By market value, Bitcoin, the most valuable cryptocurrency, dropped almost 5% to a three-month low of $18,387.
The second-largest cryptocurrency, Ether, fell 3% to a low of $1,285; and has lost more than 10% of its value in the previous 24 hours. The majority of the smaller tokens had larger losses.
A significant upgrade to the Ethereum blockchain—which supports the ether token— the Merge changed how transactions are handled and reduce energy consumption.
The value of the token has decreased amid rumors by chairman of the U.S. Securities and Exchange Commission, suggested the new structure would draw additional regulation.