Bitcoin plunged below the $19,000 mark, whereas Ethereum sank 10 per cent, barely holding $1,300 levels. Some experts believe that Ethereum’s merge was not undertaken at an opportune time.
All top crypto tokens are trading in deep red. Ethereum, Polygon, Shiba Inu, Cardano and Avalanche plunged 10-11 per cent. Dogecoin, Solana, XRP and Polkadot plunged 7-9 per cent.
The global cryptocurrency market cap was trading significantly lower at $909.80 billion, dropping as much as 7 per cent in the last 24 hours. However, the total trading volume zoomed about 45 per cent, close to $69.53 billion.
The European Central Bank chose five organizations to help develop user interfaces for a potential digital euro. The organizations include Amazon and the European Payments Initiative.
Two Sigma Ventures announced plans to invest $400 million across two new venture capital funds, confirming that crypto investments will be included, reported some crypto publications.
An accounting bug at Binance has led to a windfall in Helium Network’s native HNT token for some users and shouldered the world’s largest crypto exchange with a multimillion-dollar shortfall, according to people familiar with the matter.
In stark contrast to the mostly flawless execution of the Ethereum Merge, technical snafus and defections have marred the new “fork” blockchain by crypto miners aiming to preserve the old proof-of-work network.
Sathvik Vishwanath Co-Founder CEO Unocoin said that the weekend was bearish but the value lost is not significant except Ether which has continued to lose its value
“After the merge, the signs of split are minimal even though it is not completely out of chance yet,” he added. “The rest of the top 100 coins from other sectors ended up in red. The rest of the week is expected to be bumpy.”
Tech View by Proasstez Exchange
Bitcoin still trading in a range-bound zone. Though it has broken its support level of $19,000 but key support of $17,000 is active and anything above $22,000 will lead to the $25,000 level.