Bitcoin Below $20k, Ether, Dogecoin, Other Crypto Prices Fall; Litecoin surge

Ether, on the other hand, is the coin linked to the Ethereum blockchain and the second largest cryptocurrency, fell more than 2% to $1,453. Ether was outperforming the broader crypto market in recent weeks amid optimism over a pending network software called Merge.

“Bitcoin fell below its threshold level after remaining above $20,000 for most of the weekend. After a few weeks of sustained volatility, BTC faced rejection at the $25,000 level over the past week as it A bearish rising wedge has formed. If BTC price closes below the $19,500 level today, we could see a further downside. On the other hand, the recent rate hike by the Fed Ethereum declined nearly 11% last week following sharp comments in the US. Overall, the underlying sentiment indicates a decline in the coming week,” said Edul Patel, CEO and Co-Founder, global crypto investment platform Mudrex.

Meanwhile, Dogecoin price was trading 2% lower today at $0.06 while the Shiba Inu was down one percent at $0.0000012. Today’s performance of other crypto prices also declined as Chainlink, Apcoin, XRP, Uniswap, Tron, Stellar, Binance USD, Polygon, Solana, Polkadot, Avalanche, Tether prices were trading with cuts in the last 24 hours , while Litecoin rose about 4%. ,

The cryptocurrency mirrored global markets and declined after Jerome Powell warned against premature lax policy. Federal Reserve Chairman Powell indicated that the US central bank would continue to raise interest rates and leave them high for a while to stamp out inflation, and he pushed back against any idea that the Fed would soon reverse course. will reverse.

Cryptos have struggled during the first half of the year as the Federal Reserve hiked rates to combat extremely high inflation. Following the collapse of a large pair of tokens, some cryptocurrency lenders halted customer withdrawals, and many crypto firms cut jobs.

(with inputs from agencies)

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