The global cryptocurrency market is under pressure, Bitcoin continues to fall this week. On July 26, till 5.44 pm UTC, Bitcoin fell by 1.73% and was quoted at US$ 20,941.80, in the intra-day trading. The asset has fallen by 9.54% in the last 5 days and has fallen by 43.16% in the past 6 months. In the first two weeks of July, the crypto market started to gain. Yesterday, Bitcoin closed at US$ 21,310.20. As the US Federal Reserve is going to announce its next monetary policy tomorrow, where they can hike the interest rate by 75bps, the crypto market is getting again volatile. The US stock market is also bearish at present fuelling the crypto-fall further. The last two days' sharp slip has been a major breakdown for the market.
Following the same trend, other crypto coins have also fallen sharply. Ether was quoted at US$ 1,378.61, falling by 4.31%. Yesterday, Ether closed at US$ 1,440.75. Litecoin was quoted at US$ 52.49, falling by 2.74%, Dogecoin was quoted at US$ 0.0608 falling by 2.49%, and Cardano was quoted at US$ 0.4569 falling by 4.07% today, till last traded.
"An anticipated interest rate hike by the U.S. Federal Reserve on Wednesday seems to have taken center stage away from the supposedly bullish Ethereum blockchain's coming Merge, tentatively due on Sept. 19, which powered last week's rally from $1,200 to $1,660," according to a report by CoinDesk.