Bitcoin falls below $19,000 for the first time since July

Bitcoin, the largest cryptocurrency by market capitalization, has seen a significant drop in price. It has dropped below $19,000 for the first time since July. Its price has dropped by more than 5 percent in the last one day. It is below $19,000 on global crypto exchanges while on Indian exchanges like CoinSwitch and CoinDCX it is at around $20,582, a drop of about 1.5 percent from Tuesday.

Bitcoin is priced at $18,704 on global exchanges like CoinMarketCap and Binance. Bitcoin made a high of over $67,000 in November last year. The price of the second largest cryptocurrency, Ether, has also come down. There doesn’t seem to be any obvious reason for the blockchain’s price to drop before the upgrade ‘Merge’. It was priced at $1,647 on Indian exchanges and around $1,508 on global exchanges. Its value has decreased by 8.16 percent in the last one day. In this upgrade, Ethereum developers are recoding its mining protocol from a Proof-of-Work (PoW) system to Proof-of-Stake (PoS). This is likely to greatly reduce the energy consumption of Ethereum. More than $100 billion of decentralized finance (DeFi) apps are supported on this blockchain, and because of this, the upgrade is being cautious.

Gadgets 360’s cryptocurrency price tracker shows that most of the major altcoins have seen significant losses over the past day. The market capitalization of crypto has also declined by about 5.43 percent. Solana, Monero, Polkadot, TRON, BNB and Polygon prices are broken.

Mime coins Shiba Inu and Dogecoin also fell heavily. Shiba Inu was down 5.37 percent at $0.000012 and Dogecoin was down 7.69 percent at $0.06. There has been a selloff in the crypto market for the past few months due to slowdown and some other reasons. This has led to a significant fall in the prices of cryptocurrencies and the investors have suffered huge losses. Regulators in many countries have also advised caution regarding this market. Countries like China have put restrictions on trending cryptocurrencies. Crypto mining is also being opposed due to the high consumption of electricity.

Cryptocurrency prices in Indian exchanges

Download the Gadgets 360 Android app and follow us on Google News for the latest tech news, smartphone reviews and exclusive offers on popular mobile phones.

Related news

Leave a Comment