According to data from CoinGecko, Bitcoin is down about 3.9 percent today and 18 percent in the past 14 days. The last time bitcoin fell below the crucial $20,000 level was in mid-July, but it was hit by volatility in August. It is currently trading at $19,996.
Ethereum, has also suffered from Bitcoin’s decline. According to CoinGecko Data, Ethereum is down 7.6 percent on the day and is trading at about $1,475. Like bitcoin, it has had a rough couple of weeks, losing about 24.7 percent of its market value.
Several other assets, including layer one networks Solana and Avalanche and DeFi commodities Uniswap and Aave, also suffered from the decline.
A market rally throughout July and early August raised hopes that the crypto-currency market might show signs of life after a months-long slump. Anticipation surrounding Ethereum’s Merge event was a particularly powerful narrative among crypto traders, especially after its September launch date was predicted. However, recent activity suggests that the market has lost some of the confidence it found earlier in the summer.
The capitalization of the global crypto-currency market is currently just over $1 trillion after suffering a 6.1% decline. That’s about 66 percent below the peak of $3 trillion in November 2021.