It's more bad news for crypto, but what's to blame for the ongoing falls in value?
Early Monday morning, Investing.com tweeted some sobering news for the crypto community: Bitcoin had fallen below $19,000 to $18,802.1, marking a further decline from its "psychological threshold" of $20,000.
And Bitcoin wasn't alone in its losses.
Ethereum's native token, Ether, dropped even more: showing a drop slightly above 10% and trading at $1,303.42.
What could be causing the drop?
As the Fed continues its efforts to tame inflation by raising interest rates, investors have pulled back across the board, and crypto is no exception. While the economy remains uncertain, individuals are avoiding risky assets.
Additionally, Ethereum's long-awaited "Merge" was completed last week, making it a proof-of-stake blockchain instead of a proof-of-work blockchain.
What does that mean? Essentially, proof-of-work is done through mining, whereas proof-of-stake is done through existing owners putting their coins...
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