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Cryptocurrency Market Sees Red As Bitcoin Drops $600 in 1 Hour

October 23, 2019 at 14:26 by Matt Jackson

Bitcoin price volatility has returned with a vengeance as it shed $600, or 7.5%, in less than an hour. The rest of the cryptocurrency market has followed suit, with all of the top 20 coins losing dollar value. In fact, investors have to look at Basic Attention Token (BAT), once again, to find profits. BAT’s price gains are a continuation of the profit seen after major exchange Binance introduced margin trading for the cryptocurrency.

Bitcoin has seen a lot of sideways trading in recent days, having bounced between $8,000 and $8,200. Crypto investors, who are used to seeing double-digit daily gains and losses had turned their attention to smaller, altcoins. However, some analysts had warned that a narrowing trading band and reduced volume suggested a big move could be on the horizon.

Bitcoin has been struggling to break heavy resistance at $8,300, and the bulls have lost their momentum today. The slip means that Bitcoin has fallen to $7,400 for the first time since June 2019. Back then, Bitcoin fell to this level before powering up to $13,500 in a matter of just over two weeks. Investors will be keeping an eye on the market to see whether history repeats itself.

Major losses have been seen by most other major coins, against the dollar value. Bitcoin Cash has fallen more than 8% in 24 hours, Litecoin more than 9%, and Binance Coin more than 10%. In fact, gains are scarce, with only a handful of top 100 non-tether coins turning green. The stand-out coin has, once again, been Basic Attention Token (BAT). Major exchange, Binance, announced two days ago that they were introducing margin trading for the token. Since that announcement, prices have risen from 2700 sats to 3300 sats, although even it has not been impervious to today’s crash, slipping down to 3200 sats.

Meanwhile, Facebook CEO Mark Zuckerberg is facing a grilling from Congress today, over the proposed Libra stable coin launch. The results of the hearing could further affect the market, despite the fact that the cryptocurrency has not even launched yet.

At 15:15 GMT, Bitcoin (BTC) prices have fallen 8.79% down to $7,528.08 in the past 24 hours. Ethereum (ETH) has fared only slightly better, shedding 7.67% from its price and now trading at $160.43. Ripple (XRP), which had enjoyed a positive run of late, has lost 6.91% and now costs $0.275, halting its quest to breach the $0.30 mark. Bitcoin Cash (BCH) and Litecoin (LTC) have fallen 8.37% and 9.59% down to $211.16 and $49.40 respectively.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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