Major cryptocurrencies extended losses on Monday, September 19. Bitcoin slid below $19,000 and Ethereum below $1,400 amid largely negative trends in global markets. The global crypto market cap stood at $933.26 billion, with a volume of $65.56 billion in the past 24 hours.
The world's largest and most popular virtual currency, Bitcoin, fell 5.4 percent to $18,934.8. Its market value stood at $373 billion. The trade volume was at $31.6 billion. The token has slumped 11.5 percent in the last seven days.
Edul Patel, CEO and co-founder of Mudrex, said, "BTC might likely retest the buyer's commitment between $19,000 and $18000 support. We may see a bullish pattern if BTC can survive above this support."
The second largest virtual currency, Ethererum or Ether, slid 10 percent to $1,307.2 with a market capitalisation of $164.2 billion. The trade volume of Ethereum was $16.3 billion in the last 24 hours. Ether has plunged as much as 23.7 percent in the last seven days.
EthereumPoW (ETHW) went live on Thursday. The consensus layer of the Beacon Chain and execution layer of Ethereum's Mainnet merged at block 15537393 on September 15. The network will not rely on the proof-of-work consensus method anymore.
On Ethereum Patel said, "ETH price drop after the Merge has also been reflected in the other altcoins. If buyers cannot seize the initiative above the current level today, we might see ETH dropping to another vital point below $1,300 soon."
Meme-based virtual currency Dogecoin was 8.3 percent down with a market capitalisation of $7.7 billion. Shiba Inu was trading 9.7 percent lower while Solana fell 8.3 percent to $30.8 billion.
On the domestic front, Indian equity indices — BSE Sensex and NSE Nifty50 — oscillated between the green and red on Monday, amid nervousness across global markets ahead of a key rate decision by the Fed due this week.
First Published: Sept 19, 2022 8:05 AM IST
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