Bitcoin Loses $4,000 Price Level, Crypto Bear Markets Continue
Thursday, January 10 morning (0:10 AM UTC) – Cryptoasset markets were showing assorted signs, with several of the top market cap cryptos facing balmy variations both green and red. Bitcoin (BTC), the flagship crypto, was holding slightly above the $4,000 level, according to data from Coin360. But surprisingly, all crypto prices have abruptly declined except Tether, USD Coin, TrueUSD, Gemini Dollar, Dai, Status, Aurora, ODEM, HyperCash and maximine.
Bitcoin is now trading at $3,824.59 (-5.71% over 24 hours), Ripple is in second position by market cap trading at $0.3467, and Ethereum is trading at $134.64. The market cap is standing at $127.69 billion.
The Cryptos that have not declined include; Tether ($1.02) in 8th rank, USD Coin ($1.01) in 19th rank, TrueUSD ($1.01) in 27th rank, Gemini Dollar ($1.00) in 49th rank, Dai ($1.01) in 60th rank, Status ($0.021661) in 55th rank, Aurora ($0.011013) in 58th rank, ODEM ($0.294162) in 62nd rank, HyperCash ($1.00) in the 78th rank, and Maximine Coin ($0.010188) in the 81st rank, for not collapsing. They are the only cryptos among the world’s top 100 cryptocurrencies that have not declined in price.
Below is the earlier data from coinmarketcap when Bitcoin was still holding up above $4,000.
Ethereum (ETH) was also seeing a mild price change and was trading at $151.42, up by 0.39%. Remember it reached a high of around $162 on Saturday, January 5 and since then, it held over $150 on its 1-week chart – ignoring a slight fall to $147 on Thursday, January 3, 2019.
Ripple (XRP) was trading at $0.3686 with a 1.36% 24h-change, according to coinmarketcap. XRP reached close to $0.38 on Sunday, January 7 and hit a low of around $0.35 on Friday, January 4. XRP was experiencing no variation on its 1-week chart, and it had around 18% on the 30-day chart.
Will the Market Recover Soon
BTC has been raggedly trading crabwise for the past four days, and early this morning (0:10 AM UTC) it was trading at $4,039 (a 0.01% change). BTC broke the $4,000 resistance level on Sunday, January 6, and it surged to almost $4,100 on the same day, later vacillating in the $4,000 – $4,100 range.
When compared to its bottom price level on the first-half of its 1-week chart, BTC was close to 8.3% (7-days) and was more than 18.5% (on the 30-days chart) at 0:10 AM UTC.
Furthermore, Tyler and Cameron Winklevoss, the twins pushing the Gemini cryptoasset exchange, reasoned that BTC is “better at being gold than gold,” and that could see it increase market cap to almost $7 trillion. The surge was triggered by Weiss Ratings revealing BTC will increase and hit new all-time highs.
As recently reported by Coinidol, the European Banking Authority (EBA) has advocated more research into cryptoassets this year, in a document centering on the statutory pertinence of EU laws and regulations to virtual currencies.
While at the Israel BTC Summit that happened this week at Tel Aviv University on Tuesday, Nick Szabo, a veteran cryptographer & crypto pioneer, presented the case that in a circumstance of increasing global geopolitical incertitude, central banks will very soon adopt cryptoassets to prop up their reserves. Nick made his statements against the head of Israel’s National Economic Council, that started the summit with a vituperative critique of the feasibility of the cryptoasset project.
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