Cryptos Destroyed with Another $20 Billion Down the Drain
A new 2018 low for the crypto market, Bitcoin, Ethereum, Ripple, and other cryptos plunge by USD$20 Billion. Markets slide below USD$210 Billion for the first time in 9 months.
Bitcoin has failed to hold support at USD$6,400 and has dropped 4.7% to USD$6,150. This creates bad news for Ethereum, which has fallen 11.4% to $320, the lowest it has seen this year.
Meanwhile, altcoins and tokens are getting pummeled, and some are seeing drops as much as 50%. Ripple (XRP) has taken a dive by nearly 11%, down to approximately USD$0.30. Tezos (XTZ) is the only altcoin that has seen gains over the past 24 hours. With its beta network launched the 30th of June, the cryptocurrency is up 2.5 percent on the day and is trading at USD$2.18 currently as I am writing this, according to Coinmarketcap.
On the converse, EOS has suffered a 30% drop over a 24 to 48 hour period, and is currently trading at $5.28, according to Coinmarketcap. Overall, EOS, has dropped by about 70% of its total value from it’s record-high of approximately USD$21.
Bitcoin is currently trading at USD$6,355, up 3.31% within the past 24 hours. From July 25th, Bitcoin is down around 8%, after dropping from over $8,000. Though, Bitcoin is still up 1% from the past month. I guess that is some sort of improvement?
After losing the $400 support this Monday, Ethereum (ETH) has plunged to as low as $303 today. It is now trading at $323, with its price 10 percent down over the past 24 hours. IOTA, one of the most popular altcoins, is down 36 percent on the week, and is trading at $0.53 at the time of writing.
On Wednesday, Pantera Capital CEO Dan Morehead claimed that crypto markets are reflecting some overreaction from the investors. According to Morehead, many have exaggerated the importance of the recent postponement of the U.S. Securities and Exchange Commission’s (SEC) decision on a Bitcoin exchange-traded fund (ETF) application by companies VanEck and SolidX.
In addition to recommending investors to focus on the Intercontinental Exchange’s (ICE) announcement of its own crypto platform, Morehead pointed out that Bitcoin is still up about 82 percent on the year, noting that “it’s all perspective.” You can read the rest of CoinTelegraph’s article here.
While I do believe the cryptocurrency market has suffered due to the delayed announcement, I refuse to believe it is entirely because of that. But who knows? The market is extremely volatile, especially at the time of writing. Full trust and recovery in the market does seem awhile away, unfortunately.
What are your thoughts and opinions? Is this just a hiccup in the market, or is it something more drastic than that? Let us know in the comments!