Today's cryptocurrency prices fell, with Bitcoin trading below the USD 21,000 mark. The value of the biggest and most used cryptocurrency in the world fell by more than 6% to USD 20,298. Despite falling more than 6% in the previous day to USD 1.02 trillion, the total value of all cryptocurrencies was beyond the USD 1 trillion threshold today, according to CoinGecko.
On the other side, Ether, the second-largest cryptocurrency and coin connected to the Ethereum blockchain, fell more than 10% to USD 1,509. In recent weeks, Ether had outperformed the overall cryptocurrency market thanks to anticipation surrounding the upcoming "Merge" network software upgrade.
The Ethereum Foundation revealed more details about the forthcoming upgrade earlier this week, showing that all the preparations are proceeding without a hitch. The upgrade will be finished in its entirety between September 10 and September 20, according to the release. Shiba Inu was down almost 10% at USD 0.000013, while Dogecoin was trading almost 7% down at USD 0.06 today. Since the values of BNB, Chainlink, Apecoin, XRP, Uniswap, Tron, Litecoin, Stellar, Binance USD, Polygon, Solana, Polkadot, Avalanche, and Tether have been falling over the past 24 hours, other cryptocurrencies' performance today has also decreased.
After Jerome Powell cautioned against prematurely loosening policy, cryptocurrencies sank in step with the overall market, with Bitcoin falling towards the lower end of the tight band it has been trading in for the past two weeks. Since last Friday, it has fluctuated between a price range of USD 22,000 and USD 20,000.
The chairman of the Federal Reserve, Jerome Powell, pushed back against the notion that the Fed would soon change course, indicating that the US central bank is likely to keep hiking interest rates and leave them high for some time to stifle inflation.
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