The global crypto market has been declining over the last week as investor attitude toward cryptocurrencies has been pessimistic owing to a variety of macroeconomic concerns. According to Gadgets 360's crypto price tracker, Bitcoin fell 6.44 percent on Monday, September 19. Bitcoin is currently worth $18,757 USD (roughly Rs. 15 lakh). Bitcoin suffered similar heavy losses on an international exchange. According to Binance and CoinMarketCap, Bitcoin suffered similar losses and began trading at a price of $18,807 USD (roughly Rs. 15 lakh).
Ether has behind Bitcoin in terms of losses. According to Gadgets 360's crypto price tracker, ETH is currently trading at $1,299 (approximately Rs. 1.03 lakh) following the rollout of the Ethereum blockchain's energy-efficient Merge update.
From stablecoins to memecoins, the market movement did not spare any sector of altcoins, with all of them recording losses today.
Dogecoin and Shina Inu made an appearance.
"The drop might be attributed to skyrocketing inflation, a recession, and anxiety around the Federal Open Market Committee's meeting on September 21st to discuss the next interest rate rise." Following the announcement of the CPI statistics, Bitcoin underwent a heat wave. If purchasers are unable to capture the initiative above the present level, we may see ETH plummet to a critical level below $1,300 (approximately Rs. 1 lakh) shortly," Edul Patel, CEO and co-founder of Mudrex crypto investment platform, told Gadgets 360.
The whole market capitalization of the crypto industry has fallen by 6.25 percent to $911 billion (roughly Rs. 72,59,678 crore).
