Crixfeed is the focused digital media, crypto information Services Company for the decentralize crypto asset (DAX) and blockchain technology community.
Phone: +91-9111 318 318
Email: [email protected]
Web: crixfeed.com
LONDON - Cryptocurrencies are in the red on Tuesday, with bitcoin leading the market lower after falling below $6,000 per token.
Bitcoin is down 4.5% to $5,975.21 at 8.18 a.m. BST (3.18 a.m. ET). Other major cryptocurrencies are suffering similar drops at the same time:
- Ethereum is down 7.3% to $263.09
- XRP is down 5.2% to $0.26
- Bitcoin Cash is down 7.9% to $489.91
- Stellar is down 7.8% to $0.20
- EOS is down 6.3% to $4.35
- Litecoin is down 10.1% to $50.82
The entire cryptocurrency market has been under pressure since late June when the US Securities and Exchange Commission delayed a decision on whether to approve a bitcoin ETF, a move that bitcoin bulls believe would have greatly increased the size of the market.
The current sell-off began on Monday, with ethereum falling to an 11-month low on the day. That slump comes as startups that raised funding in ethereum through so-called initial coin offerings cash out their holdings into traditional fiat money they can spend on development.
Hussein Sayed, the chief market strategist at FXTM, said in an email on Tuesday morning: “Cryptocurrency bulls also suffered a steep selloff yesterday with bitcoin falling below $6,000 for the first time since late June.
“The blame for this falls on the SEC as the U.S. regulator delayed a decision to create the first Bitcoin ETF. If an ETF doesn’t see the light in the coming weeks expect to see a further selloff, as it suggests regulators will continue to fight against bringing cryptocurrencies into the mainstream. A break below $5,770 will intensify selling pressure as it’s the only major support still standing.”
The value of the entire cryptocurrency market has fallen by around 10% over the last 24 hours, according to CoinMarketCap.com.
The slump comes as emerging market currencies are selling off, spooked by last week’s collapse of the lira against the dollar. Neil Wilson, the chief market analyst at Markets.com, said in an email that this coincidence “puts paid to the notion of cryptos as a safe haven play.”
Disclaimer: Crixfeed’s writer’s opinions are completely self-centered and do not reflect the opinion of Crixfeed. Any information you read on Crixfeed should not be taken as an investment advice, nor does Crixfeed support any project that can be mentioned or linked to in this article. Buying and trading Cryptocurrencies should be considered high risk activity. Please take care of your own before taking any action related to the material in this article. After all, Crixfeed should not take any responsibility to lose your cryptocurrency in currency trading.