Bitcoin plunged below the $20,000 mark, whereas Ethereum sank 10 per cent, recording its biggest loss in the last one month. It broke below $1,500 after the much-awaited software update – the merge.
Barring the dollar-pegged USD Coin and Tron, all other major crypto tokens were in the red on Friday. XRP and Avalanche dropped about 4 per cent each.
The global cryptocurrency market cap was trading significantly lower at $959.65 billion, dropping more than 3 per cent in the last 24 hours. However, the total trading volume gained as much as 8 per cent, close to $84.22 billion.
Computing power on the Ethereum Classic and Raven Coin blockchain networks, or hashrate, nearly doubled a few hours after mining was rendered obsolete on the Ethereum network that underpins ether (ETH), the world’s second-largest cryptocurrency by market cap.
Crypto markets are mostly flattish over the past 24 hours, but prices for ether (ETH) and ethereum classic (ETC) were wavering early Thursday following the successful Merge event.
South Korea’s Ministry of Foreign Affairs is trying to get the co-founder of the now defunct stablecoin provider Terraform Labs, Do Kwon, to return his passport, according to a local media report on Thursday.
Token management platform Magna closed a $15 million seed round at a $70 million valuation led by venture capital firms Tiger Global and Tusk Venture Partners, co-founders Bruno Faviero and Arun Kirubarajan told.