Bitcoin Falls Below $20,000, Ether, Dogecoin, Other Crypto Prices Today Plunge Too; Litecoin is rising

On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency, plunged more than 2% to $1,453. Ether had outperformed the broader crypto market in recent weeks amid optimism over a pending network software upgrade called Merge.

“Bitcoin fell below the threshold level after staying above USD 20,000 for most of the weekend. After a few weeks of a sustained rally, BTC faced rejection at the $25,000 level last week as it formed a bearish rising wedge. If BTC’s price closing below the $19,500 level today, we could see it go even lower. On the other hand, Ethereum fell by almost 11% last week following the latest hawkish comments from the Fed on raising interest rates. Overall, the underlying sentiment suggests a bearish trend in the coming week,” said Edul Patel, CEO and co-founder of global crypto investment platform Mudrex.

Meanwhile, dogecoin price today traded over 2% lower at $0.06, while Shiba Inu was down one percent at $0.000012. Other crypto price performance today also fell as Chainlink, Apecoin, XRP, Uniswap, Tron, Stellar, Binance USD, Polygon, Solana, Polkadot, Avalanche, Tether prices traded lower in the last 24 hours, while Litecoin rose by almost 4%.

Cryptocurrencies mirrored global markets, falling after Jerome Powell warned against prematurely easing policy. Powell, the central bank chairman, signaled that the U.S. central bank is likely to keep raising interest rates and leave them for a while to stem inflation, and he pushed back against any idea that the Fed would soon reverse course.

Cryptos have struggled through the first half of the year as the Federal Reserve raised interest rates to combat stubbornly high inflation. After the collapse of a major pair of tokens, some cryptocurrency lenders froze customer withdrawals, and several crypto firms have cut jobs.

(With input from agencies)

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