Bitcoin Suffers, Ripple Drops 5% as Crypto Market Continues Downward Trend

[sawyer1453]

The crypto market has lost $5 billion of its valuation overnight, as major digital assets including Bitcoin, Ripple, Ethereum, and Bitcoin Cash recorded slight losses in the past 24 hours.

Bitcoin and Ether, the native cryptocurrency of Ethereum, fell by around 1.5 percent, while Bitcoin Cash and Ripple declined by 2.5 percent and 5 percent respectively.

Stellar, IOTA, and NEO, three large cryptocurrencies which recorded decent gains against both Bitcoin and the US dollar in the past week, have demonstrated large losses over the past two days, falling by 5 percent, 14 percent, and 7 percent.
Low Volume Was the Issue

Yesterday, on August 6, CCN reported that regardless of Bitcoin’s continued losses and the likelihood of an immediate corrective rally, the Bitcoin price was more likely to fall due to the abrupt drop in the volume of the cryptocurrency market.

“However, in the past several hours, the price of Bitcoin and Ether have started to drop once again, testing $7,100 and $410. If the volume fails to recover in the next 12 hours, Bitcoin and Ether will likely breach the $7,000 and $400 levels in a similar way as they did on August 5,” the CCN report read.

In the past 24 hours, the volume of BTC and ETH has not improved at all, both in the $3.8 billion and $1.3 billion region. The volume of Tether (USDT) has remained stable at the $2.3 billion mark, signifying that the overall demand for crypto has declined in the past several days and market activity has subsided.

From here, if the volume of BTC fails to pick up and rebound to $4 to $5 billion in the next few days, a drop to mid-$6,000 is inevitable, which may play into to the prediction offered by BitMEX CEO Arthur Hayes last month. But, based on the one-day price chart of Bitcoin, if BTC finds a way to rebound to $7,200 to $7,300 in the next 12 hours, it could avoid a further decline to mid-$6,000.

In late July, Hayes said that BTC will likely test support levels in the $5,000 to $6,000 region before initiating a major rally, as it needs to flatten out and demonstrate some stability before climbing to previous highs.

“I don’t actually think we’ve seen the worst. I would like to see us test $5,000 to really see if we put a bottom in. But come back in Q3, Q4, I think is when the party is going to start again,” said Hayes.
Tokens Bleeding Out

According to CoinMarketCap, the dominance index of BTC still remains relatively high at 47.6 percent, and given the poor performance of tokens and small market cap cryptocurrencies over the past week, it can be said that investors are avoiding high-risk and high-volatility trades due to the uncertainty in the market.

Throughout August, it is unlikely that tokens will see similar recoveries and upward movements they experienced throughout June and July, unless BTC and ETH can rebound back to $8,000 and $480, which is also less probable.

Featured image from Shutterstock. Charts from TradingView.

[cryptofan999]

Indeed; bitcoin and ripple going downturn but look at other coins like ethereum; Cardano; and neo. They do have a potential in the upcoming year also. This is the nature of this market; as it will rise also it will be down too.

[cryptofan999]

Many well-known coins like ETH; BTC; Ripple has dropped their prices. And it is very natural that any market will face this sort of situation. Crypto market is also facing loss. But we hope that it will recover soon and will be high again!

[btchunter786]

And it happened again. Many well-known coins like Bitcoin; Ethereum; Ripple; Bitcoin cash etc has faced a drop in the prices. Crypto market has faced a huge loss overnight as it was struck by a loss of $5 billons. Investors should not be panicked as it will get high very soon.

[CuriousGeorge]

Many well-known coins like ETH; BTC; Ripple has dropped their prices. And it is very natural that any market will face this sort of situation. Crypto market is also facing loss. But we hope that it will recover soon and will be high again!

As long as there was a reason that caused the drop and it can be considered as a natural movement but you should remember it will be unhealthy chart if that caused by the fake news because the market looks more sensitiv then. It has been recovering a little bit dude.

[rexxarofmoknathal]

Indeed; bitcoin and ripple going downturn but look at other coins like ethereum; Cardano; and neo. They do have a potential in the upcoming year also. This is the nature of this market; as it will rise also it will be down too.

Regardless of whether Bitcoin or Ripple go down or not other coins will also rise and enter the competition its only a matter of time to see which ones will follow.

[arthur305]

All responds to the delay in decision of the bitcoin etf. We can just be hopeful that this downtrend won't linger for too long.

[Baimovic]

this is normal, when bearish, all altcoins always fall. even some altcoins die and have no value.

but Ripple has good durability and high stability, we know who is behind Ripple, so we don't worry about big altcoins.

[SarangWallet]

I think the price decline is not only happening this year, but it also happened several years earlier. But because of the dramatic increase in the price of bitcoin last year to $ 14,000, the decline in the price of Bitcoin at $ 7,000 raised investors' loss of assets. According to me the incidence of price reduction will return to normal, but it takes time to reach a high point.

[chocopapaya]

Well, you just copy and pasted an article, not really something to applaud.

But the article does point out some good things so I'll throw in my 2 cents.
It is important to realize that it isn't necessarily lack of confidence that is keeping the crypto market low and sluggish.
It is  trading volume.

What this means in reality, is that not that much new money is coming in and those that are already in are just hodling.
The ironic thing about hodlers, is that they are actually making their situation worse.
They are contributing to low volume and keeping the price of their own investment low.
Of course, I understand that nobody wants to sell for a loss, but you can investment more you know.

It's almost as if everyone is just waiting for something to happen to make everything take off.
when btc pumped a bit a couple weeks ago, people were excited but didn't back it up with trading.
The result? It falls back down.

[cryptohobbs7]

I think there is nothing to panic so much at this price fall. We cannot expect a coin to go up continuously. Some fall in the way of recovery is natural. I am hopeful the amount of loss will be recovered soon. The coins will reach a peak by the end of this year hopefully. 

[rsrb]

The crypto is dependent on liquids so prices can rise at any time. In my opinion; it works behind BTC and ETH in control. The price of the Altcoins depends on their price. At any time; prices can fluctuate; but the price of BTC and ETH must exceed $ 8000 and $ 450.

[dongoofy]

The crypto market has lost $5 billion of its valuation overnight, as major digital assets including Bitcoin, Ripple, Ethereum, and Bitcoin Cash recorded slight losses in the past 24 hours.

Bitcoin and Ether, the native cryptocurrency of Ethereum, fell by around 1.5 percent, while Bitcoin Cash and Ripple declined by 2.5 percent and 5 percent respectively.

Stellar, IOTA, and NEO, three large cryptocurrencies which recorded decent gains against both Bitcoin and the US dollar in the past week, have demonstrated large losses over the past two days, falling by 5 percent, 14 percent, and 7 percent.
Low Volume Was the Issue

Yesterday, on August 6, CCN reported that regardless of Bitcoin’s continued losses and the likelihood of an immediate corrective rally, the Bitcoin price was more likely to fall due to the abrupt drop in the volume of the cryptocurrency market.

“However, in the past several hours, the price of Bitcoin and Ether have started to drop once again, testing $7,100 and $410. If the volume fails to recover in the next 12 hours, Bitcoin and Ether will likely breach the $7,000 and $400 levels in a similar way as they did on August 5,” the CCN report read.

In the past 24 hours, the volume of BTC and ETH has not improved at all, both in the $3.8 billion and $1.3 billion region. The volume of Tether (USDT) has remained stable at the $2.3 billion mark, signifying that the overall demand for crypto has declined in the past several days and market activity has subsided.

From here, if the volume of BTC fails to pick up and rebound to $4 to $5 billion in the next few days, a drop to mid-$6,000 is inevitable, which may play into to the prediction offered by BitMEX CEO Arthur Hayes last month. But, based on the one-day price chart of Bitcoin, if BTC finds a way to rebound to $7,200 to $7,300 in the next 12 hours, it could avoid a further decline to mid-$6,000.

In late July, Hayes said that BTC will likely test support levels in the $5,000 to $6,000 region before initiating a major rally, as it needs to flatten out and demonstrate some stability before climbing to previous highs.

“I don’t actually think we’ve seen the worst. I would like to see us test $5,000 to really see if we put a bottom in. But come back in Q3, Q4, I think is when the party is going to start again,” said Hayes.
Tokens Bleeding Out

According to CoinMarketCap, the dominance index of BTC still remains relatively high at 47.6 percent, and given the poor performance of tokens and small market cap cryptocurrencies over the past week, it can be said that investors are avoiding high-risk and high-volatility trades due to the uncertainty in the market.

Throughout August, it is unlikely that tokens will see similar recoveries and upward movements they experienced throughout June and July, unless BTC and ETH can rebound back to $8,000 and $480, which is also less probable.

Featured image from Shutterstock. Charts from TradingView.

According to the CCN news and updates, we may keep experiencing a bearish market this 2018. The trend has not been really good these past few days. The market jumps so high or so low in a very short period of time. It's as if the market really is being manipulated by a humongous entity.

[unusualfacts30]

Well, you just copy and pasted an article, not really something to applaud.

But the article does point out some good things so I'll throw in my 2 cents.
It is important to realize that it isn't necessarily lack of confidence that is keeping the crypto market low and sluggish.
It is  trading volume.

What this means in reality, is that not that much new money is coming in and those that are already in are just hodling.
The ironic thing about hodlers, is that they are actually making their situation worse.
They are contributing to low volume and keeping the price of their own investment low.
Of course, I understand that nobody wants to sell for a loss, but you can investment more you know.

It's almost as if everyone is just waiting for something to happen to make everything take off.
when btc pumped a bit a couple weeks ago, people were excited but didn't back it up with trading.
The result? It falls back down.

Precisely. This isn't any more than people shifting back to alt after they saw btc got stuck at specific level. There is very little new money coming in the market but I don't think much of it is going out either as most people are holding and waiting for the right time.

[CryptoRaymond]

The situation is really better than last 2-5 days. I though the whole market is going to crash and the ALTs might even face extinction. But; good news is that the market is slowly recovering. We cannot just expect it to start a bull run out of nothing. But; still we can hope for better things to come.

[WolfRisk]

Price fluctuation can happen any time and this markets it happen regularly. It’s true in recent time bitcoins price drops and ripple also. I think these two coins price falls down because of low demand. I believe price will rise again because people trust on these projects.

[strawhatters]

Indeed; bitcoin and ripple going downturn but look at other coins like ethereum; Cardano; and neo. They do have a potential in the upcoming year also. This is the nature of this market; as it will rise also it will be down too.

Regardless of whether Bitcoin or Ripple go down or not other coins will also rise and enter the competition its only a matter of time to see which ones will follow.

True. New coins which are also competitive and has an advantage over other existing coins are entering in the market and no one can stop it from happening. But if you think about it, this could also be a reason for the market value going down. Because the market will be crowded of different coins to choose at.

[pickledmuffin]

The crypto market has lost $5 billion of its valuation overnight, as major digital assets including Bitcoin, Ripple, Ethereum, and Bitcoin Cash recorded slight losses in the past 24 hours.

Bitcoin and Ether, the native cryptocurrency of Ethereum, fell by around 1.5 percent, while Bitcoin Cash and Ripple declined by 2.5 percent and 5 percent respectively.

Stellar, IOTA, and NEO, three large cryptocurrencies which recorded decent gains against both Bitcoin and the US dollar in the past week, have demonstrated large losses over the past two days, falling by 5 percent, 14 percent, and 7 percent.
Low Volume Was the Issue

Yesterday, on August 6, CCN reported that regardless of Bitcoin’s continued losses and the likelihood of an immediate corrective rally, the Bitcoin price was more likely to fall due to the abrupt drop in the volume of the cryptocurrency market.

“However, in the past several hours, the price of Bitcoin and Ether have started to drop once again, testing $7,100 and $410. If the volume fails to recover in the next 12 hours, Bitcoin and Ether will likely breach the $7,000 and $400 levels in a similar way as they did on August 5,” the CCN report read.

In the past 24 hours, the volume of BTC and ETH has not improved at all, both in the $3.8 billion and $1.3 billion region. The volume of Tether (USDT) has remained stable at the $2.3 billion mark, signifying that the overall demand for crypto has declined in the past several days and market activity has subsided.

From here, if the volume of BTC fails to pick up and rebound to $4 to $5 billion in the next few days, a drop to mid-$6,000 is inevitable, which may play into to the prediction offered by BitMEX CEO Arthur Hayes last month. But, based on the one-day price chart of Bitcoin, if BTC finds a way to rebound to $7,200 to $7,300 in the next 12 hours, it could avoid a further decline to mid-$6,000.

In late July, Hayes said that BTC will likely test support levels in the $5,000 to $6,000 region before initiating a major rally, as it needs to flatten out and demonstrate some stability before climbing to previous highs.

“I don’t actually think we’ve seen the worst. I would like to see us test $5,000 to really see if we put a bottom in. But come back in Q3, Q4, I think is when the party is going to start again,” said Hayes.
Tokens Bleeding Out

According to CoinMarketCap, the dominance index of BTC still remains relatively high at 47.6 percent, and given the poor performance of tokens and small market cap cryptocurrencies over the past week, it can be said that investors are avoiding high-risk and high-volatility trades due to the uncertainty in the market.

Throughout August, it is unlikely that tokens will see similar recoveries and upward movements they experienced throughout June and July, unless BTC and ETH can rebound back to $8,000 and $480, which is also less probable.

Featured image from Shutterstock. Charts from TradingView.

Its all a guessing game, all we can do is follow the facts and try to make sense of it all, and hope we get it right. I've given up trying to work it out, and just keep averaging into positions over time.

[tiplols]

The drop in Ripple does not really concern people other than those who were too enthusiastic with XRP from the beginning. Recently; there has been a lot of fuss about XRP being more centralized than other coins which has caused a dip in popularity for Ripple. However; I think Bitcoin price will slowly but surely come to stable point by the end of this year.

[earnetheasy]

The crypto market controls and the crypto has made a good position that the coins are among them Bitcoin and ETH. I think these coins will play a lot in the back of the price of Altcoins. In my opinion; when Bitcoin crosses $ 8000 and Eth crosses 450 dollars; Altcoins will achieve their target by increasing their price.