The Bitcoin Sell-Off Is Back, With Ethereum And Ripple's XRP Bleeding Hard--Here's Why
The bitcoin price has lost some 6% since the weekend, with ethereum down by 11% and ripple, a common name for the XRP digital token, off by 10% over the same period, according to the latest prices on CoinMarketCap, which tracks most major cryptocurrencies.
Tether, a so-called stablecoin pegged to the U.S. dollar, has meanwhile climbed into the top five major cryptocurrencies by market capitalization, now worth a little over $2 billion, as other top 10 coins slide.
The renewed bitcoin sell-off, which has seen the bitcoin price fall as low as $3,322 in the last 24 hours on the Luxembourg-based Bitstamp exchange, comes as big banks and major financial institutions repeat stark warnings over the future of cryptocurrencies—and the latest data suggests more pain to come for bitcoin, ripple (XRP), and ethereum.
Some $400 billion in value has been wiped from the cryptocurrency market over the past 12 months as adoption stalls and banks put closely-watched plans to wade into bitcoin and cryptocurrencies on hold.
The GTI VERA Convergence Divergence Technical Indicator shows bitcoin has now entered a new selling trend for the first time since mid-November, it was yesterday reported by financial newswire Bloomberg.
Analysis shows the last time the technical indicator sent a sell signal bitcoin dropped sharply, from around $6,300 per coin to $3,100, in just two weeks.
"The crypto space was shocked yesterday afternoon to see the stablecoin known as tether take 4th place in the market cap rankings," Mati Greenspan, senior market analyst at broker eToro wrote in a note to clients.
continue read the full topic at :https://www.forbes.com/sites/billybambrough/2019/01/29/bitcoins-sell-off-is-back-with-ethereum-and-ripples-xrp-bleeding-hard-heres-why/#9d0497e5b88e
Follow me on
Twitter: https://twitter.com/cryptoexpert20
Comments
Post a Comment