Crypto Market Stays Bearish Despite NYSE’s Big News

Crypto Market Stays Bearish Despite NYSE’s Big News

On the 4th of August 2018, the crypto market shocked the entire world with the way it took a hit. The hit seemed like a shock due to the fact that it was just three days ago when the CEO of NYSE said that “Bitcoin would be internationally accepted and has a potential to sustain worldwide”. It was quite a good news for the market and many analysts were predicting for a good crypto week. In response to that, the most famous cryptocurrency, Bitcoin, lost about $500 and other cryptocurrencies also followed the same downfall.

Bitcoin lost around 7% in a single day and closed at $7,028. The Experts have quoted $6,800 to be the minimum supporting level for this leading cryptocurrency. The lowest price point for Bitcoin on this particular day was recorded at $6980. The weekly loss and monthly gain bargained somewhere around 15% and 5% respectively.

Leaving BTC behind by a margin, Stellar and IOTA also faced exceptional decrement in their value. Stellar suffered a loss of 9% and IOTA suffered even more on the same day with 10% loss. Stellar and IOTA closed their value at $0.24 and $0.84 respectively.
Despite the shocking downfall of crypto-currencies, one of them was not hindered to that level. Ethereum almost remained intact and suffered a loss of just 2% (intraday) with closing trade at $404. Leading us to a conclusion that Bitcoin and Ethereum faced the same percentage of loss in a month i.e. 13-15%.

When the major market coins were suffering losses, Ethereum Classic, on the other hand, managed to grab a profit of almost 9 percent by trading nearly at $16 in 24 hour time. The gains for ETC and few other altcoins came into the picture after the news of asset’s imminent listing on Coinbase got announced on the Internet.

However, the total Capitalization fell down to $253 billion with a $13 billion loss in last six hours of all the currencies. The conclusion of the day is that the market fell short of $26 million as that of July, where the value was up to $303 Billion.

ICE and NYSE are planning to create a global ecosystem for use of BTC at all levels ranging from consumers to regulated markets. A new venture “Bakkt” would be introduced with an idea to use crypto for daily needs. Starbucks and Microsoft are also supporting the idea and hence it is quoted as the biggest news of the year for all the cryptocurrencies. Stay tuned for more crypto news!

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