Bitcoin Dips Below $8,000 Amid Market-Wide Losses

Bitcoin 7 31 2018 LearnCrypto Powered By Wyckoff SMI 2024

July 31: Crypto assets are posting market-wide losses on the day, with Bitcoin (BTC) dipping back below the $8,000 psychological price point and virtually all coins in the red, according to data from Coin360.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin (BTC) is trading around $7,857 to press time, down around 3 percent on the day. Since its July 25 peak at $8,431, the leading cryptocurrency has been testing support at $8,200 over the past few days, dipping down below $8,000 today for the third time this week.

Bitcoin’s 7-day price chart

Bitcoin’s 7-day price chart. Source: Cointelegraph Bitcoin Price Index

Bitcoin’s weekly price performance is now in the red, down around 4 percent, but monthly growth remains around a bullish 22 percent.

Ethereum (ETH) is trading around $432 at press time, down around 5.7 percent on the day. The altcoin has taken a steep hit, losing over $40 in value since early trading hours, $14 of which it lost within the 90 minutes before press time. Ethereum’s weekly and monthly price performance are now around 10 and 5 percent in the negative.

Ethereum’s 24-hour price chart

Ethereum’s 24-hour price chart. Source: Cointelegraph Ethereum Price Index

On CoinMarketCap’s listings, all of the top 10 coins by market cap are down between 3 and 11 percent on the day.

EOS has been hit with the heftiest loss among the top ten, losing almost 11 percent on the day and trading around $7.28 to press time. Cardano (ADA) has lost almost as much, down 10.3 percent over a 24 hour period and trading around $0.14 to press time, with Stellar (XLM) down almost 9 percent at around $0.27 per coin.

More modest losses have been posted by Ripple (XRP), down around 3.3 percent at $0.43 and Bitcoin Cash (BCH), also down almost 3.3 percent to trade at $787 to press time.

Around $10 billion has been wiped from the total market capitalization of all cryptocurrencies on the day. After a weekly high of $303.7 billion, total market cap is now around $281 billion.

Total market capitalization of all cryptocurrencies

Total market capitalization of all cryptocurrencies from CoinMarketCap

While the markets remain shaky in the short term, two new financial reports have indicated that major players in both the emerging crypto industry and the traditional financial sector have been reaping handsome profits from their crypto-related ventures.

Yesterday, figures cited by Fortune for crypto mining hardware giant Bitmain suggested the firm earnedaround $1 billion in net profit in the first quarter of 2018, with an estimated $2 to $3 billion in future profit for the entire year.

Today, online banking service provider Swissquote reported a 44 percent surge in profits in the first half of 2018, an uplift attributed to the “crypto boom” earlier this year. In July 2017, the Swiss-based online bank was credited by many with becoming “the first” European online bank to launch Bitcoin trading accounts for its clients.

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