Bitcoin is currently hovering around the USD 24,000 mark as cryptocurrency values continue to plummet. The value of the biggest and most widely used cryptocurrency in the world fell by more than 1% to USD 23,988. According to CoinGecko, the global crypto market valuation today exceeded USD 1 trillion despite being nearly unchanged over the previous 24 hours at USD 1.2 trillion.
The second-largest cryptocurrency, Ether, which is connected to the Ethereum network, however, slightly declined to USD 1,892. With the blockchain's underlying encryption undergoing a drastic transformation to a system where the production of new ether tokens becomes far less energy-intensive, Ethereum's highly anticipated software update Merge appears all but guaranteed to take occur in September after years of delays.
Shiba Inu price likewise increased by over 4% to USD 0.000016 while Dogecoin was selling more than 8% higher at USD 0.08. XRP, Uniswap, Tron, Litecoin, Polkadot, and Stellar were trading with gains today, while BNB, Tether, Avalanche, Polygon, Apecoin, and Chainlink prices were trading with losses over the last 24 hours.
Crypto struggled during the first half of the year as the Federal Reserve raised rates to combat persistently high inflation, resulting in price drops of more than 50% for Bitcoin, Ether, and other tokens. Several cryptocurrency organisations have slashed staff after a significant pair of tokens collapsed, and other cryptocurrency lenders have frozen customer withdrawals.
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