Again the Bitcoin Fall Drags the rest of the cryptocurrencies.
A week ago Bitcoin had exceeded USD $ 8,000. Today, 1st of August, the news is the opposite: the main cryptocurrency not only falls below that barrier, but with it all the others are dragged along. In New York, Bitcoin has a price of USD $ 7,831.57, 3.79% less than yesterday. The exchanges where there is more movement are BitMEX, FCoin and BitForex, outstripping the traditional Binance and Bitfinex. It is worth mentioning that, according to the data provided by CoinMarketCap, 46% of the volume of transactions come from BitMEX through the category of derivatives or futures. This is undoubtedly partly responsible for the price of the currency.
For its part, the Bitcoin (BTC) fell on Tuesday July 31 3%, bringing the price of the cryptocurrency to 7,781.49 dollars, in the middle of a negative day that dragged most of the altcoins to losses that went between 3% and 17% in cases like those of Mithril (MITH), Pundi X (NPXS) or Waltonchain (WTC), among others.
According to the portal CoinMarketCap market capitalization fell below 280 billion dollars to settle around 278,000 million, with Bitcoin domain located at 48.1%. The amount shows a loss of market value of about 11 billion dollars in the last 24 hours.
The price of Bitcoin fell back below $ 8,000 Tuesday after doing it briefly on Monday, July 30. Image: CoinMarketCap.
On July 30 Bitcoin briefly broke the psychological barrier of $ 8,000, which caught the attention of investors and the ecosystem community in general. One of the reasons that led to this fall, according to Reuters, is that “investors reduced their exposure to cryptocurrencies” due to a massive sale of shares in the field of technology and the Internet.
This sale in the technology market occurred after Facebook, Twitter and Intel aroused concern about the results obtained over the past few months, which opened the door to freeing the shares. In fact, the company Mark Zuckerberg fell almost 20% in value, ie about 120,000 million dollars, the largest loss in history in 1 day for a company listed on the stock exchange.
Other reasons that could indirectly affect the market to experience this contraction, include the rejection of the bitcoin ETF, by the Securities and Exchange Commission of the United States (SEC), requested by the twins Tyler and Cameron Winklevoss. The decision could have an impact on investors who see it less likely that the aforementioned committee will approve this financial resource in the short term.
One hypothesis to understand the ups and downs that have occurred in recent weeks, is that the bitcoin is lateralizing with respect to the dollar in a range of prices that could vary up to $ 1,000, a fact that has occurred in the past when the value was about 200 dollars, for example.
Altcoins in red led him to quote around 6,000 dollars about 5 weeks ago, and to regain strength in the market during the last 7 days, which prompted him again to reach around 8,450 dollars on July 25.
MarketsDiaryBitcoin reveals that in the last 24 hours the highest volume of sales is Bitcoin (as always), followed by Tether, Ethereum, EOS and Bitcoin Cash. Between yesterday and today more than USD $ 5.2 billion were exchanged in Bitcoin.
Disclaimer: InfoCoin is not affiliated with any of the companies mentioned in this article and is not responsible for their products and / or services. This press release is for informational purposes information does not constitute investment advice or an offer to invest.