Bitcoin drops below $19,000 as crypto market cap surrenders $1 trillion mark
Bitcoin traded below $19,000 on Wednesday while the price of ether flirted with $1,500 as crypto tracked traditional financial markets lower.
At the time of publication, bitcoin is trading at $18,794 on Coinbase, down about 5.9% over the past 24 hours, per data from the exchange.
Wednesday’s losses bring bitcoin back within range of its 2022 low of $17,600, which it hit in June amid the crypto credit crisis as Three Arrows Capital collapsed and lending platforms faced liquidity issues.
Ether’s losses over the past 24 hours are even greater than bitcoin’s as it trades at $1,518, having dropped 8.6%, per Coinbase data.
Traders had bid up Ethereum’s native asset over the past few weeks, ahead of The Merge, but the token is now falling in line with broader financial markets despite the network’s imminent switch to proof of stake consensus.
The global crypto market cap was trading below $1 trillion again on Wednesday, having flirted with this level at various points throughout August. It currently sits at $987 billion, per CoinGecko data.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Adam Morgan McCarthy
