Markets Update: BTC Prices Dip Below $10K

BTC prices and a vast majority of other cryptocurrencies have taken a significant dive over the past 24-hours as the entire crypto-economy shaved $75Bn from its recent highs this week. BTC/USD markets dropped to a low of $9,730.

Crypto-Markets See Losses Between 3-20 Percent

Two days ago BTC/USD markets reached a high of $11,780 across global trading platforms, but bulls seem to have lost some of the momentum. Presently bulls are trying to get the price back above the $10K region after dipping well below that range on February 22. Trade volume is a bit thinner today as $8.5Bn has been traded over the past 24-hours. The top five exchanges swapping the most BTC today includes Binance, Bitfinex, Okex, Upbit, and Bithumb. All of these trading platforms are trading less than $1Bn in trade volume per exchange. The Japanese yen is still leading the pack when it comes to currency by volume with the nation’s money dominating by 39 percent. This is followed by the USD (28%), tether (USDT 17%), the Korean won (5.9%), and the euro (5.4%).

Overall Digital Asset Market Performances

In general, the entire cryptocurrency ecosystem is suffering from losses between 3-20 percent. Ethereum (ETH) markets are down 3.9 percent today with a price of around $810 per ETH. The third highest capitalization held by ripple (XRP) is down 8.8 percent as one XRP is trading for $0.93. Bitcoin cash (BCH) prices are seeing markets lose 7.9 percent and the price per BCH is roughly $1,208. Lastly, the fifth highest market valuation held by litecoin (LTC) is down 7.6 percent. Litecoin’s price is hovering around $196 per LTC at the time of publication. The entire cryptocurrency market cap is about $430Bn with bitcoin core (BTC) markets dominating by 39 percent.

The Verdict: Crypto Traders Are Still Optimistic

Currently, traders and enthusiasts in chat rooms and forums are discussing how far this dip will go after experiencing a significant downturn over the first five weeks of the new year. Some believe the current correction may just be a ‘bear trap’ where the price pulls down low enough to where traders can get better entry points. Typically a trap doesn’t last long and reverses soon after the lowest or highest (bull trap) price point. Some speculate crypto-prices are being affected by the tumultuous global stock markets. There’s been some recovery in traditional stock and equities markets today, so some traders may have moved from digital assets to different markets. Prior to the recovery stock markets suffered a lot yesterday after a six-day winning streak. Stocks worldwide dropped significantly in value especially in the U.S. For instance, well-known companies like Walmart suffered from the most profound price declines since 1988. Overall even with the current dip, cryptocurrency traders are optimistic the bull run is just getting started.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice.

Markets Update: BTC Prices Suffer from a 65% Loss Since December

Bitcoin prices and cryptocurrency markets, in general, have been declining in value for the past six weeks straight with a few bounces here and there. Currently, BTC/USD markets have reached the lowest price in weeks touching $6,600 on February 5, 2018, erasing the past three months worth of gains.

The -65 Percent Bitcoin Dip

Many cryptocurrency enthusiasts and traders are in search of the cryptocurrency ‘bottom’ — the price position where the asset will go no lower and is usually followed by a price rise. Today BTC hit a low of $6,600 across most global exchanges around 2 pm EDT. At the moment the BTC/USD global average is hovering just above the $7,000 region after passing through the $9-8K territories two days prior. At the time of publication BTC markets are down -65 percent since the December 16 all-time high. Over the past 12-hours, trade volume has been weak at under $6Bn traded over the past 24-hours, but that metric has increased since the dip. The top five exchanges trading the most BTC at the moment include Bitfinex, Okex, Binance, GDAX, and Bitstamp. The Japanese yen is the most dominant currency traded right now with BTC as the yen captures 40 percent of global trading. This is followed by the USD (36%), tether (USDT 10%), the euro (7%), and the Korean won (2%).

Digital Asset Markets, In General, Are Suffering Deep Losses

The top ten cryptocurrencies are all suffering from extreme losses today. The second largest market cap held by ethereum (ETH) is down 11 percent, and one ETH is trading at $737. Ripple (XRP) markets are down 8 percent as one XRP is $0.74. Bitcoin cash (BCH) prices dropped 16 percent to a low of $947. Lastly, Cardano (ADA) dropped to $0.33 today seeing an 11 percent loss over the past 24-hours.

Most traders in forums and Telegram chats have been trying to call the ‘bottom’ for a while now. Some still believe we could even touch lower bound prices around $4.5K per BTC in the near term. Some think a reversal will take place soon and prices between $13-15K could be reached by March. Overall the bearish sentiment has eclipsed most signs of positivity and the euphoric feelings traders felt just six weeks ago.

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