Bitcoin Continues Going Down As Rest Of Cryptocurrency Market Sags

Investing, News | August 13, 2018 By:

The southbound train ride for bitcoin and other cryptocurrencies continued over the last 24 hours, a retreat that began late last week. Red arrows abounded in the top ten coins, with ethereum particularly hard hit, dropping below $300.

At mid-morning, bitcoin was at the $6,300 level, a percentage points drop from the weekend’s price. Volume was moderate, but pessimism ruled in the market, with several bearish pundits predicting that the floor in this recent decline has not been found.

Ethereum is struggling with its usual scaling dilemma, but is also feeling the aftermath of last week’s transaction bottleneck. Some hedge funds are shorting it, and it may be some time before the coin can get back off the deck.

Stellar was the outlier among the top ten coins, boosted close to four percent on news that it’s talking with Facebook about its blockchain projects.