Cryptocurrency Prices Today Crash As Bitcoin Below $19,000, Ether Plunges Over 10%

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, plunged more than 10% to a more than two-month low of $1,370. An Ether jump since mid-June that was spurred by hype surrounding an Ethereum upgrade -blockchain, is quickly being phased out now that the renewal is complete. Meanwhile, investors are bracing for volatility from the jumbo rate hike expected this week from the Federal Reserve to combat price pressures.

Ethereum’s renewal makes it much more energy efficient and paves the way for it to scale up and become faster, the network’s developers have said. The transition to a so-called proof-of-stake approach from proof-of-work was many years in the making and seems to have gone well, although hiccups are still possible.

The merger is just the start of a series of upgrades to come to Ethereum to make it more scalable and decentralized. Many challenges still await the second largest cryptocurrency, including a potential regulatory backlash.

Meanwhile, dogecoin price today also traded around 7% lower at $0.05, while Shiba Inu fell more than 9% to $0.000011. Other crypto prices’ performance today also fell as XRP, Uniswap, Solana, Polygon, Avalanche, Binance USD, Polkadot, Litecoin, Apecoin, Cardano, Stellar, Chainlink, Tron, Tether prices traded with cuts in the last 24 hours.

Elsewhere, reports that Ripple Labs Inc. and the US Securities & Exchange Commission (SEC) are seeking an immediate ruling in a lawsuit over Ripple’s associated token XRP saw the latter lose as much as 12%. The SEC claims that Ripple was reckless in its claims that XRP is not a regulated security, Bloomberg reported.

(With input from agencies)

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