Bitcoin
Ripple, Ethereum, Bitcoin, and the crypto-markets all down, why?
Today, the crypto-world woke up in a bloodbath, creating a lot of panic for the investors. Despite the expectations from 2018 Q4, the crypto-market is showing no sign of recovery as only one cryptocurrency in the top 50 is green at the moment.
Cryptocurrencies like Bitcoin, Ethereum, and Ripple (XRP), are all suffering in the dips and from the weight of the bears. It is important to know that as a result of today’s bearish trend, the market has laid off more than 5 percent of its value (US$13 billion) in the past 24 hours.
In the past 24 hours, Bitcoin has gone down by 4.26%, and it is currently trading at $6,289. So-called BTC competitors have accumulated bigger losses: Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, and Litecoin. Ethereum is down more than 11 percent, trading at $201.15; Ripple’s XRP in red by more than 13 percent, trading at $0.4047.
Bitcoin Cash price has also crashed more than 11.5 percent, trading at $450.91; EOS is down by 9.91 percent, trading at $5.30; Stellar has plunged by more than 11.8 percent, trading at $0.213; and Litecoin is currently in red by 9.50 percent, trading at $52.28. In short, the whole market in a severe bloodbath, pretty much like the global market.
Bitcoin sudden drop today. | Source: Coindesk
Why Has the Crypto-Market Turned to Sudden Melt-down?
After faring quite well last week, cryptocurrencies are down again by large percentages this week, majorly due to the criticisms thrown out by the IMF (International Monetary Fund).
The IMF warned that cyber-security hacks on global financial structure pose another source of risk and this is since they demoralize cross-border payment infrastructures and also upset the flows of goods and services. IMF believes,
“Continued rapid growth of crypto assets could create new vulnerabilities in the international financial system.”
A thing worth noting is, there have been several warnings by the IMF concerning cryptocurrencies, and this is not the first one. In its report last week, IMF stated that even though cryptocurrencies have great profits possibilities, its knowledge of the risks of cryptocurrencies still grows. A part of the IMF report reads,
“Increased cybersecurity risks pose challenges for financial institutions, financial infrastructure, and supervisors. These developments should act as a reminder that the financial system is permanently evolving, and regulators and supervisors must remain vigilant to this evolution and ready to act if needed”
We shouldn’t forget the fact that lots of financial regulatory bodies are still evaluating if cryptocurrencies are to be incorporated into the existing financial systems of the world. The UK CEO of Finder.com, Jon Ostler, stated,
“The issue of the pending ETF decision by the US Securities and Exchange Commission is still on our minds, with some citing the decision as the main indicator of short-term performance and anticipating it to affect the market for months to come.”
Another possible explanation for the sudden market fall is how 22,000 BTC got moved to an unknown account today. Some crypto enthusiasts are speculating it was probably the activity of the ‘Whales’ in the crypto market. 22k BTC is a much huge move which creates lots of tension among hodlers and investors in the crypto-market.
Nevertheless, the market’s sudden fall has badly affected cryptocurrencies like Ripple’s XRP, which is poised to play a significant role in liquidity provisioning. Overall, the plunge on the price of cryptocurrencies has caused financial institutions to lay off staff.
Many experts have come out to say that the prices of Bitcoin, Ethereum and Ripple have the possibility to continue in its present downward trend for some time now. Let’s hope for the best, though.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of RobinHiggins/Pixabay
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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