Bitcoin News

Ether dulls Ahead Of Merge as Bitcoin and Solana lead increases in the top ten cryptocurrencies

Tuesday morning trading in Asia saw Bitcoin rise to maintain its advances above US$22,000, a figure it crossed on Monday for the first time in three and a half weeks. Solana saw the biggest gains among the top ten tokens by market capitalization, while Ether experienced a decline.

According to data from CoinMarketCap, Bitcoin increased 2.8% in the last day to trade at US$22,365 at 8 a.m. in Hong Kong, while Ethereum decreased 2.8% to US$1,712.

The decline in Ethereum occurs just before the eagerly anticipated “Merge,” which will see the network switch from a proof-of-work to a proof-of-stake consensus mechanism. The price of Ethereum Classic, the network from which the primary Ethereum network is forked, was essentially unchanged at US$38.49 in recent weeks.

As voting began on a proposal for the Helium Network to relocate off its own blockchain and onto Solana, Solana witnessed the highest gains in the CoinMarketCap top 10, up 7% to US$37.41. A dispersed network of long-range wireless hotspots called Helium aims to compete with traditional wired internet access.

U.S. stocks increased on Monday. The S&P 500 Index concluded 1.1% higher, the Nasdaq Composite Index closed 1.3% higher, and the Dow Jones Industrial Average finished up 0.7%.

Investors are anticipating the release of the U.S. Consumer Price Index for August, a crucial indicator of inflation in the economy. Some projections indicate a rate of 8.1% or a slowing from July’s 8.5%.

The U.S. Federal Reserve bases its interest rate decisions on the CPI index. Senior Fed officials have stated their intention to keep raising interest rates until inflation falls within a 2%–3% range. 

Investors anticipate that the Fed will increase interest rates by 75 basis points at its meeting on September 20 and 21.

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