Volatility in the Crypto Market, Decrease in the Price of Bitcoin and Ether

Volatility in the crypto market was affected on Wednesday on the price of the largest cryptocurrency Bitcoin. The price of bitcoin was down 0.42 percent at $19,026. The price of this highest valued cryptocurrency by market capitalization has also dropped on international exchanges.

Bitcoin was down about 0.40 percent at around $19,043 on Binance and CoinMarketCap. Ether, the second-largest cryptocurrency, also lost nearly one percent. According to Gadgets 360’s crypto price tracker, Ether was priced around $1,278. The energy efficient ‘Merge’ upgrade of the Ethereum blockchain was launched on 15 September. This is expected to speed up transactions and reduce energy consumption. 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 has been cautious. The upgrade may also bring relief to investors in the crypto derivative token called stETH.

The global market capitalization of crypto has fallen by about 0.62 percent in the past day. Most of the altcoins have come down in price. These included Cardano, Solana, Polygon and Tron. Mime coins Dogecoin and Shiba Inu also declined. However, Tether, USD Coin, Binance Coin, Stellar, Monero and Elrond gained in price.

In November last year, bitcoin made a high of over $67,000. Since then it has declined significantly. Investors as well as the firms associated with this segment have suffered a big loss due to the fall in its price. Regulators in many countries have also warned investors about cryptocurrencies. This has also increased the pressure on the market. Last year, China banned crypto-related transactions as well as the mining of bitcoin. In some countries, including the US, there is a protest against the excessive consumption of electricity in bitcoin mining. Iran recently imposed strict rules after the electricity supply was interrupted due to crypto mining.

Cryptocurrency prices in Indian exchanges

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