Bitcoin And Crypto Markets Melt in Wake Of SEC Ruling

Investing, News | August 8, 2018 By:

Bitcoin continued to plunge over the last 24-hours, triggered by news that the long-awaited SEC ruling on an exchange-traded fund was punted into the end of September. The contagion spread to the rest of the market, resulting in double digits downs and a sea of red arrows.

This morning, bitcoin sat at $6,500 per single coin, down slightly more than eight percent but a whopping $800 below where it was just a few days ago. Volume was high, indicating a general investor rush to the exits to salvage profits from the recent run-up that boosted bitcoin above $7,000.

The rest of the top ten coins had worse news. Ethereum is now down to $368, no doubt a reaction to fears fueled by the massive slowdown on the network yesterday thanks to a large influx of transactions. Not good news for a blockchain that is seeking scaling solutions.

But EOS, a blockchain that claims its transaction speeds will make a difference, did not benefit from ethereum’s woes. EOS was down more than 17 percent and now sits below $6, a big drop from its opening days.

The rest of the top ten coins had big price plunges, ranging from 11 percent to as high as 18 percent, reflecting a market that is scooping up scraps of profit.

Bitcoin market highlights for the 24 hours ending August 8, 2018 at 1:00 pm US Eastern Time

The highest price seen was $7,054.75 on the ZB.COM exchange at 4:01 pm yesterday. ZB.COM saw $73,912,701 of bitcoin change hands.

The lowest price seen was $6,212.51 on itBit’s exchange at 12:49 pm today. itBit’s 24 hour volume was $39,076,864.

The average price on the surveyed exchanges, as weighed by volume, was $6,562.67.

Volatility was a bit above average, with the BlockTribune Volatility Index coming in at 57.0. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 14 different exchanges. It includes only BTC/USD trades and only on those exchanges that had at least 1% of the total volume of BTC/USD trades during the measurement period.