The Globe and Mail reports in its Tuesday, Sept. 20, edition that crypto currencies fell to fresh lows on Monday. A Reuters dispatch to The Globe reports that bitcoin, the biggest crypto currency by market value, fell about 5 per cent to a three-month low of $18,387 (U.S.). Ether, the second-largest crypto currency, dropped 3 per cent to a two-month low of $1,285 (U.S.) and was down more than 10 per cent in the past 24 hours. Most other smaller tokens were deeper in the red. The ethereum blockchain, which underpins the ether token, had a major upgrade over the weekend called the Merge that changes the way transactions are processed and cuts energy use. The token's value has fallen amid some speculation that remarks last week from the U.S. Securities and Exchange Commission implied the new structure could attract extra regulation. Stack Funds chief operating officer Matthew Dibb said on the regulatory outlook: "It's speculation as to what might or might not happen. A lot of the hype has come out of the markets since the Merge. It's really been a sell-the-news type of event." He sees ether testing $950 (U.S.). "There's no immediate bullish catalyst that we can see that's going to prop up these markets."