While the trigger for the latest sell-off is unclear, it has coincided with a "hard fork" of Bitcoin Cash. At current prices, ETH/USD is down 36 percent in the last week but poised to print lower now that prices are trading within a bear break out pattern following events of the last week. That sounds like a more than decent figure for the whole blockchain business, but we're still looking at tremendous losses compared to the almost $770 billion market cap from early January. "But Bitcoin mining has, at least for now, and most likely in the future, moved into the court of bigger players with deep pockets".
As of now, the crypto downtrend went even further; BTC is standing a little over $4,400 while Bitcoin Cash suffered the most losses with its value worth only $218.
XRP's marginal decline relative to Ethereum's colossal drop has widened the market cap gap between the two to over $4.3 billion - more than the collective market cap of TRON [TRX], Monero [XMR] and Cardano [ADA].
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The crypto markets are under the "red" area.
"Crypto-specific events have led to greater uncertainty in the crypto market, including the contentious hard fork for bitcoin Cash", Lee said in the note Friday.
The price of BTC fell below $5,000 to $4,842 and is struggling to make its way up. BCH now has a market cap of around $3.5 billion. The drop seems to be continuing with time and is a clear indicator that some miners are probably opting to shut down their rigs or mine other cryptocurrencies.
Up until these unexpected charges, the exchange acted as a secondary market for trading ERC-20 tokens via smart contracts on the Ethereum platform. Other coins like Bitcoin Gold (BTG) is down 29.52% and NEO is exploring the levels below $10.00, besides it is recording a 17.22% drop. Airfox and Paragon Coin Inc. will each have to pay $250,000 in penalties to compensate investors, and will also have to register their digital tokens as securities. Bitcoin could well climb back towards $6,000.00, when it does, the rest of the markets should continue. The total market cap at the time of writing stood at $1,277,300,123 United States dollars a far cry from its all-time high of more than $7 billion in January.
One interesting result of the crash is that trading on Bitcoin futures has suddenly become much more popular, according to Bloomberg.
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