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Crypto Markets Slump, Oil Prices Report Losses

Crypto markets are in the red today, with bitcoin losing almost $260 on the day and significant fluctuations in the top 20.

Friday, April 26 —  After breaking above the $5,500 mark yesterday, bitcoin (BTC) has reported a loss of around $260 to press time. All of the top-20 cryptocurrencies other than bitcoin SV (BSV) are in the red, according to data from Coin360.

Market visualization from Coin360

Market visualization from Coin360

BTC is trading around $5,247 at press time, dropping 5% over the day and forming a new weekly low. Bitcoin’s monthly gains remain in positive territory, at about 32%, while its weekly chart reports a loss of 0.84%.

Bitcoin 7-day chart. Source: CoinMarketCap

Bitcoin 7-day chart. Source: CoinMarketCap

The second largest coin by market capitalization ethereum (ETH)  is also suffering a slump, having lost 6.23% in the last 24 hours. At press time ETH is trading at $155.31, also hitting a new weekly low. On its monthly chart, the ETH price has gained around 15.55%.

Ethereum 7-day chart. Source: CoinMarketCap

Ethereum 7-day chart. Source: CoinMarketCap

Ripple (XRP) has a 2.64% loss in the last 24 hours, and is trading at around $0.295 at press time. The coin saw its weekly low today at $0.288, while its weekly high was at $0.332 on April 19.

Ripple 7-day chart. Source: CoinMarketCap

Ripple 7-day chart. Source: CoinMarketCap

Stablecoin tether (USDT) —  that previously faced controversy after critics suspected the coin of operating a fractional reserve while issuing more tokens than they had backing for —  is trading at around $0.993 at press time, reporting a loss of around 1.60% over the past day.

Yesterday, the New York Attorney General’s office alleged that crypto exchange Bitfinex lost $850 million and subsequently used funds from Tether to secretly cover the shortfall. Bitfinex allegedly took not less than $700 million from Tether’s reserves and used the funds to hide losses and inability to handle clients’ withdrawals.

Tether 7-day chart. Source: CoinMarketCap

Tether 7-day chart. Source: CoinMarketCap

BSV is the only coin in the top 20 cryptocurrencies in the green. The coin’s price is currently around $54.33, reporting a gain of around $3.56% on the day.

Bitcoin SV 7-day chart. Source: CoinMarketCap

Bitcoin SV 7-day chart. Source: CoinMarketCap

Total market capitalization of all digital currencies is around $169.9 billion at press time, having started the day at $172 billion. The weekly high of the total market cap was around $185.3 billion on April 23.

Total market capitalization 7-day chart. Source: CoinMarketCap

Total market capitalization 7-day chart. Source: CoinMarketCap

Today, CNBC reported that European stocks were slightly higher following the rection to another flurry of corporate earnings. Stoxx 600 closed provisionally up 0.19% during afternoon deals, with most sectors and major bourses in positive territory. Luxembourg-based satellite operator SES was reportedly the top performer, surging by 7.75%  to the top of the European benchmark after the company said it had maintained its full-year outlook.

Brent crude futures were down $2.72, or 3.7%, at $71.63 per barrel today, after hitting a one-week low at $71.31. U.S. West Texas Intermediate crude futures dropped  $2.57, or 3.9%, to $62.64 per barrel and were down about 2% over the past week.

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Bitcoin Briefly Hits Monthly High Above $4,100, British Pound Marks 31-Year Low

Bitcoin briefly broke the $4,100 threshold for the first time since Feb. 24, while top 20 coins by market cap traded sideways.

Friday, March 29 — Bitcoin (BTC) has hit a monthly high of $4,112 today, while top 20 cryptocurrencies by market cap are trading sideways.

Many of the top 20 coins are in red at press time, with Maker (MKR) seeing the biggest losses of almost 5 percent, while Tezos (XTZ) rallied over 15 percent over the past 24 hours.

Market visualization from Coin360

Market visualization from Coin360

The biggest cryptocurrency Bitcoin has hit a multi-week high of $4,112 earlier today, continuing a moderate growth over the day. Bitcoin is up around 0.3 percent at press time, trading at $4,099.

The major crypto was trading below $4,100 mark after Feb. 24 when total market cap suddenly dropped from $144 billion to as low as $127 billion. Bitcoin is up around 1.5 percent over the past 7 days.

Bitcoin 7-day price chart. Source: CoinMarketCap

Bitcoin 7-day price chart. Source: CoinMarketCap

Ethereum (ETH), the second largest cryptocurrency by market cap, is up 0.66 percent over the day, trading at $140.88. The top altcoin is up more than 2 percent over the 7-day period.

Ethereum 7-day price chart. Source: CoinMarketCap

Ethereum 7-day price chart. Source: CoinMarketCap

Ripple (XRP), the third top cryptocurrency by market cap, is down 0.6 percent, trading at $0.308. Over the past 7 days, the coin is down around 1.42 percent.

Ripple 7-day price chart. Source: CoinMarketCap

Ripple 7-day price chart. Source: CoinMarketCap

Total market capitalization reached $143 billion for the first time since Feb. 24 after dropping to $141 billion earlier on the day. Daily trade volume amounts to around $35 billion at press time.

Total market capitalization 30-day chart. Source: CoinMarketCap

Total market capitalization 30-day chart. Source: CoinMarketCap

Recently, the Canadian town of Innisfil launched a pilot program to enable residents to pay property taxes with cryptocurrencies.

Earlier today, Cointelegraph reported that Argentina’s Deputy Minister of Finance claimed that adoption of crypto and blockchain will help promote Argentina’s financial inclusion and reduce state costs.

Meanwhile, the British pound (GBP) hit a 31-year low against the dollar yesterday as investors bet Britain’s vote to leave the European Union will trigger a Bank of England rate cut.

The United States stock market rose today amid renewed anticipation on the progress of trade talks between Washington and Beijing as Wall Street concluded a stellar quarterly performance, according to CNBC. At press time, all three indices, Dow Jones Industrial Average (DJIA), S&P 500 (SPX) and Nasdaq (NASDAQ) Composite, are up about 0.6 percent.

Oil prices are seeing mixed signals, with West Texas Intermediate (WTI) crude oil and Brent crude rising 1.5 and 0.7 percent, respectively. The OPEC basket dropped more than 1.1 percent at press time.

Gold prices saw the biggest monthly decline since August as stronger dollar and equities pressured the market, CNBC reports. While spot gold rose 0.2 percent to $1,298 per ounce, it dropped yesterday by around 1.5 percent, which is the most in more than seven months and breaking below key support around $1,300.

Meanwhile, spot palladium rose from two-month lows touched in the last session, up about 1.7 percent at press time. Recently, Russian billionaire Vladimir Potanin revealed plans to launch a crypto token backed by palladium.

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Crypto Markets See Solid Upswing as SEC Promises to Review Recently Rejected Bitcoin ETFs

Friday, August 24: crypto markets have seen notable growth today, with all but one of the top 40 cryptocurrencies by market cap solidly in the green, according to data from Coin360.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin (BTC) has seen solid growth, having surpassed the $6,600 price point, starting the day just over $6,400. The leading cryptocurrency is up around 3 percent over the past 24 hours, trading at $6,624 at press time.

August 22 Bitcoin plunged from above $6,700 to under the $6,400 price point, following news of new anti-crypto policies in China, as well as another series of application denials for several Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).

According to CoinMarketCap, Bitcoin and VeChain (VET) are the only two cryptocurrencies among top 20 coins by market cap that have seen some gains over the past 7 days, with Bitcoin up just 1.43 percent.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

The top altcoin Ethereum (ETH) is up about 2.7 percent today, trading at $280 at press time. Following a markable downward trend over the week, the second cryptocurrency by market cap has suffered a heavy-hitting 41 percent loss over the past 30 days.

Ethereum 30-day price chart

Ethereum 30-day price chart. Source: Cointelegraph Ethereum Price Index

Total market cap is slightly up today, mostly holding above the $210 billion mark over the past 24 hours. After dropping to as low as $203 billion August 22, the capitalization of all cryptocurrencies has grown to $214.7 billion by press time.

Total market capitalization of all cryptocurrencies, 7-day chart

Total market capitalization of all cryptocurrencies, 7-day chart. Source: CoinMarketCap

Among the top 10 coins, EOS (EOS) and Monero (XMR) have seen the most significant growth over the past 24 hours, up 4.7 and 3.9 percent respectively.  

Today’s solid upswing in the crypto markets comes following an announcement from the U.S. SEC that the Commission will review its August 22 decision to reject nine applications for listing Bitcoin ETFs.

Earlier today, CNBC’s crypto market analyst Brian Kelly predicted that the first Bitcoin ETFs will start operating in February 2019. According to Kelly, the world is getting “incrementally closer” to the first Bitcoin ETF approval, pointing at the bullish “sentiment change,” despite the recent application rejections.