge launch has sent social media into a frenzy.
Since the release of Bitcoin’s white paper, the Ethereum merger has been one of the most impactful events in crypto history.
This happens in less than 24 hours.
I am in awe and gratitude for the beautiful minds that enable both of these programs :sunrise_over_mountains:
— Erik Voorhees (@ErikVoorhees) 14 September 2022
The Ethereum blockchain will transition from its energy-consuming proof-of-work mining model to a proof-of-stake model that will reduce Ethereum’s energy requirements by 99.95 percent.
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