Cryptocurrency: Ethereum Drops Above 8%, Bitcoin Plunges Above 2% Today: Merger News

Globally cryptocurrency market is under pressure today. On September 15, at 6.00 pm UTC, Bitcoin again fell by 2.03% intra day, and was quoted at US$ 19,817. Yesterday, Bitcoin closed at US$ 20,227.70. Other major cryptocurrencies have also fallen sharply. Ethereum was quoted at US$ 1,505.32, down by 8.15%%. Yesterday, Ethereum closed at US$ 1,638.83. Litecoin was quoted at US$ 57.15, down by 5.07%, Dogecoin was quoted at US$ 0.0595 down by 3.17%, and Cardano was quoted at US$ 0.4689 down up 2.98% today, till last traded.

In the last 5 days, Bitcoin fell by 8.51%. In the past 1 month, it has dropped by 17.69%. Additionally, in the last 6 months, Bitcoin plunged by 49.52%.

Merger News

Ethereum fell sharply, amid the successful completion of the highly anticipated Merger. According to a Bitcoin.com report, "The world's attention was on The Merge on Thursday, as ethereum (ETH) migrated from proof-of-work (PoW), to a proof-of-stake (PoS) system. As a result of Thursday's highly anticipated switchover, it is reported that worldwide electricity consumption will be reduced by 0.2%. Following the completion of The Merge, ethereum fell below a temporal support point of $1,615, pushing price closer to a one-week low. Many now believe that bears will attempt to send prices lower, with some expecting that a floor of $1,550 could be the intended exit target. Overall, levels of volatility will rise over this period, as uncertainty heightens on what the Merge event will mean for the value of ethereum going forward."

The US stock markets also dropped sharply, at record low recently. Today, S&P 500 down by 0.73%, stood at 3,917.40, and Nasdaq Composite fell by 1.04%, stood at 11,597.28, at the time of writing. US Dollar index stood at 109.72, up by 0.06%, till last traded.