Bitcoin Drops 3 Percent in 10 Minutes, Ethereum Plunges 12 Percent

Bitcoin Drops 3 Percent in 10 Minutes, Ethereum Plunges 12 Percent

Bitcoin Drops 3 Percent in 10 Minutes, Ethereum Plunges 12 Percent

Over the course of the day, the price of Bitcoin dropped about $1,000 to roughly $6,400 (and it has continued slipping). Woo revealed Bitcoin will see $6,000 in the short term, irrespective of the market recovery in the interim.

The next few days are going to be crucial for market.

While 80% of Americans heard of Bitcoin (BTC) and other cryptocurrencies as well, 49% of them said they never used cryptos. ETH is now trading at $192 and down 12% in the last 24 hours.

Before this situation, the market had a capitalization of nearly $240 billion dollars. "Even if it's not true, it should be enough to cause a minor selloff like this in cryptocurrencies". Judging from their future roadmap, it seems all plans are put in place for IBGX to become the next big cryptocurrency exchange on everybody's lips. The position of bitcoin performs in equivalent to the effects in the market. Combine prices plummeting with bitcoin ETF denial after denial from the US Securities and Exchange Commission (SEC), and a bleak picture began to form for executives.

Previously, ShapeShift CEO Erik Voorhees said that the bear market is not over yet but the low price range presents a viable opportunity to invest in the cryptocurrency market.

A large number of the respondents, about 57%, stated that they would not use Bitcoin (BTC) over the US Dollar, the majority of them considering Bitcoin (BTC) transactions illegal.

Most of the altcoins in the market cap range suffer from average losses with an interval of 9-12% before the press time. In 2017, altcoins like Ethereum, Litecoin and Ripple rode the coattails of Bitcoin and joined the conversation around cryptocurrency. OOOBTC saw $21,051,058 of bitcoin change hands. However, BTG is experiencing smaller losses and a dip of 4.6% which now brings the trade price at $20.60 last checked.

In today's trading, the Bitcoin price stood at $6,419.24, as of 11:36 BST. Ran NeuNer, CNBC's crypto host trader reached the public through twitter regarding the market dip and said that the "movement" concerning crypto wallet alleged association with Silk Road could be a subsequent reason for the drop. He also added that "we've seen the price yo-yo for several months so I'd be hesitant to herald this as a new dawn just yet..."

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