Crypto Market Loses $6 Billion as Bitcoin Drops Below $3,700

The cryptocurrency ecosystem’s sell-off hasn’t apparently ended just yet, as in the last 24-hour period it has lost about $6 billion as most top cryptocurrencies are currently down. Bitcoin, the flagship cryptocurrency, is now trading under the $3,700 mark.

According to CryptoCompare data BTC has lost 3.1% of its value in said period, and as such is trading at $3,680. Its trading volume, as recently mentioned, has recently hit a 7-month high, while adoption has kept on growing.

Bitcoin's price performance in the last 24-hour period

As CryptoGlobe covered the Lightning Network (LN), bitcoin’s layer-two scaling solution, has just seen its mainnet capacity surpass 500 BTC, and it currently has well over 15,000 open payment channels. This month, a crypto artist sold a tiny piece of artwork for one milisatoshi – about $0.000000037 - through it.

Moreover, the number of cryptocurrency ATMs has doubled to over 4,000 this year, which means that 6 of these machines were installed every day this year. Most of these are located in the United States, and the crypto ATM market is expected to grow to nearly $145 million by 2023.

The cryptocurrency’s fall comes during a volatile period in the equities market. Earlier this week, the Dow soared over 1,000 points, making it the biggest single-day rally it has ever seen. Shortly after, it started dropping and yesterday the market closed in the green after recovering from losses it was seeing that day.

Some analysts believe the stock market’s recovery could be behind BTC’s recent sell-off. Anthony Pompliano has recently defended that bitcoin is still a non-correlated asset. Per his words, BTC’s correlation with the S&P 500 and the Dow is “near zero.”

Just like eToro’s senior market analyst Mati Greenspan, Pompliano revealed he believes BTC could drop below the $3,000 mark, although a short-term decline won’t mean bitcoin will fail to become a legitimate asset class. He stated:

Crypto is still just fairly small, and so if we’ve got a fixed supply asset (such as bitcoin), then [when] increased demand comes in … we’re [potentially] going to get an increase in price.

Bitcoin was notably one off the cryptos that dropped the least in the last 24 hours. Most top altcoins, including Ethereum’s ether, XRP, and TRX, dropped over 5% in said period, while litecoin and monero actually rose less than 0.5%.

Bitcoin Cash (BCH) appears to be the biggest loser, as it’s down nearly 10% in the last 24 hours, trading at little over $150.7. Behind it, Bitcoin Cash Satoshi’s Vision (BSV), is down 7.9% to $86.4.

Crypto Market Update: Ethereum (ETH), XRP, Bitcoin Cash (BCH), and Chainlink (LINK)

Siamak Masnavi

This article provides: an overview of how Ethereum (ETH), XRP, Bitcoin Cash (BCH), and Chainlink (LINK) has been doing over the past 24-hour period; a recap of interesting recent news that might have affected their prices (or might do so in the future); and recent useful observations from Crypto Twitter regarding these cryptocurrencies.

To give you a rough idea of how well the crypto markets are doing today, 13 out of the top 20 cryptoassets (by market cap) are currently in the green (against the dollar). 

All market data used for the price charts in this article was taken between 15:30 UTC and 16:00 UTC on 22 October 2019 from CryptoCompare, which also generated the price charts shown in this article.

Ethereum (ETH)

ETH-USD 24 Hour Chart - 22 Oct 2019.png

Since October 16, ETH has been trading between $170 and $180. 

Earlier today, Hudson Jameson, Community Manager at Ethereum Foundation, said on Twitter that he is not happy with Ethereum's current governance structure and asked the crypto community for suggestions on how it could be improved:

Ethereum Foundation researcher Vlad Zamfir had this say in his reply to Jameson's tweet:

XRP

XRP-USD 24 Hour Chart - 22 Oct 2019.png

Although XRP is up only slightly down, in the past 30-day period, the XRP price has risen 6.96%. 

Earlier today, Ripple announced that it had expanded its global regulatory team and opened an office in the heart of Washington, DC. Furthermore, Craig Phillips, former Counselor to the Secretary at the U.S. Treasury Department, is now part of Ripple's Board of Directors. Lastly, Ripple has become a member of the Blockchain Association, and Michelle Bond, Ripple’s Global Head of Government Relations, will be sitting on its board.

Bitcoin Cash (BCH)

BCH-USD 24 Hour Chart - 22 Oct 2019.png

On October 17, CryptoGlobe reported that Changpeng Zhao (aka "CZ"), Co-Founder and CEO of Binance, the world's largest crypto exchange by trading volume, had proposed (on the Binance community forum) the idea of listing BCH on Binance DEX, Binance's decentralized exchange platform.

In his post on the Binance community forum, CZ said that Binance was proposing to list (on Binance DEX) BCH-1FD, "a pegged token that tracks the value of the native asset of the Bitcoin Cash" to allow "Binance DEX users to trade BCH on the DEX." CZ went on to say:

BCH-1FD is backed by real BCH assets, and Binance, the largest cryptocurrency exchange, will provide conversion between BCH and BCH-1FD through deposit/withdraw. As such, there isn’t much development work in this token or any potential of conflict of interest.

Yesterday, Binance announced that Binance DEX had listed this new token (i.e. BCH-1FD) and that trading in the pair BCH/BNB had gone live. Since then, there have been 2116 transactions.

Chainlink (LINK)

LINK-USD 24 Hour Chart - 22 Oct 2019.png

Chainlink continues having a great October, going up almost 10% today (highest gainer among the top 20 cryptoassets).

Chainlink continues to impress the crypto markets with a non-stop flow of partnership announcements; the latest one came yesterday when blockchain startup Ultrain announced via a blog post that it "will officially integrate with the Chainlink oracle network."

Chainlink's highly impressive return on investment (ROI) figures for the past seven days, 30 days, three months, and one year are +16.04%, +52.82%, +15.71%, and +607.18% respectively.

 

Featured Image Credit: Photo via Pixabay.com