Crypto chart drenched in red ahead of Ethereum’s ‘merge’ upgrade

Crypto Sector Bagged Over $14 Billion from Venture Capital Firms in First Half of 2022: KPMG

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.

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.

Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risk. The information provided in the article is not and is not intended to constitute financial advice, business advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any perceived recommendations, estimates or any other information contained in the article.

Affiliate links may be automatically generated – see our ethics statement for details.


Please enter your comment!
Please enter your name here