Bitcoin Plunges Below $7,800

Aug 1, 2018 at 12:30 Update Date :Aug 1, 2018 at 12:30 UTC

Bitcoin’s price has been feeling the bullish pressure in the market after surging upwards for two weeks straight. Crypto markets are not alone as the stock market, the gold prices, as well as the US dollar, are experiencing downward swings.

As of today, the entire cryptocurrency market is feeling the heat as the total market capitalization reduced from $300 billion to $279 billion. Bitcoin contributes the largest share in the total market cap and a single blow to its prices will affect the entire market for obvious reasons.

Bitcoin did enjoy two weeks of uninterrupted upward momentum. The crypto coin’s price has risen around 45 percent since it was at its year’s lowest $5840. Bitcoin started the day today with the opening price of $7980 and crossed the $8000 mark. However, the coin took a dive and hit the $7800 mark after aiming for the high at the $8200 level.

At the moment, Bitcoin is priced at $7575 marked with the total market capitalisation of $134 billion. The number one cryptocurrency is dealing with the daily trade volume of $5.2 billion.

Speaking of the alternate cryptos in the top 25 cryptocurrencies, Ethereum (ETH) is at the $435 level reduced by 5.46%, Ripple’s XRP has suffered a loss of 3.64% and hit the $0.432, EOS is down at $7.30 by 10%, Stellar’s XLM despite showing a promising future suffered a loss of 8% at $0.27, Cardano (ADA) hangs low at $0.142 after being reduced by 9.53% and Tron (TRX) fell by 7% and is trading at the $0.033 level.

Bitcoin and stock markets are not the only ones losing the grip. The shocking downward trend shown by the entertainment giant Netflix and the social networking biggie Facebook took the Technology Stock Market by surprise. It is hard to anticipate any improvement in the conditions of the Stock market going by the prediction made by the Morgan Stanley’s analysts. A representative of Morgan Stanley was quoted as saying, the selling has just begun and this correction will be biggest since the one we experienced in February.”

The prices of US dollar will remain dependent on many factors like the US Federal decision, the UK rate decision and the monetary policy yet to be announced by the central bank of Japan, Bank of Japan (BOJ).

The fall in the prices of stocks, gold, and the US dollar could mean there’s some good news regarding bitcoin waiting right around the corner. The devaluation of the other traditional currencies will most probably bring about a positive change in Bitcoin’s price and will result it in being a good long-term investment option.

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