Forex News

Bitcoin falls below $19,000 as cryptos creak under rate hike risk

2022.09.19 02:55



© Reuters. FILE PHOTO: Representations of virtual currency Bitcoin are placed on U.S. Dollar banknotes in this illustration taken May 26, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

SINGAPORE (Reuters) – Cryptocurrencies fell to fresh lows on Monday on regulatory concerns and as investors globally turned shy on risky assets with interest rate rises looming around the world.

, the biggest cryptocurrency by market value, fell about 5% to a three-month low of $18,387.

Ether, the second largest cryptocurrency, dropped 3% to a two-month low of $1,285 and is down more than 10% in the last 24 hours. Most other smaller tokens were deeper in the red.

The blockchain, which underpins the ether token, had a major upgrade over the weekend called the Merge that changes the way transactions are processed and cuts energy use.

The token’s value has fallen amid some speculation that remarks last week from U.S. Securities and Exchange Commission Chairman Gary Gensler implied the new structure could attract extra regulation. Trades around the upgrade also were unwound.

“It’s speculation as to what might or might not happen,” said Matthew Dibb, COO of Singapore crypto platform Stack Funds, on the regulatory outlook.

“A lot of the hype has come out of the markets since the Merge,” he said. “It’s really been a sell-the-news type of event,” he added, given the nervous global backdrop, and said ether could test $950 in coming months.

“Looking at the landscape right now, both fundamentally and technically, it’s not looking great. There’s no immediate bullish catalyst that we can see that’s going to prop up these markets and bring in a whole lot of new money and liquidity.”



Source link

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 94,788.40 1.70%
ethereum
Ethereum (ETH) $ 3,467.30 4.15%
tether
Tether (USDT) $ 0.99949 0.13%
solana
Solana (SOL) $ 239.91 3.55%
bnb
BNB (BNB) $ 644.64 1.01%
xrp
XRP (XRP) $ 1.48 6.63%
dogecoin
Dogecoin (DOGE) $ 0.404609 3.44%
usd-coin
USDC (USDC) $ 0.99978 0.06%
cardano
Cardano (ADA) $ 1.01 2.46%
staked-ether
Lido Staked Ether (STETH) $ 3,468.80 4.19%
avalanche-2
Avalanche (AVAX) $ 42.07 4.53%
tron
TRON (TRX) $ 0.198437 3.31%
the-open-network
Toncoin (TON) $ 6.14 1.32%
stellar
Stellar (XLM) $ 0.516499 0.67%
shiba-inu
Shiba Inu (SHIB) $ 0.000026 2.49%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,107.54 4.37%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 94,694.37 1.50%
polkadot
Polkadot (DOT) $ 8.53 0.59%
chainlink
Chainlink (LINK) $ 17.92 5.39%
weth
WETH (WETH) $ 3,469.66 4.31%
bitcoin-cash
Bitcoin Cash (BCH) $ 502.72 0.13%
sui
Sui (SUI) $ 3.19 5.53%
pepe
Pepe (PEPE) $ 0.000019 1.96%
near
NEAR Protocol (NEAR) $ 6.63 1.28%
leo-token
LEO Token (LEO) $ 8.34 1.34%
litecoin
Litecoin (LTC) $ 95.15 0.48%
uniswap
Uniswap (UNI) $ 11.44 9.38%
aptos
Aptos (APT) $ 12.14 1.20%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,649.66 4.11%
internet-computer
Internet Computer (ICP) $ 11.81 7.79%
hedera-hashgraph
Hedera (HBAR) $ 0.138194 3.43%
usds
USDS (USDS) $ 1.00 0.04%
crypto-com-chain
Cronos (CRO) $ 0.183952 1.89%
ethereum-classic
Ethereum Classic (ETC) $ 30.88 10.61%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.568332 4.52%
render-token
Render (RENDER) $ 7.79 2.60%
bittensor
Bittensor (TAO) $ 537.83 6.29%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.16%
arbitrum
Arbitrum (ARB) $ 0.932448 12.73%
kaspa
Kaspa (KAS) $ 0.150859 0.15%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.45 0.50%
celestia
Celestia (TIA) $ 8.38 5.46%
dai
Dai (DAI) $ 0.998905 0.15%
whitebit
WhiteBIT Coin (WBT) $ 23.94 1.21%
filecoin
Filecoin (FIL) $ 5.72 4.67%
vechain
VeChain (VET) $ 0.04163 2.61%
bonk
Bonk (BONK) $ 0.000044 7.80%
blockstack
Stacks (STX) $ 2.16 10.11%
dogwifcoin
dogwifhat (WIF) $ 3.22 3.62%
okb
OKB (OKB) $ 53.35 0.16%