Crypto markets have taken a vertiginous plunge today, August 4, with (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 shows.
Market visualization from
(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 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
(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
On ’s listings, none of the top ten cryptocurrencies are in the green to press time.
Taking an even heftier hit than bitcoin, (XLM) and (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, (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 on major . crypto exchange and wallet service provider 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:
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 to $303.7 billion.
1-day chart of the total market capitalization of all cryptocurrencies from
The markets’ nosedive today is in stark contrast to yesterday’s major 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 and that are ultimately settled in fiat.
The likes of Starbucks and 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 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.
Published at Sat, 04 Aug 2018 17:28:00 +0000
bitcoin[wpr5_ebay kw=”bitcoin” num=”1″ ebcat=”” cid=”5338043562″ lang=”en-US” country=”0″ sort=”bestmatch”]
