Posted on

Major Coins in the Green, Bitcoin Hovers Over $10,000

Top digital currencies have seen notable gains on the day, with Bitcoin trading at $10,549.

Thursday, July 18 — following Bitcoin’s (BTC) price retaking $10,000 earlier today, top-20 cryptocurrencies have seen notable gains on the day, with only UNUS SED LEO (LEO) casting a gloom on the prospects.

Market visualization. Source: Coin360

Market visualization. Source: Coin360

BTC is up 7.63% over the last 24 hours, and is trading at around $10,549 as of press time. Having briefly dipped to as low as $9,385 during the day, BTC has rebounded and is apparently pushing to the $11,000 price point. BTC is still down over 15% in terms of its weekly performance.

Bitcoin 7-day price chart. Source: Coin360

Bitcoin 7-day price chart. Source: Coin360

The second largest coin, Ether (ETH), began the day at around $215.39, subsequently reaching its intraday high of $227,36. At press time, the major altcoin is trading at around $225,13, up 4.14% on the day.

Ethereum 24-hour price chart. Source: Coin360

Ethereum 24-hour price chart. Source: Coin360

Ripple (XRP) has seen smaller gains of 1.73% to trade at around $0.323 at press time. During the day, XRP slumped to its daily low of $0.307, but soon began to recover. On its weekly chart, XRP is in the red by 12.12%.

XRP 7-day price chart. Source: Coin360

XRP 7-day price chart. Source: Coin360

Stellar (XLM) has also taken an upturn and is currently trading at around $0.088. Today,  Binance revealed that it unknowingly earned staking rewards of XLM in the amount of 9,500,000 XLM ($775,000 at press time) worth of extra XLM, and is going to share the gained XLM rewards to the entire community.

Stellar 7-day price chart. Source: Coin360

Stellar 7-day price chart. Source: Coin360

The total market cap of all cryptocurrencies is currently over $286 billion, while the daily trading volume is around $82.9 billion.

Posted on

BTC Price Reclaims $10K After US Lawmaker Says Bitcoin Can’t Be Killed

Bitcoin price is back above the key psychological $10,000 level after a downward correction and some bullish comments from a U.S. lawmaker.

Bitcoin (BTC) has retaken $10,000 today following a moderately volatile month, according to data provided by Coin360.

Picture 1

Bitcoin starting its parabolic advance in April which culminated in retailing the 5-figure mark in June for the first time since March 2018. At the time, BTC was on a slow-and-steady bull run that peaked just shy of $14,000 on June 26.

Since then, BTC has moved around a decent amount, dipping below $10,000 on July 2, retaking $13,000 on July 10, and slumping below $10,000 again on July 16.

Some analysts linked this week’s correction to technical reasons alongside the Libra hearings on Capitol Hill. Additionally, recent remarks from United States (U.S.) Secretary Treasury Steven Mnuchin who echoed president Donald Trump’s “not a fan of Bitcoin” comments could have also played a role. 

But the ongoing scrutiny of Facebook’s Libra project in Washington D.C. appears to be educating lawmakers about the key differences between Bitcoin and other so-called “cryptocurrencies.”

As reported by Cointelegraph, Blockstream chief strategy officer Samson Mow suggested that Facebook should have simply offered a BTC service instead of foraying into a new cryptocurrency with Libra. Mow remarked:

“Once Libra is compliant with every jurisdiction, it will just be a more complex PayPal governed by an association. Should’ve just used Bitcoin.”

U.S. representative says ‘there’s no capacity to kill bitcoin’

Meanwhile, U.S. representative Patrick McHenry said that he believes Bitcoin (BTC) can not be killed in an interview with CNBC’s “Squawk Box” on July 17.

During the interview — when he was asked whether he believes politicians will allow cryptocurrencies to thrive — McHenry said:

“I think there’s no capacity to kill Bitcoin. Even the Chinese, with their firewall and their extreme intervention in their society could not kill Bitcoin.”

McHenry also pointed out that newer cryptocurrencies, backed by startups or corporations, are trying to replicate the success of Bitcoin’s decentralized, open-access network. He concluded:

“The essence of Bitcoin is what Libra and Facebook, and corporates are trying to mimic.”

As Cointelegraph reported, the United States’ Senate Banking Committee raised a wave skepticism over Facebook’s crypto project Libra during the first day of testimony on July 16. 

Posted on

Bitcoin Miners Will ‘Defend’ Price Above $6,500 Ahead of Halving: Analyst

Bitcoin price levels will not dip to new lows prior to the May 2020 halving event, market analyst Filb Filb suggests.

Bitcoin (BTC) miners want to coordinate the market in order to maximize revenue as the 2020 block reward halving nears.

Are miner’s controlling the market?

That was the conclusion of a new Bitcoin price analysis by popular trader Filb Filb as BTC/USD neared $9,000 on July 17. 

The largest cryptocurrency saw considerable downward pressure this week following a volatile period, while analysts remain at odds as to which factors are driving the market.

Filb Filb, however, does not imagine Bitcoin will see new lows this year, as miners wish to optimize their profitability as far as possible. They, he said, are firmly in control.

“As Satoshi said himself rightly pointed out that commodity costs are likely to gravitate to production cost. Why? Because miners will sell into demand where revenue per unit > cost per unit. Likewise, collectively they are disincentivized to sell when revenue < cost,” he summarized in the analysis.

Silver lining in mining 

According to Filb Filb, midterm action is most likely coming from Bitcoin miners who are selling their mined coins, which can be seen with 12.5 BTC sell orders (i.e. the current mining reward per block, which in May 2020 will decrease to 6.25 BTC). 

They are then hedging down future production while existing marginal cost of production is still low, he explains. 

“I was saying all the time in the bear market about these 12.5 BTC orders,” he says, “They disappeared in the bull market this year and came back at 13K.” 

Filb Filb theorizes that the miners may have been contracting their selling pre-halving to create new a halving bubble, which would present a supply shortage and the opportunity to maximize their realizable revenue per unit. They will then defend the new cost of production or double that of the previous at the $6,500 Bitcoin price level. He notes: 

“6.5K is thou shall not pass for miners.” 

As Cointelegraph reported, Bitcoin mining has transformed over 2019, with profitability lows giving way to better-than-expected results across the industry and widespread plans to open new facilities. 

The lows and accompanying lack of profitability in mining, Filb Filb added, flushed out weak players, while in recent weeks, mining difficulty hit record highs, underscoring the market’s renewed competition and increasing computing power of the Bitcoin network.

Posted on

Bitcoin Price Bounces Back Near $10K But Analysts Aren’t Convinced

A change in behavior on crypto markets became apparent Thursday, to the relief of altcoin traders.

Bitcoin (BTC) was challenging the $10,000 barrier again on July 18 after a modest uptick broke up several days of losses. 

Market visualization

Market visualization. Source: Coin360

A sea of green for Bitcoin and altcoins

Data from Coin360 showed BTC/USD hovering just below the significant marker Thursday, circling $9,900 on the back of 2.9% gains over the past 24 hours. 

The pair had encountered difficulties over the week, declining from near $11,000 to hit local lows close to $9,000. 

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Courtesy of Coin360

Analysts immediately sounded the alarm about a possible sentiment change for Bitcoin, but found it hard to reach consensus about whether the price declines were part of a long-term bearish trend. 

“Bitcoin had a nice bounce that tapped the previous 4hr chart low and I honestly think it needs to push up more before continuation down,” investor and trader Josh Rager wrote in his most recent daily Bitcoin price update on Twitter late Wednesday.

Rager added that if Bitcoin breaks above $9,830 — which is subsequently did — resistance would in fact come into play slightly beyond $10,000, at between $10,192 to $10,342.

Longer term, the picture is more uncertain for some, with veteran trader Peter Brandt even forecasting an 80% correction in overall cryptocurrency market cap gains seen this year.

Altcoins suddenly wake up

Bitcoin’s negligible shift to the upside meanwhile appeared to have a more profound impact on altcoin markets, which had long failed to halt their own declines.

Many tokens in the top 20 cryptocurrencies by market cap showed improved performance Thursday, with Ether (ETH) gaining 6.1% to hit $217.

Ether 7-day price chart

Ether 7-day price chart. Courtesy of Coin360

Litecoin (LTC) led the top performers with 15% daily gains, while the embattled Bitcoin SV (BSV) also achieved double-figure growth. 

Previously, bearish warnings had appeared — specifically from Brandt — suggesting altcoin markets would not recover at all after Bitcoin’s gains eclipsed them in 2019.

Keep track of top crypto markets in real time here
Posted on

Major Altcoins Rally as Bitcoin Sees Slight Gains

Major altcoins are rallying on the day as Bitcoin makes mild gains following yesterday’s slump.

Wednesday, July 17— The number one cryptocurrency Bitcoin (BTC) is seeing slight gains on the day as major altcoins (ETH) and Ripple (XRP) rally.

Market visualization

Market visualization. Source: Coin360

Bitcoin has been trending down this week. Bitcoin retook $13,000 on July 9 before sinking all the way down to under $10,000 by July 16. At press time, BTC is trading just over $9,800 with a 2.64% gain on the day.

On July 4, analysts at SFOX conjectured that Bitcoin could rally in light of the American national holiday Independence Day, arguing that holidays in the midst of a bull market tend to spark FOMO. However, Bitcoin did not see any significant gains on the holiday, and is now sitting around $2,000 down from its price level 13 days ago.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

Top altcoin Ether has had a bearish week, like BTC, mostly seeing a steady decline over the last seven days. It saw a fairly sharp fall on July 14, falling by about $200 in approximately an hour, without recovering. However, the number two cryptocurrency has recovered by approximately 8.3% on the day, and is sitting above $214 at press time.

Ethereum 24-hour price chart

Ethereum 24-hour price chart. Source: Coin360

Ripple’s value has also largely been on the decline for the past seven days. However, it has recovered almost 9% at press time — the largest daily gain out of the top three cryptocurrencies — and is trading just shy of $0.318.

According to a price analysis by Cointelegraph, however, XRP is currently one of the worst-performing major cryptocurrencies. Its next price level supports are reportedly $0.27795 and the yearly low of $0.24508.

XRP 7-day price chart

XRP 7-day price chart. Source: Coin360

Litecoin (LTC) has seen impressive daily has, rallying by over 16% at press time to trade at $92.37.

The Miami Dolphins, an American pro football team, announced on July 12 that they had adopted LTC as the team’s “official cryptocurrency.” The Dolphins will reportedly endorse the altcoin, and set up home stadium kiosks that allow fans to buy 50/50 raffle tickets with LTC as well as BTC.

The total market cap of the top 100 cryptocurrencies is currently under $254 billion, according to the data provided by Coin360’s summary table. This is approximately a $76 billion dropoff since July 4.

Traditional markets, meanwhile, are virtually all slumping. Gold is the only major traditional asset seeing mild gains at press time, according to data provided by MarketWatch.

Keep track of top crypto markets in real time here
Posted on

Bitcoin Below $10,000, Down 26.6% in 7 Days: What Caused the Pullback?

The price of bitcoin has dropped below $10,000 in a sharp pullback. Analysts discuss where the market is headling and the factors of the drop.

Since July 10, the price of Bitcoin (BTC) has fallen from $13,200 to $9,684, with major cryptocurrency exchanges including Coinbase, recording a 26.6 percent drop within a period of seven days. The recent pullback of Bitcoin is widely believed to be technical that was pushed by sellers who took control of the market once the dominant crypto asset breached below key support levels in $11,000 and $10,700.

BTC price visualization from Coin360

Alex Krüger, a global markets analyst, hinted that the criticism of bitcoin by U.S. President Donald Trump and Treasury Secretary Steve Mnuchin could have contributed to the fall:

“When the U.S. government attacks bitcoin directly, saying it’s exploited to support billions of dollars of illicit activity, based on thin air, and how they are concerned about its speculative nature, and the crypto echo chamber roars ‘bullish,’ it probably is a good time to short. There is nothing bullish in antagonizing with the largest gorilla in the room. Most U.S. politicians unfortunately seem to be convinced crypto is the realm of money laundering and drug trafficking. This needs to change. I bet people use Paypal or Venmo more than bitcoin to pay for illicit activities. Also bet most criminals don’t even know what monero is, yet they all heard about the dollar. Unfortunately, perception trumps facts.”

The change in sentiment around the crypto market following the remarks of President Trump and Secretary Mnuchin as well as bearish technical indicators are considered to be the major factors behind bitcoin’s most recent correction.

Why President Trump and Secretary Mnuchin’s statements may not be bullish for Bitcoin

Some industry executives like Digital Currency Group CEO Barry Silbert and Ikigai Fund founder Travis Kling have said that the remarks on Bitcoin by President Trump and Secretary Mnuchin can be acknowledged as a bullish event for the first cryptocurrency.

Essentially, Silbert and Kling stated that Bitcoin has gained enough awareness and interest from the mainstream and a broader market of investors to the extent in which the President of the largest economy in the world was pressured to comment on its growth. Kling was quoted saying:

“The Chairman of the Fed and the Treasury Security both agree that Bitcoin is a speculative store of value. Both of them, along with the President, agree that Libra and Bitcoin are two very different things. Wildly no bullish,”

Silbert, who leads a venture capital firm in the cryptocurrency sector  similarly expressed optimism towards the remarks. When Secretary Mnuchin held an official briefing at the White House about cryptocurrency regulation, Silbert said that it was “complete and total validation of bitcoin,” adding in a twitter post:

“Never imagined I’d be watching the Treasury Secretary of the United States hold a press briefing from the White House re bitcoin and cryptocurrencies so soon.”

However, the actual messages delivered by Secretary Mnuchin and President Trump were not positive, with President Trump describing Bitcoin as a speculative asset with value based on thin air. Secretary Mnuchin, echoing the sentiments of President Trump, stated that financial authorities in the U.S. will tighten oversight on the cryptocurrency sector, warning against bigger scrutiny from regulators. Mnuchin stated:

“There are many regulatory and supervisory questions regarding libra, virtual assets, and virtual currencies. Cryptocurrencies such as bitcoin have been exploited to support billions of dollars of illicit activity like cybercrime, tax evasion, exortion, ransomware, illicit drugs, and human trafficking. Many players have attempted to use cryptocurrencies to fund their malign behavior. This is indeed a national security issue.”

With the formation of the Financial Stability Oversight Council’s Working Group on Digital Assets by the Treasury Department, Secretary Mnuchin also warned that money transmitters and other entities operating within the crypto sector will be governed by agencies like FinCEN, the Securities Exchange Commission (SEC), and the Commodities and Futures Trading Commission (CFTC) at full capacity. The  U.S. Treasury Secretary also added:

“The rules governing money service providers apply to physical and electronic transactions alike. As money service businesses, cryptocurrency money transmitters are subject to compliance examinations, just like every other U.S. bank. To be clear, FINCEN will hold any entity that transact in bitcoin, Libra, or any other cryptocurrency to its highest standards.”

How will markets continue to react?

Speaking to Cointelegraph, a cryptocurrency trader and technical analyst known to the community as Satoshi Flipper stated that despite volatility in the price of bitcoin and other major crypto assets, there are many fundamental catalysts for bitcoin to observe.

Several fundamental factors for bitcoin in the near term include the emergence of trading venues like ICE’s Bakkt and custodial services from major financial institutions such as Fidelity. In anticipation of the block reward halving in May 2020, many miners are reportedly intending to hold onto Bitcoin, expecting the block reward halving to impose a positive effect on the medium to long term trend of the asset.

In a block reward halving, a mechanism of the Bitcoin blockchain protocol that is triggered in approximately every four years, the reward miners receive in Bitcoin for mining blocks for the blockchain network is decreased by half. Consequently, the rate in which new Bitcoin are mined drops, causing the circulating supply of the asset and the pace in which new supply of the asset is sent to exchanges to decline. The trader went on to clarify:

“There are so many catalysts for bitcoin right now. Too many to list. But this time around, Wall Street and mature institutional players are much more involved in trading and building products around #Bitcoin for adoption. Everywhere you look now, you can see cryptocurrency influence starting to take hold. All industries are getting involved. I expect this major push for adoption to accelerate even more during this current bull market. To the point where in a few years, we will see Bitcoin and crypto influence in everyday life.”

Brian Kelly, the CEO of BKCM, said on CNBC’s Fast Money that many miners he had spoken to in May have confirmed to have secured sufficient capital to sustain their operations for an extra 12 months. The intent of financing 12 months of operations, according to Kelly, is to hoard bitcoin and refrain from selling the asset. Kelly explained:

“I’ve talked to a lot of miners around the world, a lot of them have said they have sold enough bitcoin to get us through the next year or so and we are going to hoard bitcoin at this point in time and we are not going to sell it and the supply of bitcoin will get cut in half. Just real simple economics: lots of demand hitting little supply, price goes higher.”

The drop in the price of bitcoin from around $10,500 to below $9,500 within minutes came across as a shock to many investors and traders, not because of the range, but due to the speed of the decline. In the short term, traders expect Bitcoin to sustain its volatility and struggle to recover beyond key resistance levels. Peter Brandt, a best selling author and a highly regarded trader, stated on Twitter that the total market cap of bitcoin could correct by 80 percent based on technical indicators.

“While the parabola in BTC was subject to different renderings, the parabola in the total market cap chart was loud and clear. Total cap should correct 80%. Most of the damage of decline will occur to altcoins.”

Is Libra a factor?

Throughout the past several days Libra, a cryptocurrency created by the Libra Association, a consortium based in Switzerland kickstarted by Facebook, has faced fierce criticism from the U.S. government. U.S. House Representative Kevin McCarthy, who publicly expressed optimism towards Bitcoin due to its decentralized nature, shared concerns regarding Libra.

“When I’m on Facebook, I’m not the customer, I’m the product. Facebook is free because they sell your data to make money. Now they want to get into the business, and they’re not Bitcoin, in this Libra. They’re not decentralized. I want to see decentralization because Libra concerns me that they’re going to control the market.”

When Libra first released its whitepaper to the public, executives of cryptocurrency companies including Ripple CEO Brad Garlinghouse said that it brought significant attraction to the market, leading stalled contracts to materialized. It is therefore possible that the unveiling of Libra led to a spike in retail interest in late June and that the increasing scrutiny from regulators could hinder the near term future of Libra, which may lead some investors to doubt the short term performance of the crypto market.

Posted on

Bitcoin Dips Below $10,000 for the Second Time in July

Bitcoin dipped below the $10,000 threshold for the second time in July following a hearing on Facebook’s Libra crypto project.

The Bitcoin (BTC) price has dipped below the $10,000 price mark on July 16, while all top 20 coins by market cap are seeing significant losses.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin has dipped below $10,000 threshold for the second time this month after the biggest cryptocurrency broke a multi-month high above $13,700 on June 26. After Bitcoin attempted another recovery to reach nearly $11,000 yesterday, the major coin has dropped to $9,616 at press time, down 8.22% over the past 24 hours. The biggest cryptocurrency is down more than 22% over the past 7 days.

Bitcoin 30-day price chart

Bitcoin 30-day price chart. Source: Coin360

Bitcoin failed to hold the $10,000 support amid the hearing on Facebook’s Libra cryptocurrency project with the Banking Committee of the United States Senate. 

Yesterday, American entrepreneur and crypto advocate John McAfee doubled down his prediction that Bitcoin will reach $1 million by 2020, despite the sinking price.

Keep track of top crypto markets in real time here
Posted on

Bitcoin Price Eyes $11,000 After Mnuchin Speech and Possible ‘Bear Trap’

Markets could slide lower than the recent $9,912 bottom, traders are warned, despite current upwards momentum.

Bitcoin (BTC) appeared ready to tackle $11,000 once again on July 16 after bouncing off lows as the United States government re enforced its position on the industry.

Market visualization courtesy of Coin360

Market visualization courtesy of Coin360

Data from Coin360 placed BTC/USD at $10,715 on Tuesday, the pair having gained $800 over the past 24 hours.

On Monday, U.S. Treasury Secretary Steve Mnuchin had given mixed signals about Bitcoin at a dedicated cryptocurrency press conference, with reactions nonetheless showing signs of broad relief about future policy. 

Previously, concerns had mounted that president Donald Trump, after a Twitter tirade last week, could attempt to force through a de facto ban on trading Bitcoin in the U.S.

Now, analysts looking for signs Bitcoin could upend its latest bearish moves have something to watch for. 

Josh Rager, the investor and trader currently giving daily updates on BTC/USD, suggested a bullish perspective should take over once the pair achieves a daily close above resistance at $11,153.

Conversely, a close below $10,191 would constitute a bearish signal, he said on Monday, while between the two levels is “neutral” territory.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

Fellow regular contributor Filb Filb meanwhile also urged caution, despite Bitcoin price following his prediction of a bounce higher at $10,600.

The analyst had previously warned that lower lows were imminent in the face of a further nudge downwards for Bitcoin at the start of the week, something which did not materialize.

“I would like to see us bounce at $10,600 as a good sign that the bulls want to go higher should it come that low. Despite my bearish opening thoughts today, I need more convincing that the bulls aren’t done yet and this was not another bear trap,” he told Telegram followers.

Compared to altcoins, however, Bitcoin remains firmly on top, setting a two-year record market cap share of almost 67% as other tokens languished.

Ether (ETH) managed to avoid further losses Tuesday, trading flat at $227 following a week of heavy bearish moves.

Ether 7-day price chart

Ether 7-day price chart. Source: Coin360

Bitcoin Cash (BCH) and Bitcoin SV (BSV), Monday’s worst performers in the top twenty, meanwhile managed to recover some of their own losses, both rising around 8%. 

Others fared comparatively worse, with Binance Coin (BNB) and Stellar (XLM) both shedding around 1.5%.

Keep track of top crypto markets in real time here
Posted on

Bitcoin Price Clings to $10K Support After a Volatile Weekend

BTC price fell to just $9,912 as traders warned a close below $10,580 could spell the start of a longer bearish downturn.

Bitcoin price (BTC) traded above $10,000 July 15 after a weekend of heavy losses spelled disaster for cryptocurrencies across the board.

Market visualization

Market visualization courtesy of Coin360

Data from Coin360 showed BTC/USD holding onto support above the key barrier Monday, having temporarily dropped as low as $9,912. 

The 9.7% daily losses compounded a worrying weekly trend which saw the pair fall rapidly from above $13,000.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

Driving the bearish sentiment, analysts broadly claimed, was a mixture of criticism by United States president Donald Trump and overall market fatigue. 

For many, BTC/USD had long been due a pullback after weeks of successive gains, which culminated in highs of $13,800. 

“It’s healthy to see (Bitcoin) pullback here,” Tom Lee, head of research at Fundstrat Global Advisors, tweeted Sunday. 

Lee, a serial Bitcoin bull, had claimed last week that new all-time price highs were “imminent,” something which Trump’s comments appeared to subject to delays. 

A side-effect of Trump had been increased Google search activity around Bitcoin, something Lee says could in fact be counterproductive and not a helping hand for price growth.

“As for the search traffic for bitcoin being low, I also think that is a good sign. It means the rise in bitcoin has not been accompanied by massive hype,” he added.

In the short term, however, others were warning about impending moves lower. The trader known on social media as Filb Filb said that a close on Sunday below $10,580 would result in a continuation of the downtrend, a prophecy which meanwhile came true.

“The price action has obviously been very bearish having lost the key low I’ve been watching at 10900. Also we are right up against the megaphone trend line. A close below 10580 would mark a new daily low and therefore I’m expecting new lows if/when that occurs,” he told followers of his dedicated Telegram trading channel. 

Nonetheless, it was altcoin traders who suffered the real pain this weekend. A glance at the top twenty cryptocurrencies by market cap painted another dismal picture at press time, with several coins shedding around 17% in 24 hours. 

Ether (ETH) fell 17.3%, taking ETH/USD to just $220 compared to highs of $350 just weeks previously. 

Ether 7-day price chart

Ether 7-day price chart. Source: Coin360

Bitcoin Cash (BCH) lost an identical amount, while its hard fork, Bitcoin SV (BSV), fared even worse, losing 21.5% to hit $118.50.

Elsewhere, Tron (TRX), Neo (NEO) and Monero (XMR) all dropped by around 16%.

Posted on

Bitcoin Falls Under $10,400 as Major Altcoins See Double-Digit Losses

Most of the top 20 cryptocurrencies are reporting losses on the day as Bitcoin falls under the $10,400 mark.

Sunday, July 14 — Most of the top 20 cryptocurrencies are reporting losses on the day by press time, as Bitcoin (BTC) fell below the $10,400 mark.

Market visualization courtesy of Coin360

Market visualization courtesy of Coin360

Bitcoin is currently down by over 9% on the day, trading at around $10,392 at press time, according to Coin360. Looking at its weekly chart, the coin is down by 7.23%.

Bitcoin 7-day price chart. Source: Coin360

Bitcoin 7-day price chart. Source: Coin360

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $24.8 billion. The second-largest altcoin, Ripple’s XRP, has a market cap of $12.8 billion at press time.

Coin360 data shows that ETH has seen its value decrease by about 13.8% over the last 24 hours. At press time, ETH is trading around $233. On the week, the coin has also lost about 21% of its value. 

Ether 7-day price chart. Source: Coin360

Ether 7-day price chart. Source: Coin360

As Cointelegraph reported yesterday, the Ethereum smart contract of 0x decentralized exchange protocol has been suspended after a vulnerability was uncovered in its code.

XRP is down by nearly 9% over the last 24 hours and is currently trading at around $0.304. On the week, the coin is down about 21%.

XRP 7-day price chart. Source: Coin360

XRP 7-day price chart. Source: Coin360

Other major coins are also reporting two-digit losses. Bitcoin SV (BSV) is down 15.69% down, while NEO is down over 16%. At press time, the total market capitalization of all cryptocurrencies is $305 billion.

As Cointelegraph reported yesterday, a draft bill entitled “Keep Big Tech out of Finance” has surfaced online, allegedly from within the United States House of Representatives Financial Services Committee.

Keep track of top crypto markets in real time here