Bitcoin has fallen below $19,000 for the first time since June
As Bitcoin Loses $19,000, Crypto’s Hopes Rest on the Ethereum Merge.
As prices fell, the global cryptocurrency market capitalization fell below $1 trillion late Tuesday. Despite a relief rally over the summer, the cryptocurrency market has been rocky for weeks.
After breaking out of the triangle, Bitcoin fell nearly 4%, Dogecoin fell nearly 5%, and Ethereum held up relatively well, falling about 1%.
Crypto traders and investors are looking forward to Ethereum's upcoming "Merge" event, but it may not have the immediate impact that many have hoped for.
The highly anticipated "Merge" feature of Ethereum is set to be released next week, but even that may not be enough to keep Bitcoin and the rest of the crypto market from bleeding.
September has started off rocky for Bitcoin and its younger siblings, as is customary in the crypto market. In comparison, Ethereum was holding up better, while Dogecoin lost an important support level at 6 cents.
The world's most valuable cryptocurrency extended a weeks-long losing streak Wednesday, falling below $19,000 for the first time since the crypto market's liquidity crisis in June.
According to CoinGecko, Bitcoin is currently trading at around $18,730, down 5.8% on the day. It is currently more than 70% below its November 2021 peak.
Bitcoin's recent selloff has hit Ethereum, BNB, Cardano, and Solana even harder, resulting in a market-wide downturn that has reduced the global cryptocurrency market capitalization to less than $1 trillion.
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