o3n [ozone] blockchain layer

Blockchain source

Menu
  • Cybersecurity services
Menu

Bitcoin Falls Through $6,000 Support as Xapo President Warns of Altcoin ‘Extinction Event’

Posted on August 14, 2018 by nbelov

As Bitcoin fails to maintain full support at $6,000, altcoins could soon face much harder times, warns Xapo’s Ted Rogers.

Bitcoin (BTC) prices fell below $6,000 for the first time since the end of June Tuesday, August 14, as the cryptocurrency community remains resilient.

Data from Cointelegraph’s price tracker and Coin360 depict a gloomy environment for traders Tuesday, with all major assets in the red as Bitcoin falls almost 5 percent in 24 hours. Top ten coins are seeing as much as 17 percent losses on the day, with top fifteen coins are down as much 20 percent over the same period.

Market visualization

Market visualization from Coin360

At press time, BTC/USD traded just above the significant barrier around $6,100, capping weekly losses of 14 percent.

Bitcoin’s 7-day  price chart

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

The pair has come full circle since mid-July, when a sudden bull market took over to bring prices to a peak around $8,450 across major exchanges.

Progress then reversed as August began, meaning investors have seen monthly gains to date of just 3 percent.

The figures nonetheless set Bitcoin apart from altcoins, and specifically Ethereum (ETH), losses of which extend to 16 percent on the day and almost 35 percent on the week.

Over the past 30 days, ETH/USD has slipped almost 40 percent.

Ethereum’s 30-day price chart

Ethereum’s 30-day price chart. Source: Cointelegraph Ethereum Price Index

On social media, commentators were eyeing the knock-on effect Bitcoin prices volatility traditionally has on altcoin markets, producing higher moves both up and down in those assets.

As Bitcoin dominance –– or the percentage of total crypto market cap that is Bitcoin’s –– hits highs not seen since December 2017, Twitter analysts are similarly calling for a repeat of the altcoin bull market which began in the latter half of that month.

Higher Bitcoin market dominance, they claim, is apt to produce a U-turn in altcoins’ downtrend.

Others were altogether less sure. In comments Monday, Xapo president Ted Rogers considered current conditions conducive to producing an “extinction-level event” for cryptocurrencies en masse.

“90%+ of CoinMarketCap list will disappear eventually – might as well happen now,” he warned Monday.

Elsewhere, other major assets have shed 10 to 15 percent of their value, these including Ripple (XRP), Litecoin (LTC),  EOS (EOS), and Cardano (ADA).

 

Source: Cointelegraph https://cointelegraph.com/

Recent Posts

  • Supply Chain Blockchain for Automotive Market Size And Forecast | Mesosphere, DASH, Bitpay, Shapeshift, Bittrex, Factom Inc, Coinbase, Ripple, IBM, Chain Inc – The Daily Vale – The Daily Vale May 25, 2022
  • Blockchain in Retail Market Size And Forecast | IBM, Microsoft, SAP, AWS, Oracle, Bitfury, Cegeka, Auxesis Group, Blockpoint, Coinbase – The Daily Vale – The Daily Vale May 25, 2022
  • Blockchain In Telecommunication And Post Services Market Increasing Demand and Dynamic Growth with Forecast 2029 | IBM, Microsoft, Juniper Networks, Coinbase, SAP SE – The Daily Vale – The Daily Vale May 25, 2022
  • Metaverse Blockchain Games Market 2022 Regional Trends, Top Leading players – Ubisoft, Sky Mavis, Decentraland, Mythical Games, DAPPER LABS, Forte, Enjin, Voxie Tactics – The Daily Vale – The Daily Vale May 25, 2022
  • Blockstream dreams up a whole new type of multisig called ROAST May 25, 2022
  • OpenEthereum support ends with the Merge fast approaching May 25, 2022
  • 'Code is not law': Seth Green thief stole Bored Apes, not the rights say experts May 25, 2022
  • Cornucopias: A Revolutionary Cardano Blockchain Project That Is Redefining the Gaming Metaverse Industry – Press release Bitcoin News – Bitcoin News May 25, 2022
  • FinTech Blockchain Market to have a Stout Growth in the Near Future – Ripple, Guardtime, Cambridge Blockchain, AWS, Applied Blockchain, etc – The Daily Vale – The Daily Vale May 25, 2022
  • WeWork founder reinvents himself with $70M crypto carbon credit platform May 25, 2022
  • Blockchain in Pharma Supply Chain Market | Company Challenges And Essential Success Factors |IBM, AWS, Microsoft, SAP, Chronicled, etc – The Daily Vale – The Daily Vale May 25, 2022
  • Blockchain Distributed Ledger Technology Market to have a Stout Growth in the Near Future – Digital Asset Holdings, Capgemini, Accenture, Block chain Tech Ltd, Ethereum, etc – The Daily Vale – The Daily Vale May 25, 2022
  • Blockchain in Digital Rights Management DRM Market Size And Forecast | Sony, Binded.Inc, Custos Media Technologies, Scenarex, Publica, Mediachain, Pixsy, Gilgamesh, RecordsKeeper – The Daily Vale – The Daily Vale May 25, 2022
  • Blockchain for Land Registry And Asset Tracking Market Size And Forecast | Accenture, Factom, BlockVerify, Applied Blockchain, Digital Asset, Bitfury, Guardtime, Deloitte, ChromaWay, Gemalto – The Daily Vale – The Daily Vale May 25, 2022
  • What Are Web 3.0 Enabled Blockchain Esops And How Are They Different From Regular Esops? – Outlook India May 25, 2022
  • Blockchain in Education Market Size And Forecast | Blockcerts, DISCIPLINA, Gilgamesh, IBM, Learning Machine, LiveEdu, odem.io, Open Source University, Oracle, RecordsKeeper – The Daily Vale – The Daily Vale May 25, 2022
  • Blockchain Distributed Ledger Technology (DLT) Market Size And Forecast | Chain Inc., IBM, Accenture, Monax Industries, Intel, Deloitte, Earthport, Microsoft Azure, Digital Asset Holdings – The Daily Vale – The Daily Vale May 25, 2022
  • Blockchain-as-a-Service Market 2022 Competitive Expectations with Industry Players – Infosys, SAP, Cognizant, IBM corporation, Amazon, etc – The Daily Vale – The Daily Vale May 25, 2022
  • Blockchain in Logistics Market 2022 Competitive Expectations with Industry Players – SAP, Oracle, Microsoft, Amazon, Maersk, etc – The Daily Vale – The Daily Vale May 25, 2022
  • Uniswap breaks $1T in volume — but has only been used by 3.9M addresses May 25, 2022
  • Could GameFi and carbon currencies reverse blockchain's climate stigma? May 25, 2022
  • CryptoSat’s first nanosatellite blasts off Wednesday on SpaceX rocket May 25, 2022
  • New Luna 2.0 blockchain will not be a fork of Luna Classic – CryptoSlate May 25, 2022
  • Sam Bankman-Fried could spend up to $1B in 2024 to thwart Trump comeback May 25, 2022
  • Crypto, blockchain and NFT firms are bailing out Hong Kong office property segment – South China Morning Post May 25, 2022
  • BSV Global Blockchain Convention Opens With Impactful Speech – Benzinga – Benzinga May 25, 2022
  • ShareRing, A Digital Identity Blockchain Ecosystem, Announces SHR Token Swaps From BNB Smart Chain To – Crowdfund Insider May 24, 2022
  • Low inflation or bust: Analysts say the Fed has no choice but to continue raising rates May 24, 2022
  • All Eyes on Digital Assets EO for Crypto, Blockchain Policy Turns – MeriTalk May 24, 2022
  • Blockchain and Metaverse Legal Issues for the Government and Government Contractors – JD Supra May 24, 2022

Ad

Ad

©2022 o3n [ozone] blockchain layer | WordPress Theme by Superbthemes.com