Crypto markets have taken a vertiginous plunge today, August 4, with Bitcoin (BTC) losing almost $500 in the six hours before press time to dip below $7,000, and all of the top ten cryptocurrencies by market cap in the red, as data from Coin360 shows.
Market visualization from Coin360
Bitcoin (BTC) is trading around $7,028 to press time, having lost almost $500 on the day to plummet to a price point not seen since July 17. The leading cryptocurrency has seen an intra-day low of $6980, with some crypto analysts today noting that $6,800 has become its short-term critical support level. Bitcoin’s price percentage loss on the day is near 7 percent, with a weekly loss of about 15 percent and monthly gains squeezed to just 5 percent.
Bitcoin’s 7-day price chart. Source: Cointelegraph Bitcoin Price Index
Ethereum (ETH) has seen a markedly less pronounced drop on its daily chart, losing just over 2 percent over a 24-hour period to press time to trade around $404. The altcoin’s fortunes have been shaky much of the week, having seen jagged losses since July 29, when the asset was still trading as high as $470. On the week, Ethereum is down over 13 percent, with monthly losses at nearly 15 percent.
Ethereum’s 7-day price chart. Source: Cointelegraph Ethereum Price Index
On CoinMarketCap’s listings, none of the top ten cryptocurrencies are in the green to press time.
Taking an even heftier hit than Bitcoin, Stellar (XLM) and IOTA (MIOTA) have seen losses of as high as around 9 and 10 percent respectively on the day. To press time, Stellar is trading around $0.24 and IOTA around $0.84.
Among the top twenty coins by market cap, Ethereum Classic (ETC) is the major outlier, up almost 9 percent over the 24-hour period to trade at about $16 to press time. The altcoin’s solid gains kicked off late August 3, probably due to news of the asset’s imminent listing on major U.S. crypto exchange and wallet service provider Coinbase as of August 7. Since its spike, the coin has traded sideways most of today, seemingly immunized from the major losses in the wider crypto markets.
Ethereum Classic’s 24-hour price chart. Source: CoinMarketCap
Total market capitalization of all cryptocurrencies has plunged down to around $253 billion –– over $13 billion lost in the six hours before press time, and a staggering $50 billion lower than their July 26 surge to $303.7 billion.
1-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap
The markets’ nosedive today is in stark contrast to yesterday’s major news that Intercontinental Exchange (ICE) –– the operator of 23 leading global exchanges including the New York Stock Exchange (NYSE) –– plans to create a global ecosystem for digital assets that would cover the spectrum from federally regulated markets and warehousing to merchant and consumer needs.
ICE moreover plans to launch physically-delivered BTC futures contracts this November, distinct from those currently offered on CME and CBOE that are ultimately settled in fiat.
The likes of Starbucks and Microsoft are on board for the new venture, dubbed “Bakkt,” which will begin by offering Bitcoin-fiat conversion for consumers to purchase everyday goods with crypto.
ICE’s unveiling of Bakkt prompted CNBC’s Brian Kelly today to suggest that this is “the biggest Bitcoin news of the year,” advocating that now is a good “point of entry” for investors ahead of crypto’s impending institutionalization.
Author: Cointelegraph By Marie Huillet
Source link
Nice post. I was checking continuously this weblog and I’m inspired!
Very useful info particularly the closing section 🙂
I take care of such information much. I used to be looking for this certain info for
a very long time. Thank you and good luck.
whoah this blog is magnificent i like studying your articles.
Keep up the great work! You already know, many individuals are hunting around for this information,
you could help them greatly.
Does your site have a contact page? I’m having problems locating
it but, I’d like to send you an email. I’ve got some ideas for your blog you might be interested in hearing.
Either way, great blog and I look forward to seeing it grow
over time.
Admiring the time and energy you put into your blog and detailed information you
offer. It’s awesome to come across a blog every once in a
while that isn’t the same outdated rehashed information. Great read!
I’ve saved your site and I’m adding your RSS feeds to my Google account.
Why users still make use of to read news papers when in this technological world everything is accessible on web?
These are genuinely enormous ideas in on the topic of blogging.
You have touched some pleasant points here. Any way keep up wrinting.
Hello.This article was extremely interesting, especially because I was browsing for thoughts on this topic last week.
Unquestionably believe that which you said. Your favorite reason appeared to be on the
web the easiest thing to be aware of. I say to you, I definitely get annoyed while
people consider worries that they plainly don’t know about.
You managed to hit the nail upon the top and defined out the whole thing without having side effect ,
people can take a signal. Will likely be back to get more.
Thanks
It’s actually a nice and useful piece of information.
I’m happy that you simply shared this helpful info with us.
Please keep us informed like this. Thank you for sharing.
What’s up Dear, are you truly visiting this web site regularly,
if so after that you will definitely obtain pleasant
knowledge.
CPAHK獲頒´Caring Company´ – 香港化粧品同業協會The Cosmetic & Perfumery Association of Hong Kong Ltd CPAHK獲頒´Caring Company´ – 香港化粧品同業協會The Cosmetic & Perfumery Association of Hong Kong Ltd
Your means of telling the whole thing in this paragraph is really good, every one can effortlessly be aware of it,
Thanks a lot.
Thanks for sharing your thoughts. I really appreciate your efforts and I
will be waiting for your next write ups thank you once again.
Excellent pieces. Keep posting such kind of information on your blog.
Im really impressed by your blog.
Hello there, You have done an incredible job.
I will definitely digg it and in my opinion recommend to my friends.
I am sure they’ll be benefited from this web site.
I quite like reading an article that will make men and women think.
Also, thank you for allowing for me to comment!
【口碑超好的磨砂】采用全天然·核桃制造CP值超高「𝓢𝓽. 𝓘𝓿𝓮𝓼磨砂系列」 @ 潮流、美妝、消費 創造個人化風格的女性社群 PIXstyleMe 【口碑超好的磨砂】采用全天然·核桃制造CP值超高「𝓢𝓽. 𝓘𝓿𝓮𝓼磨砂系列」
Arsenal legend Robert Pires has revealed that he told Alex Iwobi that he ‘made the difference’ during his cameo role against Watford on Saturday. Arsenal legend Robert Pires reveals he told Alex Iwobi that he ‘made the difference’ during cameo role against Watford and tips youngster for bright future with the club
Wow that was unusual. I just wrote an incredibly long comment but after I
clicked submit my comment didn’t appear. Grrrr… well I’m not writing all that
over again. Regardless, just wanted to say superb blog!
Keep this going please, great job!
Great article.