Connect with us

Hi, what are you looking for?

ELEVENEWS

Cryptocurrency

The cryptocurrency market update: Bitcoin drifts lower, bears aim at $8,000

  • Bitcoin is hovering at $8,300 with a short-term bearish bias.
  • Altcoins are range-bound after a sharp sell-off.

The first cryptocurrency shocked the market with the sharp sell-off. Bitcoin lost over $1,000 of its value in a matter of hours and dropped below $8500 for the first time since the beginning of summer. Moreover. the market capitalization dropped by $30 billion. It is worth noting, that the sell-off coincided with positions liquidation on BitMEX worth of $710 million. 


Top-3 coins  price overview

At the time of writing, BTC/USD is hovering around $8,300. The first digital coin has lost over 2.5% of its value since the beginning of the day and over 15% in recent 24 hours. The downside pressure is growing ahead of the US opening, while the coin is vulnerable to new losses.

Ethereum, the second-largest digital asset with the current market capitalization of $18.3 billion has stayed under pressure. The coin has lost nearly 16% in recent 24 hours and settled above $167.00, having recovered from the recent low of $155.62. 

Ripple’s XRP settled above $0.2300. The third largest coin with the market value of $10.2 billion has recovered 1%  of its value since the beginning of the day; however, the upside momentum remains weak amid overall bearish sentiments on the market.
 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.


Source:fxstreet

Advertisement

Copyright © 2020 Elevenews