Cryptocurrency Market Sees Red as Bitcoin Slumps Below $11,000

Cryptocurrency Market Sees Red as Bitcoin Slumps Below $11,000

Tuesday, Aug. 13 — Bitcoin (BTC), Ether (ETH) and XRP proceed to bleed amid a crypto market turning pink. Market visualization. Source: Coin360Bitcoi

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Tuesday, Aug. 13 — Bitcoin (BTC), Ether (ETH) and XRP proceed to bleed amid a crypto market turning pink. 

Market visualization. Source: Coin360

Bitcoin is buying and selling at $11,005 at press time, with a three.83% loss on the day. Bitcoin broke $12,000 three days in a row, from Aug. 6 to Aug. eight., however by no means managed to carry these highs for a major time frame. Then on Saturday, Aug.10, BTC value fell by about $400 in simply an hour. Price has continued downward since then, and has even dipped beneath $10,900 as we speak.

Bitcoin 7-day value chart. Source: Coin360

The quantity two cryptocurrency, Ether, seems to be declining extra progressively than BTC. At press time, ETH is buying and selling over $208 and is down by 1.62% on the day. However, Ether traders stay bullish on the token’s long-term prospects, with 54% of respondents in a Twitter survey reporting that they imagine ETH will retake the $1,000 mark sooner or later.

Ether 7-day value chart. Source: Coin360

The quantity two alt by market cap, XRP, can be down by zero.87% at press time; XRP is now buying and selling simply barely over $zero.299. As beforehand reported by Cointelegraph, a brand new crypto trade referred to as Beaxy lately opted to droop XRP buying and selling. According to Beaxy, malicious customers intentionally crashed XRP value on the trade, which resulted in XRP/BTC buying and selling for a while at 40% of the worth accessible on different exchanges.

XRP and its affiliate firm Ripple are additionally at the moment dealing with a category motion go well with from an investor, who alleges that XRP was misleadingly bought as a non-security. The plaintiff on this go well with has lately appealed to the United States Security and Exchange Commission (SEC) tips on what constitutes a safety with the intention to argue his case.

XRP 7-day value chart. Source: Coin360

Among the top-20 cryptocurrencies, Chainlink (LINK) is definitely seeing some features on the day, trending up by 2.36% to commerce at $2.44 at the moment. LINK beforehand noticed a serious value rally following its itemizing on the skilled buying and selling platform Coinbase Pro, though it subsequently noticed a major downward correction.

The complete market capitalization of the highest 100 cryptocurrencies had fallen to slightly over $293 billion at press time, based on knowledge offered by Coin360’s abstract desk.

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