The value of Bitcoin fell below 19,000 euros

Cryptocurrencies fell sharply on Monday.

The renewal of Ethereum has caused movement in the crypto market. PDO

The price of bitcoin, the largest cryptocurrency by market value, fell to its lowest level in three months on Monday. At its lowest point, the bitcoin rate was a little over 18,400 euros.

The course of the world’s second largest cryptocurrency, ethereum, also fell to around 1,300 euros. Ethereum’s course has fallen in ten days from 1750 euros to 1350 euros at the time of writing. A decrease has also been observed in other cryptocurrencies.

Last week, Ethereum received an update that revolutionized the entire crypto world, called Merge. Merge changed the way events are processed and energy consumption was estimated to be reduced by more than 99 percent. In practice, Ethereum abandoned mining and started using the proof-of-stake method. In this method, blockchain users pledge cryptocurrency against which they are given the right to secure transactions. As a reward for confirmations, a little cryptocurrency is given.

The value of cryptocurrencies has fallen on news about it Reuters including, in part, the chairman of the US Securities and Exchange Commission by Gary Gensler because of the comments you made last week. Gensler hinted that the ethereum reform could cause more regulation. In addition, Reuters highlights the risks of rising interest rates worldwide. The stock market and the exchange rate of the dollar also have their own influence on the exchange rates of cryptocurrencies.

Decrypt reported at the beginning of September about the White House’s policy in the United States, according to which greenhouse emissions caused by bitcoin mining must be reduced. If it is not possible to reduce emissions, mining can be limited or even banned. President Joe Biden according to which the legislation regarding cryptocurrencies should be enacted.

The chief operating officer of crypto platform Stach Funds interviewed by Reuters Matthew Dibbin according to the Ethereum value can fall to 950 euros in the coming months. According to Dibb, the situation does not look good at the moment.

When it comes to cryptocurrencies, high ups and downs are nothing special. In the longer term, however, the value of bitcoin has decreased significantly in a year. In November of last year, the price of bitcoin was close to 60,000 euros and ethereum was over 4,000 euros.

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