The overall crypto market, up until yesterday had been slowly and gradually trying to edge upwards but all that effort was laid to waste after the crash in the market post the Bellatrix upgrade on Ethereum’s Beacon Chain - which was the last major upgrade ahead of the final and highly anticipated Ethereum Merge. The markets had been positively holding their ground but after the crash is firmly on its way back downwards, headed towards the lowest points of 2022.
The crypto crash that we saw in the market yesterday, on 6 September, 2022, as expected has resulted in a major fall in Bitcoin price as well. The crash was primarily led by Ethereum post the Bellatrix upgrade that went live around 5pm IST, on 6 September. Post the crash, BTC price is now at the lowest point of 2022, trading well below $19,000 at close to 18,800.
Ethereum, over the past 24 hours has surprised investors across the crypto space. So far, the altcoin king had been on a splendid run, outperforming most other top altcoin and even Bitcoin itself in terms of price performance. But that changed quickly after yesterday's Bellatrix upgrade. Things took a turn for the worse right after the upgrade when ETH price rapidly began falling and ended up losing almost 9 per cent in a matter of a few hours. In real value terms, Ethereum lost about $16 billion in market capitalisation post the Bellatrix Upgrade.
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