Cryptocurrencies fell to new lows due to regulatory concerns

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Cryptocurrencies fell to new lows due to regulatory concerns and as investors worldwide became wary of risky assets as interest rate hikes loomed around the world.

Bitcoin, the most valuable cryptocurrency by market capitalization, fell about 5% to a three-month low of $18,387. Ether, the second most valuable cryptocurrency, fell 3% to a two-month low of $1,285 and is now down more than 10% in the last 24 hours. The majority of the smaller tokens were darker in colour. The Ethereum blockchain, which underpins the ether token, received a major upgrade over the weekend known as the Merge, which changes how transactions are processed and reduces energy consumption. The token’s value has dropped amid speculation that remarks made last week by U.S. Securities and Exchange Commission Chairman Gary Gensler suggested the new structure would be subject to additional regulation. Trades surrounding the upgrade were also unwound.

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Cryptocurrencies fell to new lows due to regulatory concerns

Cryptocurrencies fell to new lows due to regulatory concerns and as investors worldwide became wary of risky assets as interest rate hikes loomed around the world.

Bitcoin, the most valuable cryptocurrency by market capitalization, fell about 5% to a three-month low of $18,387. Ether, the second most valuable cryptocurrency, fell 3% to a two-month low of $1,285 and is now down more than 10% in the last 24 hours. The majority of the smaller tokens were darker in colour. The Ethereum blockchain, which underpins the ether token, received a major upgrade over the weekend known as the Merge, which changes how transactions are processed and reduces energy consumption. The token’s value has dropped amid speculation that remarks made last week by U.S. Securities and Exchange Commission Chairman Gary Gensler suggested the new structure would be subject to additional regulation. Trades surrounding the upgrade were also unwound.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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