Bitcoin Falls Below US$ 19,760, Ether Down To US$ 1552: Anticipating US Rate Hike

The cryptocurrency market is trading lower today. On September 1, at 5.49 pm UTC, Bitcoin fell by 1.45%, and was quoted at US$ 19,756.80, in the intra day trading. Yesterday, Bitcoin closed at US$ 20,048.20. In the last 5 days, Bitcoin fell by 1.70%, and in the past 1 month, it has dropped sharply by 15.31%. Additionally, in the past 6 months, its performance has been quite bearish, falling by 55.61%.

However, other cryptocurrencies have shown a mixed trend today. Ethereum was quoted at US$ 1,552.57, down by 0.10%. Yesterday, Ether closed at US$ 1,554.15. Litecoin was quoted at US$ 55.69, up by 3.44%, Dogecoin was quoted at US$ 0.0613 up by 0.14%, and Cardano was quoted at US$ 0.4490 up by 0.71% today, till last traded.

On weak global cues, today, Comex gold futures fell by 0.96%, quoted at US$ 1,709.60/oz. On the other hand, stock markets were also down, S&P 500 fell by 0.76%, stood at 3,924.80, and Nasdaq Inc fell by 0.25%, and stood at 59.38, at the time of writing. However, the US Dollar index today hit a fresh 52-week high, stood at 109.98.

"The Ethereum chain with the PoS consensus mechanism will retain the seven-year-old ether (ETH), which was recently trading at $1,570, as its native token. The PoW chain, representing a group of miners opposing the impending Merge, or switch to PoS, would have a new token called ETHPOW. Crypto analysts figure that if the chain splits, ETH holders will receive ETHPOW free of cost. One way to gauge the potential value of ETHPOW is to look at the difference between spot ether and futures prices, according to Paradigm, which focuses on over-the-counter trading for institutions," commenting on the present market trend on Ether, a CoinDesk report mentioned today.