The cryptocurrency market saw a sharp decline today (August 1), with Bitcoin trading below the USD 24,000 threshold. The biggest and most well-known cryptocurrency in the world, Bitcoin, increased by more than 2% to USD 23,437. According to CoinGeck, the global crypto market valuation today exceeded USD 1 trillion while being nearly unchanged over the previous 24 hours at USD 1.14 trillion.

On the other side, Ether, the second-largest cryptocurrency and the token connected to the Ethereum blockchain, fell by about 1% to USD 1,694. Dogecoin's price was marginally higher today at USD 0.07, and Shiba Inu also increased by more than 3% to USD 0.000012.

The performance of other cryptocurrencies today was varied, with Polkadot, Apecoin, and Tron prices rising while XRP, Solana, BNB, Litecoin, Stellar, Chainlink, Avalanche, Tether, Polygon, and Uniswap prices were trading lower during the past 24 hours.

The transition of Ethereum from its present mining-based structure to a more energy-efficient system based on staked coins is almost complete. It is anticipated that this so-called proof-of-stake system would be implemented in September. The Merge will transition Ethereum from its present Proof of Work system, which employs powerful computers to order transactions, to a system called Proof of Stake, in which staked Ether tokens would order transactions.

The last week saw Singapore-based cryptocurrency exchange Zipmex, with a concentration on Southeast Asia, file for bankruptcy protection, making it the newest casualty of the global decline in digital currencies. After stopping withdrawals on July 20, Zipmex reopened them last month and stated that the company was attempting to handle its exposure of USD 53 million to cryptocurrency lenders Babel Finance and Celsius.

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