Bitcoin (BTC) price has taken a serious hit after two weeks of upward momentum. However, Bitcoin is not alone as stock market which is currently exhausted as per Morgan Stanley’s analysts, and gold prices along with US Dollar are also plunging.
Bitcoin [BTC] on a downward spiral
Today, the entire cryptocurrency market has been feeling the red as the total market cap gets reduced to the $279 billion which came close to reaching the $300 billion level in the past few days. Bitcoin has been enjoying the bull movement for the past two weeks. It had risen about 45 percent since hitting this year’s low in June at $5,840.
Today, Bitcoin started the day at about $7,980 but managed to pull itself back over the $8k mark. During the day, it has climbed to approximately $8,200 level before taking a plunge.
At the time of writing, Bitcoin has been trading at $7,781 with a market cap of about $134 billion. The world’s number one currency is currently managing the daily trading volume of $5.2 billion.
All the cryptocurrencies except for Binance Coin (BNB) and Metaverse ETP (ETP) are in the green with small margins.
From the top cryptocurrencies, Ethereum (ETH) is down by 5.46% at $435, XRP is at $0.432 with a loss of 3.64%, EOS is down by over 10% at $7.30, Stellar (XLM) is suffering the loss of about 8% at $0.27, Cardano (ADA) is down by 9.53% at $0.142, and Tron (TRX) is losing value by 7% while trading at $0.033.
Bitcoin got company, stocks, gold, & US dollar are also falling
Bitcoin and crypto market is not the only one which is having a bad day. Actually, the stock market is feeling the blues for the past few days as first Netflix, then Facebook’s historic plunge shook the technology stock market.
However, the stock market losses won’t be getting a reprieve anytime soon rather according to the analysts at Morgan Stanley, the market is at a point of exhaustion while stating,
“the selling has just begun and this correction will be biggest since the one we experienced in February.”
The Gold price has been feeling the bear momentum in its prices as well as it is trading sideways. Whereas US Dollar is having somewhat mixed reactions as UK rate decision, US Fed decision, and Bank of Japan’s (BOJ) monetary policy comes into effect.
Mati Greenspan, the senior analyst at eToro also shared these sentiments in his Tweet:
Cryptos are falling, stocks are falling, gold is falling, the US Dollar is falling. Are there no safe havens in the market anymore? pic.twitter.com/7DiRleaoF7
— Mati Greenspan (@MatiGreenspan) July 31, 2018
For now, there is no known reason behind the fall in the bitcoin price. But as the stock market, gold prices, US Dollar falls while other currencies devalue are most likely to affect Bitcoin price positively as it has been seen as a better long-term investment option. So, it’s all wait and watch, for now!
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.