Cryptocurrencies Hammered Across the Board

Cryptocurrencies Hammered Across the Board

Cryptocurrencies Hammered Across the Board

$BTCUSD, $ETHUSD

  • Bitcoin dropped sharply and suddenly, and then cryptos across the board are got hammered

Commentary: The price of cryptocurrencies dove across the board suddenly and sharply Wednesday morning with no clear reason. Having been steady at about $7,350 a coin during most of trading during both Asian and European morning hours, Bitcoin lost more than $200 in mins starting about 5:50a EDT, or 10:50a BST. It took another leg down an hour later, falling below the Psych mark at $7,000. By midday in London the largest crypto by market value was trading at $6,984 a coin, a fall of 5.1% on the day. Bitcoin was the most obvious casualty of the sudden sharp fall, but other major cryptocurrencies including ether, Ripple’s XRP, and bitcoin cash

Bitcoin is currently trading at $6,643.39 on the Investing.com Index off sharply on the day. It was the largest 1-day percentage loss since 29 March 2018.

The move South pushed Bitcoin’s market cap down to $116.33-B, or 57.38% of the total cryptocurrency market cap. At its highest, Bitcoin’s market cap was $241.15-B in December 2017

Bitcoin had traded in a range of $6,295.11 to $7,407.50 in the previous 24 hours.

Over the past 7 days, Bitcoin has seen a sharp drop in value The volume of Bitcoin traded in the 24 hours to time of writing was $5.72-B or 32.49% of the total volume of all cryptocurrencies. It has traded in a range of $6.29-K to $7.41-K in the past 7 days.

At its current price, Bitcoin is still down nearly 70% from its all-time high of $19,870.62 set on 17 December 2017.

Elsewhere in cryptocurrency trading

Ethereum was last at $228.07 on the Investing.com Index, down 25.04% on the day.

XRP was trading at $0.27828 on the Investing.com Index, a loss of 18.87%.

Ethereum’s market cap was last at $23.9-B or 11.18% of the total cryptocurrency market cap, while XRP’s market cap totaled $11.1-B or 5.27% of the total cryptocurrency market value.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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