The global crypto market has been on a downward trend in the past week as the sentiment around cryptocurrencies remained bearish due to various macroeconomic factors. Bitcoin on Monday, September 19, slipped down by 6.44 percent as per Gadgets 360’s crypto price tracker. The current price of Bitcoin stands at $18,757 (roughly Rs. 15 lakh). Similar thick losses struck Bitcoin on an international exchange as well. As per Binance and CoinMarketCap, Bitcoin recorded similar losses and opened trading at a price point of $18,807 (roughly Rs. 15 lakh).
Ether has also followed Bitcoin on the loss scale. Following the launch of Ethereum blockchain’s energy-efficient Merge upgrade, ETH is trading at $1,299 (roughly Rs. 1.03 lakh) as per Gadgets 360’s crypto price tracker.
From stablecoins to memecoins — the market movement did not spare any relief to any sector of altcoins, all of which recorded only losses today.
“The slump might be due to the soaring inflation, recession, and fear around the Federal Open Market Committee’s meet-up on the 21st of September over the next interest hike. Bitcoin has experienced a heat wave post the CPI data was released. If buyers cannot seize the initiative above the current level today, we might see ETH dropping to another vital point below $1,300 (roughly Rs. 1 lakh) soon,” Edul Patel, CEO and co-founder of Mudrex crypto investing platform told Gadgets 360.
The overall market valuation of the crypto sector dipped by 6.25 percent and presently stands at $911 billion (roughly Rs. 72,59,678 crore).
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