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Since both cryptocurrencies bottomed out in June 2022, Ether has significantly outperformed Bitcoin. Excellent returns on Ethereum have come as investors expect a major upgrade to the Ethereum-his blockchain, dubbed Merge.
Yuriko Nakao | Getty Images
Bitcoin It fell to a three-month low on Monday as investors sold riskier assets amid expectations of higher interest rates.
The world’s largest cryptocurrency fell 5% to an intraday low of $18,276, its lowest level since June 19. Bitcoin is down 7.2% this month, its second straight month of negative pace after a 15% plunge in August.
ether Ether is set to drop 17% this month, its worst month since June.
Risk assets are under heavy pressure as the US Federal Reserve (Fed) is expected to stick to its aggressive tightening schedule.The central bank is widely expected to approve this week Interest rate hike of 0.75 points for the third consecutive time This results in benchmark rates ranging up to 3% to 3.25%.
–CNBC’s Gina Francolla contributed to this report.
