Wednesday, Feb 01, 2023

Bitcoin drops below $19,000 benchmark

Bitcoin drops below $19,000 benchmark

Tough 24 hours for cryptocurrencies as potential Federal Reserve rate hike weighs on investors
Cryptocurrencies dived to new lows this morning as markets shied away due to regulatory issues and fears due to the impact of inflation on the wider economy.

The largest and most well-known of the platforms, Bitcoin, saw its value drop by 5% - a three-month low - as it dipped beneath the psychologically important $19,000 (£16,695) water mark to land at $18,390. It has now dropped 6.5% in the last 24 hours alone, according to crypto measurement platform CoinGecko.

Second largest cryptocurrency Ether also dived by 3% to a two-month lull of $1,285 that means the payment method has dropped more than 10% in the last 24 hours, however, it has since entered a period of rallying. Fellow crypto competitor weathered this morning’s storm a little better, but still lost half a per cent within the last 24 hours.

The Etherum blockchain that powers the Ether currency has completed its “merge” to a more eco-friendly platform over the weekend, however, there have been reports that the change in the platform could call for investigation and potential action from the US Securities and Exchange Commission.

Markets have also been jittery regarding the US Federal Reserve that is expected to introduce a large interest rate hike this Wednesday to fight the cost of living crisis and runaway inflation.

The upgrade of the Ether currency means that the amount of energy needed for its creation is 99% less after it dropped the need for highly power-intensive bitcoin-style mining techniques.

Currency BNB dived 5.2% in the last 24 hours, according to the measurement site and has dropped more than double digits in the last week. Dodgecoin, the trading option often referred to by Space X and Tesla founder Elon Musk, also fell 6.5% during a 24 hour period and 10.7% over the last seven day period.

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