Bitcoin falls below $ 7,500 while the crypto markets see their second day of losses.
August 1: The active crypto have seen a second day of losses, with Bitcoin (BTC) now well below the psychological price of $ 8,000 and most of the major active crypto in red, according to data from Coin360.
therefore, Bitcoin (BTC) quotes around the 7,490 dollars at the close of the edition, after having lost almost 3 percent on the day. Since the currency reached its peak of July 25 at $ 8,431, the main cryptocurrency fell below $ 8,000 yesterday for the third time this week. The coin fell again this morning, before trading laterally.
Bitcoin 7-day price chart. Source: Bitcoin price index of Cointelegraph
The weekly performance of Bitcoin prices has dropped by about 9.3 percent, but monthly growth remains a solid 17.74 percent.
therefore, Ethereum (ETH) has seen more significant losses on the day, with a solid drop of 5 percent to quote around $ 411 at the close of this edition. The main alternative currency lost about 19 dollars in value during the first hours of trading, traded sideways around 425 dollars and then fell to an intraday low of 410 dollars per hour before the time of publication. The weekly performance of Ethereum's price is around 13.61 percent in negative, after having seen a more gradual but sustained downward trend than Bitcoin in the same period of time. Ethereum's monthly losses are almost 11 percent.
7-day price chart of Ethereum. Source: Coherelegraph's Ethereum Price Index
In the CoinMarketCap listings, most of the 10 major currencies by market capitalization have decreased between 1 and 5 percent on the day.
Ripple (XRP) is the only outlier, with a rise of 1.6 percent and a rise in the price early today, despite trading down for most of the week. The currency currently trades at $ 0.44 at the time of publication. The relatively solid performance of the asset may have been fueled by yesterday's news that the 42nd President of the United States Bill Clinton will be the keynote speaker to kick off Ripple's global payment technology conference, Swell, this fall.
7-day price chart of Ripple. Source: CoinMarketCap
After Ethereum, Litecoin (LTC) and EOS (EOS) have seen most of the losses of the ten most important currencies, both with a decrease of 3.45 percent on the day until the time of publication.
Among the first twenty currencies by market capitalization, Dash and Monero (XMR) are those that quote more stable, both with an increase of less than 1 percent.
The total market capitalization of all cryptocurrencies has increased further downwards on the day, with 268.4 billion dollars at the time of publication - 8 billion dollars lost in the 24-hour period.
1-day graph of the total market capitalization of all cryptocurrencies according to CoinMarketCap
While the markets have seen their second and wobbly day of continuous losses, recent news indicates that the distance between the crypto industry and the main institutional actors continues to narrow.
Yesterday, Northern Trust Corp., a global asset management company with $ 954 billion in total assets under management, revealed plans to start a digital asset custody service.
Meanwhile, the news that Morgan Stanley has hired a self-described cripto trading expert and a 12-year veteran of Credit Suisse as its new head of digital asset markets suggests that the trend of numbers leaving the financial sector traditional to devote to the crypto continues.
An important new report from the US Treasury Department published yesterday revealed a great concern over the fact that the US maintain the pace of innovation and adapt their regulations to accommodate disruptive financial technologies, including cryptocurrencies and blockchain.
The skeptics continue, however, with the Nobel Prize for Economics Paul Krugman suggesting in an opinion piece in the New York Times yesterday that the "total collapse" of the "unattached" active crypt "is a real possibility".