Bitcoin and ethereum prices fall as crypto markets slide
Bitcoin and ethereum prices have dropped as the entire cryptocurrency market falls below the $1tn level.
Bitcoin (BTC-USD) spent much of Monday trading sideways before a fall on Tuesday to around $19,050, seeing the digital asset fall roughly 2% over the past 24 hours.
Ethereum (ETH-USD) fell further, down almost 3% to $1,284 (£1160), despite the supply of ether turning deflationary this week.
Check: Crypto live prices
The total supply of ether, Ethereum’s indigenous cryptocurrency, decreased by 0.02% in the past week, marking the first deflationary period where more ether is destroyed than created since the network transitioned to proof of stake in September.
Watch: ‘Bitcoin will eat into global finance until it’s $1m per coin’ | The Crypto Mile
The current crypto bear market is correlating with stumbling global stock markets.
Stocks in London fell into the red on Tuesday as weak jobs data and another Bank of England (BoE) intervention reinforced a caution among investors.
As the Bank of England enacts fresh measures to limit the rout in UK government bonds the pound extended its recent decline against the dollar, with investors suspecting more monetary tightening by the US Federal Reserve.
Amid the uncertainty over the UK economy, JPMorgan Chase CEO Jamie Dimon said new governments “always have issues” and that the British government should be “given the benefit of the doubt” following a turbulent first month in office.
Speaking at the JPM Techstars conference in London. Dimon said: “It’ll take time to execute the policies and kind of drive growth and what’s important, but there’s a lot of things the UK has going for it and proper strategies to get it growing faster, then it can accomplish some of the other objectives it wants to accomplish too.
“I would like to see the new prime minister, the new chancellor, be successful.”
Watch: Three key reasons for the Ethereum Merge – The Crypto Mile
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