Last week the world’s second-largest cryptocurrency made history by becoming the first major cryptocurrency to effectively replace its consensus mechanism and while this is truly a landmark accomplishment for Ethereum developers, the hype surrounding the switch to proof-of-stake quickly dissipated.

Today Bitcoin resumed its descent remaining in the zone of $18,000 - $20,000. This price zone has been tested as support over ten times during the last four months, and each time Bitcoin has held this level.

At 8:30 AM ET, the U.S. Bureau of Labor released the consumer price index for the month of August. The report showed that inflation was still greatly elevated at 8.3% for all items over the last 12 months.

Anyone reading this I assume is already well aware of What the upcoming Ethereum 2.0 is and doesn’t need me to explain the details. This upgrade or more accurately hard-fork of the Ethereum blockchain has been widely anticipated for years and its delay was the most critiqued aspect for some time.

Bitcoin is having a bad start to the month of August with $20,000 appearing to have flipped to resistance. Following the weekend and Labor Day which contained tight volume and little volatility, Tuesday’s trading was decisive and to the downside. As of 5 PM, ET Bitcoin is trading at a loss of nearly $800 or 4.4% for the day.