BTC Goes Below $19,000, The Market Is Filled With Red

Bitcoin (BTC) price falls below $19,000 for the first time in 2 months, despite a very successful Bellatrix upgrade signaling The Merge is approaching, but Ethereum (ETH) price is also falling. The whole market on September 7 was in red.

The world’s largest cryptocurrency Bitcoin (BTC) suddenly recorded a strong sell-off candle, The price started to fall from the $ 19,700 mark. In the hours that followed, BTC continued to decline and at one point dropped to $18,649 – the lowest value since June 30. Currently trading at $18,807, down 6.24% within 24 hours.

Ethereum on the evening of September 6 successfully performed the Bellatrix hard fork, the first part of The Merge – the most important upgrade in the history of this coin. After about a week, expected on September 13-15, Ethereum will conduct a hard fork of Paris to officially merge the two blockchains and switch to using Proof-of-Stake.

However, Ethereum (ETH) also recorded a 7.82% drop in 24 hours and is trading at $1,531.

The drop of other major altcoins is also between 5%-15% compared to 24 hours ago.

According to liquidation data, in the last 12 hours, nearly 300 million USD of derivative orders have been burned, accounting for mainly BTC, ETH and Ethereum Classic (ETC) coins – altcoins that have grown strongly in the past time. by surfing the waves of The Merge. The rate of long orders being burned accounted for 84%.

It is unclear what is behind the latest dump in the crypto market. However, in addition to The Merge, on September 13, there will also be US inflation data in August, then Cardano’s Vasil hard fork and at the end of the month, the Fed’s interest rate hike session.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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