Bitcoin price loses $20K, ETH price drops 8% after ‘monumental’ Ethereum Merge

    On September 15, as markets processed the Ethereum (ETH) Merge, Bitcoin (BTC) threatened $20,000 support for a second day.Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD spiked once more below $20,000 overnight before briefly rising narrowly above the limit.After unexpected US inflation data on September 13 put risk markets into a spiral, the largest cryptocurrency generally failed to make up lost territory.
    At the time of writing, Bitcoin was down 13.5% from its week-high and provided little encouragement to investors who were still expecting losses.
    In a tweet that day, another trader Il Capo of Crypto again identified $23,000 and $16,000 as crucial levels either side of the spot price, describing them as “like a magnet.”According to Michal van de Poppe, founder and CEO of trading business Eight, the markets will likely remain tranquil until the FED meeting next week.
    The S&P 500 and Nasdaq Composite Index started trading moderately higher, similar to how the cryptocurrency market is still recouping from losses from earlier in the week.
    In the meantime, Ethereum’s failure to respond favourably to the Merge was the story that wasn’t on the altcoin markets.
    However, in response, trading company Cumberland asserted that the Merge’s seamless switch to Proof-of-Stake (PoS) was a “monumental” accomplishment in and of itself.An excerpt from a Twitter thread stated, “The fact that it was successful yet uneventful is a great monument to the people involved, what they’ve done for the world of crypto, digital assets, and decentralised computing.”People claimed that each Bitcoin halving was already priced in. The developer of the analytics website LookIntoBitcoin, Charles Edwards, continued, “But every Halving was a buy-the-news event.

    Latest stories

    - Advertisement - spot_img

    You might also like...