Bitcoin Drops 3 Percent in 10 Minutes, Ethereum Plunges 12 Percent

Alicia Cross
September 9, 2018

It is also the most traded cryptocurrency and one of the main entry points for all the other cryptocurrencies. The Bitcoin cost for ETC now, is 0.00181654 BTC. Though a lot of people agree that it can boost the price of Bitcoin and the market, Andreas Antonopoulos believes that Bitcoin ETF is going to do a lot more harm than good.

However, investors in cryptocurrencies' markets have been having a rough time since the Bitcoin prices started dropping late a year ago. The price started 2018 in the higher $200 range, hitting $283.29 on September 10 a year ago.

Pioneer crypto, Bitcoin (BTC) fell more than $1100, accounting for a almost 15 percent drop from September 5-6. Ran NeuNer, CNBC's crypto host trader reached the public through twitter regarding the market dip and said that the "movement" concerning crypto wallet alleged association with Silk Road could be a subsequent reason for the drop. This is especially troubling for Ethereum since numerous ICO investors that bought into ICOs in 2017 are starting to sell this year. A half an hour later another 70,000 ETH were exchanged on the trading platform. No one is quite sure what happened yesterday, and some suspect an ethereum-based ICO might have cashed out. They also suggested that the environment is not appropriate for a regulated institution like Goldman Sachs to become involved with cryptocurrency trading. Bitcoin presently has a cap of $112,001,086,461 and its 24 hr volume is about $4,143,049,109. This leaves XRP with a market capitalisation of US$11.7 billion. The top exchanges swapping the most BCH include Lbank, Okex, Coinex, Binance, and Bitforex. It was over 60% the present price of Bitcoin today. This is followed by BTC (27.5%), United States dollars (13.1%), ETH (9%), and QC (2.2%). Ethereum, Ripple, and Litecoin did basically the same, with ether giving up double digits. "Many market observers have stated that for large institutional firms to get comfortable trading bitcoin, there need to be reputable custody offerings to safeguard holdings". Ethereum had a huge 2017, with its value growing 10,000% to over $1000 per coin.

Bitcoin, which surged past the 6500-6900 mark last week, has since been trying to grow but continues to face tough resistance from the market bears.

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Bitcoin (BTC) dropped below $7,000 this morning (More than $300 in an hour) and many are panicking on the prospects. "It is worse than tulips bulbs", Dimon had said, referring to a famous market bubble from the 1600s. Let us know your thoughts in the comments section below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice.

Want to create your own secure cold storage paper wallet? Always remember that only those in possession of the private keys are in control of the "money". Check our tools section.

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