It wasn’t a good day yesterday for cryptocurrencies. On one hand the alleged draft of cryptocurrency banning bill was leaked, and on the other hand US Treasury Secretary was calling it a national security issue. It was also the day of Libra’s hearing in the US Senate. Just before the hearing Facebook team said that they won’t launch Libra until regulators are satisfied. The end result of these developments is that Bitcoin has sunk below $10,000 mark for the second time in July.
That’s right. As I’m writing this story, Bitcoin is trading at $9,577, down more than 10% from the previous day. Other cryptocurrencies are also down significantly with Ethereum trading at $202 (down 11.7%), XRP at $0.29 (down 5.26%), Bitcoin Cash at $287.57 (down 7.18%) and Litecoin at $80.16 (down 10.3%). The biggest loser among top 10 cryptos by market cap is TRON, which is down 13.7% and currently trading at $0.021. Similarly, EOS is also down 13.2% and trading at CMP of $3.70.
If we expand our view to top 50 cryptocurrencies, two more assets look to be losing a lot. ICON has crashed by as much as 28% and currently trading at $0.26 in comparison to yesterday’s peak price of $0.38. Zilliqa is also down 15% and trading at $0.0099. There’s not a single gainer in the top 50 today, which is definitely not something that any hardcore crypto lover would want to see. But this is happening, what can we do!
If we look at the price chart of Bitcoin in the last few weeks, it has come significantly down from its June 27 high of $13,700. It’s down more than 22% over the course of last 7 days alone. However, in the meantime its dominance in overall cryptocurrency markets is also surging. Currently it stands at 66.6%, which is the highest it has ever been in the history of Bitcoin.
The overall market cap of cryptocurrencies has also come down significantly after this recent decline. Currently it stands at $257 billion, down 33% from the high of $386 billion that was observed not too long ago on 27th of June. The next crucial support for Bitcoin now stands at $9,000. Let’s hope for the best!