Thursday Tumble In Crypto Sphere; ETH Dives; BTC Drops Below $29k

Diverging from the positive trends in European stock markets and the Wall Street Futures, cryptocurrencies are trading more than 5 percent lower on an overnight basis. Ethereum recorded a sharp fall in prices after a disruption in a block reorganization cast doubts on the ability of the blockchain to transition from a proof-of-work mode to proof-of-stake mechanism.

Bitcoin, the top cryptocurrency has shed more than 4 percent overnight to trade at $28,319. BTC traded between $28,262 and $29,972 in the past 24 hours. Bitcoin dominance increased to 45.6 percent, from 44.7 percent a day ago.

Ethereum dropped close to 10 percent and is trading at $1,763. ETH traded between $1,759 and $1,978 in the past 24 hours. Ether’s dominance dropped to 18.0 percent, from 18.8 percent early on Wednesday.

Wrapped Bitcoin (WBTC) and UNUS SED LEO(LEO) are trading with losses of less than 5 percent.

XRP(XRP), BNB (BNB), Cardano (ADA), Dogecoin (DOGE), Shiba Inu (SHIB), Polygon (MATIC) and Cronos (CRO) are trading with losses between 5 and 10 percent.

Solana (SOL), Polkadot (DOT), Avalanche (AVAX) and Litecoin (LTC), have declined more than 10 percent.

TRON (TRX) is trading marginally higher.

In the stablecoin space, overall market capitalization remained at $160 billion, but market dominance increased to 13.52 percent.

Top ranked Tether (USDT), ranked third overall, traded between $0.9988 and $0.9991 and accounted for a market cap of $73 billion.

Second ranked USDCoin (USDC), ranked fourth among all cryptos traded between $0.9997 and $1.00, with market cap aggregating to $53 billion.

Binance USD (BUSD), ranked 7th overall traded between $0.9987 and $1.00, and market cap amounted to $18 billion.

The concerns about The Merge have dragged the overall market down, with Bitcoin dropping below $28.3k, and Ethereum plunging to $1.7k. The tumble comes amidst strong macro-economic headwinds that have already affected crypto valuations considerably. Will the team behind Ethereum be able to dispel all doubts about The Merge quickly? Crypto world is waiting anxiously!

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