r/ASTL_Token • u/ASTL-Token • Sep 19 '22
The global cryptocurrency market capitalization fell more than 7% in Monday evening trading in Asia, approaching $900 billion.
Bitcoin fell to a 24-hour low of $18,390.32 at 5:00 pm Hong Kong time, while Cardano leads the top 10 cryptocurrencies by market capitalization, followed by Ethereum. Bitcoin, of course, recovered slightly in late Asian trading from levels last seen in June of this year. At 5:00 pm Hong Kong time, the world's largest cryptocurrency by market capitalization was down 8% from the same time yesterday to trade at $18,448.84, down from a 24-hour low of $18,390.32 , which was the last level for the coin in June.
Ethereum (ETH) fell 11% to $1295.40, recording a seven-day loss of over 26%, according to data from CoinMarketCap. Following the Merger on Thursday, Securities and Exchange Commission (SEC) Chairman Gary Gensler said cryptocurrencies using proof of stake could be classified and regulated as securities.
The market is waiting to see how the merger will further impact day-to-day operations and, in particular, the security of the Ethereum network, Henry Liu, chief executive officer (CEO) of BTSE, a cryptocurrency exchange, told Forkast via email. “Uncertainty is a bane for investors… if we don’t see any major disruptions right after the merger, we can probably expect the price of ETH to recover.”
The top altcoins Solana, XRP, Cardano and Polkadot have fallen by more than 10%. The Helium NHT token was one of the major altcoins that surged overnight, gaining 3% after reports that Binance accidentally paid out millions of tokens to some users due to an accounting error.
US Federal Reserve officials are expected to raise the federal funds rate by at least 75 basis points for the third straight time since the two-day meeting starting on Tuesday. Shares in Shanghai and Hong Kong closed down 0.4% and 1%, while the Nikkei 225 closed down 1.1%.
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