The cryptocurrency market is under pressure over the last few days, as investors are expecting an interest rate hike by the US Federal Reserve this month. On September 5, at 6.10 pm UTC, Bitcoin fell by 0.80% intra day, and was quoted at US$ 19,822.80. Yesterday, Bitcoin closed at US$ 19,982.30. In the last 5 days, Bitcoin fell by 1.50%, and in the past 1 month, it has dropped sharply by 15.38%. Additionally, in the past 6 months, its performance has been quite bearish, plunged by 50%.
Other than Ether, all major cryptocurrencies are also down today. Ethereum was quoted at US$ 1,590.10, up by 0.69%. Yesterday, Ether closed at US$ 1,579.18. Litecoin was quoted at US$ 59.94, down by 1.62%, Dogecoin was quoted at US$ 0.0622 down by 1.70%, and Cardano was quoted at US$ 0.4916 down by 2.12% today, till last traded.
"Post Merge, the left tail is pricing in significantly higher implied volatility, indicating traders are paying a premium for 'sell-the-news' put-option protection post-Merge," Glassnode analysts mentioned in a note, Cointelegraph reported.
Globally stock markets are also down today. S&P 500 fell by 1.07%, stood at 3,924.26, and Nasdaq Composite fell by 1.31%, stood at 11,630.86, at the time of writing. US Dollar index stood at 109.80, up by 0.24%, till last traded.