Jakarta, Duniafintech.com – Today’s Bitcoin news reviews about the still slow price action.
In fact, Bitcoin aka BTC is still below the 300 million rupee price range. A week ago, the world’s largest cryptocurrency was excited.
However, due to some negative sentiment looming on the horizon, this popular cryptocurrency has once again been on the decline. So what does market action look like today? Let’s take a look at today’s Bitcoin news review.
Bitcoin Cs Price Update September 19, 2022 – Bitcoin News Today
Starting from the third week of September 2022, the price of Bitcoin and other cryptocurrencies was observed to see mixed movements on Monday, September 19, 2022. The majority of these cryptocurrencies are back in the red.
Based on data from Queen Market CapOn Monday (19/9/2022), the cryptocurrency with the largest market capitalization, Bitcoin or Bitcoin, fell 2.60 percent in the past 24 hours and 9.58 percent in the week.
Currently, the price of Bitcoin is $19,513 per coin or the equivalent of 292.6 million rupees assuming an exchange rate of 14,492 rupees per US dollar.
Read also: Trusted Crypto Investment Platform, Number One Has 5.5 Million Members
Then Ethereum (ETH) weakness followed again this morning. In fact, the feeling of consolidation was not able to drive the price of ETH. Over the past 24 hours, ETH is down 7.88 percent and 22.85 percent for the week. In this way, the level of ETH is currently $1,337 per coin.
The next cryptocurrency is Binance Coin (BNB), which is also weakening. In the past 24 hours, BNB stock is down 4.26 percent and 8.93 percent this week. This brings the price of BNB to $266.36 per coin.
Then Cardano collapsed, too. On the last day, the ADA fell 7.13 percent and 10.89 percent this week. Thus, the price of ADA is 0.4669 USD per coin.
Meanwhile, Solana crypts (SOL) are once again floating in the red. During the last day, SOL was corrected by 2.56 percent and 0.64 percent per week. Currently, SOL is priced at $44.94 per coin.
Moreover, XRP managed to strengthen amid other weakening cryptocurrencies. XRP is up 2.15 percent in the last 24 hours and 8.30 percent in the week. In this way, the price of XRP is now $0.3824 per coin.
Stablecoin Tether (USDT) and USD coin (USDC), both weakened by 0.01 percent today. This makes the price of both remain at the level of 1.00 USD.
Read also: Participating in the development of Indonesia, Indodax donates hundreds of billions in taxes
As for Binance USD (BUSD), it strengthened by 0.016 percent in the past 24 hours, causing the price to float again at the $1.00 level.
As for the total market capitalization of cryptocurrencies in 24 hours, it fell below $1 trillion, to be exact at $933.8 billion.
Understanding about Ethereum Merge
Previously there was an Ethereum merge event. This is to join the Ethereum Proof-of-Stake (PoS) beacon chain with the Ethereum Mainnet to move the Ethereum blockchain from legacy Proof of Work (PoW) to Proof of Stake (PoS).
On September 15, 2022, Ethereum officially moved to the Proof of Stake model. This led to the birth of Ethereum 2.0, a new version of Ethereum.
This will lead to a 99.95 percent reduction in Ethereum power consumption, and the ability to scale the Ethereum ecosystem.
I mentioned from Investopedia Across Liputan6.comIn general, the Ether token will remain exactly the same for investors, and there will be no changes to the operation of Ethereum-based applications. During the merge, users may not be able to transfer Ethereum-based assets.
Factors Driving the Ethereum Consolidation Mechanism – Bitcoin News Today
Since its inception, Ethereum (ETH) has been secured by a Proof of Work (PoW) consensus mechanism, which requires hardware processing power to solve complex mathematical equations in a competitive process for mining the next block on the Ethereum blockchain.
The move to Proof-of-Stake (PoS) eliminated the need for mining nodes to compete for block rewards, and instead required node operators to share 32 Ether (ETH) as collateral to become network validators for rewards.
There are driving factors behind the move to the Proof of Stake consensus mechanism, including:
- Further decentralization by lowering hardware requirements for contract operators.
- Faster transaction confirmation (although the overall speed will be about the same)
- Reduce power consumption by 99% through contract verification.
- Ability to add more measurement solutions (eg hash).
- Increase security through diversity of customers.
- Make ETH a more deflationary asset.
This is today’s Bitcoin news review. We hope this information is useful to you.
Read also: Cryptocurrency News Today: Fleeing his country, President Terra Luna is stalked
Read on for the latest Indonesian fintech and crypto news only at Duniafintech.com.
Author: Contributor / Shuhada Banji A