The crypto market is in the red as BTC see week-long descent and XRP may be facing legal troubles with a newly-amended class action suit.
Market visualization. Source: Coin360
Bitcoin is trading at $11,005 at press time, with a 3.83% loss on the day. Bitcoin broke $12,000 three days in a row, from Aug. 6 to Aug. 8., but never managed to hold these highs for a significant period of time. Then on Saturday, Aug.10, BTC price fell by about $400 in just an hour. Price has continued downward since then, and has even dipped below $10,900 today.
Bitcoin 7-day price chart. Source: Coin360
The number two cryptocurrency, Ether, appears to be declining more gradually than BTC. At press time, ETH is trading over $208 and is down by 1.62% on the day. However, Ether investors remain bullish on the token’s long-term prospects, with 54% of respondents in a Twitter survey reporting that they believe ETH will retake the $1,000 mark at some point.
Ether 7-day price chart. Source: Coin360
The number two alt by market cap, XRP, is also down by 0.87% at press time; XRP is now trading just slightly over $0.299. As previously reported by Cointelegraph, a new crypto exchange called Beaxy recently opted to suspend XRP trading. According to Beaxy, malicious users deliberately crashed XRP price on the exchange, which resulted in XRP/BTC trading for some time at 40% of the value available on other exchanges.
XRP and its affiliate company Ripple are also currently facing a class action suit from an investor, who alleges that XRP was misleadingly sold as a non-security. The plaintiff in this suit has recently appealed to the United States Security and Exchange Commission (SEC) guidelines on what constitutes a security in order to argue his case.
XRP 7-day price chart. Source: Coin360
Among the top-20 cryptocurrencies, Chainlink (LINK) is actually seeing some gains on the day, trending up by 2.36% to trade at $2.44 currently. LINK previously saw a major price rally following its listing on the professional trading platform Coinbase Pro, although it subsequently saw a significant downward correction.
The total market capitalization of the top 100 cryptocurrencies had fallen to a little over $293 billion at press time, according to data provided by Coin360’s summary table.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.