Cryptocurrency Meltdown Continues – Bitcoin Sags To $7,000 Level

Investing, News | February 5, 2018 By:

Like an ice cube in the sun, prices on virtually all cryptocurrencies continued to melt today. A brief weekend rally proved to be a dead cat bounce, and the relentless plunge continued this morning, bringing bad news, red arrows, and questions about where this all finds a floor.

More than $100 billion has been taken off the overall market capitalization in the last month. At mid-morning, bitcoin stands at $7,200 per single coin, with ethereum suffering a massive drop to $710 and Ripple XRP down to $0.705561.

Bitcoin Cash is back below the $1,000 mark, sitting at $928, while Litecoin is at $127.  Monero is down more than 20 percent to $182.

Choose your bad news reason for the plunge – increased drumbeats for regulation by government; and investigation into Bitfinex and Tether for price fixing; Facebook cancelling cryptocurreny advertising; or simply a cool-down as the market digests the wave of ICOs and tokens that have emerged.

Bitcoin market highlights for the 24 hours ending February 5, 2018 at 1:00 pm U.S. Eastern Time

The highest price seen was $8,604.08 on the HitBTC exchange at 1:12 pm yesterday. HitBTC saw $66,908,600 of bitcoin change hands.

The lowest price seen was $7,131.30 on Kraken’s exchange at 12:48 pm today. Kraken’s 24 hour volume was $104,601,000.

The average price on the surveyed exchanges, as weighed by volume, was $7,953.31.

Volatility was a bit above average, with the BlockTribune Volatility Index coming in at 52.3. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 11 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.