Bitcoin Falls Below $20,000, Ether $1,500 after the Landmark 'Merge' Event

Following Ethereum''s official move to proof-of-stake, cryptocurrency markets have dropped by 0.62 percent in the last 24 hours, while Indian markets like CoinSwitch and CoinDCX value BTC at $21,831 and 0.76 percent higher than that on Tuesday morning.

Bitcoin price has been increased by $19,841 on international currencies, according to CoinMarketCap, Coinbase, and Binance while CoinGecko data shows that BTC''s value has remained at least 2.7 percent higher than what it has today.

Ether has dropped by about 8 percent over the past 24 hours. Ether was sluggish earlier in the day, trading between $1,583 and $1,640 directly before and after the Merge. Ethereum Classic and Lido DAO''s token also spiked post-Merge before surrendering those gains.

Ether is valued at $1,638 across Indian exchanges as a result of the crypto''s value being $1,478 where the cryptocurrency''s value has risen by 7.25 percent in the past 24 hours.

The cryptocurrency price tracking system from Gadgets 360 reveals that the majority of major altcoins had a similar poor showing over the past day. The global cryptocurrency market capitalization also saw a drop of 2.31 percent between late Thursday and early Friday.

Polkadot, Cosmos, Solana, Cardano, Polygon, TRON, Uniswap, Monero, Avalanche, Chainlink, and BNB all suffered significant losses in the last 24 hours.

Memecoins Shiba Inu and Dogecoin both slammed at losses on the day. Dogecoin is currently valued at $0.06 after losing 0.81 percent in value in the last 24 hours, while Shiba Inu is valued at $0.000012, down 1.5 percent over the previous day.

"Last week was full of high impact'''' macro events, with the US CPI inflation rate for August the primary market mover. This shock on the upside, weighed in with the Japanese real estate implosion, and the Japanese Yen''s record depreciation, according to Parth Chaturvedi, the European economist and CoinSwitch.

"Surprisingly, crypto markets recovered considerably better than other risk-on assets," says the ETH Merge. In the midst of rising volatility and trading volumes, Ethereum transitioned to proof-of-stake consensus mechanisms, reducing its energy consumption by more than 99 percent. Additionally, there''s a Triple Halving'' of ETH supply, which is now deflationary.

"The proof-of-work ETH hard fork might still be a possibility, although speculative pricing for the token have dropped since the Merge. More clarity is anticipated later today. All in all, this week for the Ethereum ecosystem and showcases the strength of its developer community," he added.

 

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September 16, 2022