Bitcoin Drops Below $19,000 for the First Time Since July, Ether Turns Bearish Too

The global crypto market cap saw a drop of 5.43 percent in the last 24 hours

Written by Shomik Sen Bhattacharjee, Edited by Richa Sharma | Updated: 7 September 2022 12:20 IST

Bitcoin Drops Below $19,000 for the First Time Since July, Ether Turns Bearish Too

Photo Credit: Unsplash/ Raphael Wild

The last time Bitcoin dipped below $19,000 was on July 4

Highlights

Bitcoin has fallen this low for the first time since July
Ether's prices saw a major drop off despite the 'Merge' buzz
Most altcoins saw steep drops in value follow BTC's lead

Bitcoin, the world's largest cryptocurrency by market capitalisation, has begun a steep drop, one that sees its value drop further along the lines of its June 2022 lows as investors burrow deeper into risk-off mode. The value of Bitcoin has witnessed a considerable dip of over 5 percent in the last 24 hours with its price now hovering below the $19,000 (roughly Rs. 15.20 lakh) mark across global exchanges while Indian exchanges like CoinSwitch and CoinDCX value BTC at $20,582 (roughly Rs. 16.50 lakh), 1.5 percent lower than yesterday.

On global exchanges like CoinMarketCap, Coinbase, and Binance, the price of Bitcoin stands at $18,704 (roughly Rs. 14.90 lakh) while CoinGecko data shows that BTC's value is currently 5.3 percent lower than where it stood last Wednesday.

Heading into the week of the much-awaited 'Merge', Ether has surprisingly looked bearish following BTC's price trend despite the Bellatrix upgrade.

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As things stand, Ether is valued at $1,647 (roughly Rs. 1.30 lakh) across Indian exchanges while values on global exchanges see the crypto's value at $1,508 (roughly Rs. 1.20 lakh), where the cryptocurrency's value has lost a heavy 8.16 percent over the past 24 hours.

Ether's showing over the latter stages of last week sees the cryptocurrency's value again move a lot higher than where it was last week. CoinGecko data suggests that the world's second-largest crypto asset has moved up 9.5 percent in value week-on-week.

Gadgets 360's cryptocurrency price tracker reveals that most major altcoins had a bad day of steep losses over the past 24 hours. The global crypto market capitalisation also witnessed an eye-watering 5.43 percent dip through late Tuesday and early Wednesday.

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Polkadot, Uniswap, Cosmos, Solana, Monero, Cosmos, Avalanche, Cardano, Polygon, TRON, and BNB — all saw heavy drops over the last 24 hours.

Memecoins Shiba Inu and Dogecoin also followed most altcoins with big drops in value. Dogecoin is currently valued at $0.06 (roughly Rs. 4.68) after losing 7.69 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000012 (roughly Rs. 0.000960), down 5.37 percent over the past day.

A lot of the current crypto downturn can be attributed to macroeconomic factors. Bitcoin price fell as the dollar showed renewed strength. The dollar jumped to a 20-year high while the Bloomberg Dollar Spot Index experienced record highs. Similarly, the US 10-year treasury bills have shown strength in anticipation of the Fed's quantitative tightening.

The traditional market fell as well in response to the dollar's strength. The S&P 500 fell by 0.4 percent while the NASDAQ 100 fell by 0.7 percent. Gold prices also fell in response to the dollar's strength.

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Cryptocurrency Prices across Indian exchanges

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