Cryptocurrency: Bitcoin Falls To US$ 19,437, US Fed Rate Hike Worries Intensify

Globally cryptocurrency market continues to fall today. On September 16, at 6.09 pm UTC, Bitcoin fell by 1.39% intra day, and was quoted at US$ 19,437.90. Yesterday, Bitcoin closed at US$ 19,703.60. In the last 5 days, Bitcoin fell by 10.67%. In the past 1 month, it has dropped by 18.67%. Additionally, in the last 6 months, Bitcoin plunged by 52.81%. Other major cryptocurrencies are also showing the same trend. Ethereum was quoted at US$ 1,423.61, down by 2.98%. Yesterday, Ethereum closed at US$ 1,467.38. Litecoin was quoted at US$ 55.09, down by 2.22%, Dogecoin was quoted at US$ 0.0592 down by 1.01%, and Cardano was quoted at US$ 0.4583 down up 1.56% today, till last traded.

This month, the US Fed is expected to raise its interest rate by 75bps to control the climbing inflation rate in the country. Inflation worries are affecting cryptocurrencies and other commodities to plunge. Additionally, the recent merger news impacted the crypto markets largely. “Ether, the second-biggest cryptocurrency by market capitalization had topped $2,000 earlier that month largely on Merge euphoria. The technological overhaul that has changed the Ethereum blockchain to a more energy-efficient proof-of-work (PoW) protocol went seamlessly, and data from crypto futures markets on Thursday showed that many investors seemed to have closed out hedged positions in the ensuing hours,” a CoinDesk report stated today.

The US stock markets also fell today. S&P 500 was down by 1.45%, stood at 3,844.77, and Nasdaq Composite fell by 1.76%, stood at 11,349.54, at the time of writing. However, the US Dollar index gained to 109.84, up by 0.09%, till last traded.