Price Watch

Price Watch: Bitcoin, Ethereum, and Ripple Fall Further

Price Watch: Bitcoin, Ethereum, and Ripple Fall Further

The global cryptocurrency market continues to endure a bearish downtrend. Over the past week, the cryptocurrency market shed 19% of its total market cap, or almost $65 billion. Ethereum has fallen below $500 for the first time since March.

Bitcoin | BTC

Updated: June 13, 2018 at 2:41 am PDT
$6,537.10 | 4.98%

Bitcoin, currently ranked #1 by market cap, is down 4.98% over the past 24 hours. BTC has a market cap of $111.72B with a 24 hour volume of $4.57B.

Chart by CryptoCompare

Bitcoin is down 4.98% over the past 24 hours.

Following the Coinrail exchange hack on June 10, Bitcoin fell below $7000 for the first time since late March. According to a statement released Sunday, the exchange lost 30% of its total cryptocurrency value and confirmed that NPER, ATX, and NPXS coins, and other cryptocurrencies are now safely stored in a secure cold wallet.

Despite the volatile market, individuals and institutions are still interested in crypto, and Bitcoin exchanges are under pressure to meet increasing demand with proper regulations.

Related Article: Bitcoin Exchanges Rushing Toward Regulation

On June 6, Coinbase announced that the platform is “on track” for SEC registration, legitimizing the exchange as a broker-dealer “capable of offering blockchain-based securities.”

In early June, Goldman Sachs-backed cryptocurrency startup Circle also expressed intent to pursue a federal banking license and registration as a securities exchange.

Ethereum | ETH

Updated: June 13, 2018 at 2:41 am PDT
$476.45 | 11.13%

Ethereum, currently ranked #2 by market cap, is down 11.13% over the past 24 hours. ETH has a market cap of $47.67B with a 24 hour volume of $1.91B.

Chart by CryptoCompare

Ethereum is down 11.13% over the past 24 hours.

On May 14, the Thailand Securities and Exchange Commision (SEC) legalized Ethereum as one of seven cryptocurrencies available for exchange.

On June 9, the Bangkok Post released a statement reporting on the regulatory update:

“The SEC will allow seven cryptocurrencies, used for initial coin offerings (ICOs), to be traded as trading pairs. They are Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, Ripple, and Stellar.”

Bitcoin, Ethereum, Ripple, and Litecoin Among 7 Cryptocurrencies Now Legal in Thailand
Related Article: Bitcoin, Ethereum, Ripple, and Litecoin Among 7 Cryptocurrencies Now Legal in Thailand

In Southeast Asia, Ethereum is enabling a vast population of unbanked citizens to have access to small money loans.

XRP | XRP

Updated: June 13, 2018 at 2:41 am PDT
$0.54 | 9.15%

XRP, currently ranked #3 by market cap, is down 9.15% over the past 24 hours. XRP has a market cap of $21.24B with a 24 hour volume of $295.49M.

Chart by CryptoCompare

XRP is down 9.15% over the past 24 hours.

On May 14, the Thailand Securities and Exchange Commision (SEC) legalized Ripple as one of seven cryptocurrencies available for exchange.

Ripple CEO: ‘Blockchain Will Not Disrupt Banks’ and ‘China Controls Bitcoin’
Related: Ripple CEO: ‘Blockchain Will Not Disrupt Banks’ and ‘China Controls Bitcoin’

On June 11, Ripple CEO, Brad Garlinghouse gave his thoughts on the long-term outlook of Ripple’s technology and future of cryptocurrency mass adoption at the 2018 Stifel Cross Sector Insight Conference.

Denouncing Bitcoin as a centralized cryptocurrency with nearly 40% of its mining power located in China, Garlinghouse made bold statements about the world’s largest cryptocurrency:

“Bitcoin today takes 45 minutes to settle a transaction… Bitcoin is really controlled by China. There are four miners in China that control over 50% of Bitcoin… How do we know that China won’t intervene?  How many countries want to use a Chinese-controlled currency?”

Describing the long-term goals of the Ripple platform, Garlinghouse stated:

“There are millions unbanked or underbanked… When I think about the transformation, it is fundamentally changing the way millions participate in banking. We can fundamentally change the way this works, to bring an entire population up a step in the system.”

Conclusion

The global cryptocurrency market cap stands at $276.31B with a 24 hour volume of $14.86B. The Coinbase Index is currently sitting at 2966.63. Bitcoin dominance is currently at 40.43%.

At press time, 97 of the top 100 coins by market capitalization are in the red and it’s unclear when the market will turn green. Traders are reminded to remain cautious during market drops and only invest what they can afford to lose.

Cover Photo by Aron Visuals on Unsplash

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

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Jonathan Kim Author

Jonathan Kim

Jonathan Kim is a University of Washington student of Finance and cryptocurrency investor with a deep interest in the emerging industry of blockchain applications and cryptocurrency trading. His past experiences involve publishing original daily content for blockchain startups and trading cryptocurrencies using technical analysis principles.

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