Bitcoin Falls Below $19,000, Ether, Dogecoin Plunge 8%, Other Crypto Prices Today Also Drop

“Bitcoin plunged below the $19,000 level as investors move away from riskier assets. This is the weakest level BTC has seen since July 13. If selling pressure continues this way, the next level could be $17,500. The second largest crypto , Ethereum, rallied early Tuesday but fell nearly 7% over the past 24 hours.One of the reasons for the downward trend may be due to the long US Labor Day weekend, said Edul Patel, CEO and co-founder, Mudrex.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, fell almost 8% to $1,502. Ethereum is moving to proof-of-stake for its consensus protocol. The latest upgrade to the Ethereum network, known as Bellatrix, was activated on September 6, 2022. It officially starts the blockchain’s transition, known as Merge, from proof of work to proof of stake. The proof-of-work mechanism requires powerful computers, called miners, to secure the network and earn rewards in Ether.

The next step after Bellarix will be the Paris upgrade, which will start up the miners to complete the merge. That upgrade will happen next week. The merger has been on Ethereum’s roadmap since the inception of the blockchain in 2015. Despite several delays in recent years, crypto investors are betting that the merger will finally happen this year based on developers’ updates and some successful test runs earlier this year.

Meanwhile, the dogecoin price today traded over 8% lower at $0.05, while the Shiba Inu fell around 5% to $0.000012. Other crypto prices performance today also fell as Chainlink, Apecoin, XRP, Uniswap, Binance USD, Polkadot, Tether, Litecoin, Avalance, Solana, Cardano, Stellar, Tron, Polygon prices traded with cuts in the last 24 hours.

(With input from agencies)

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