Cryptocurrency market cap falls below $250 Billion, with Bitcoin trading @ $6560

Analyst believe that Crypto's will bounce back, as market cap shrinks

Mike Richardson
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Bitcoin has taken another hit and has decreased by $551 in the last 24hours and currently trading at $6560 (04/05 @11:56GMT) compared to $7111.52 yesterday. Overall Bitcoin has lost almost 70% of its total value since December 2017, with some analyst being optimistic for a rebound.

Cryptocurrencies on a whole are suffering, with Ethereum and Ripple each decreasing in value by rightly 7%, while Bitcoin Cash is 8%.

The fall of Bitcoin, and other cryptocurrencies has been a momentum in the market of negative news which now include the Reserve Bank of India (RBI) banning all financial institutions who are trading in cryptocurrencies and according to their “view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling virtual currencies.”

In the US, Tom Lee, a Wall Street Analyst for Fundstrat Global Advisors said in an interview with CNBC that he thought that up to $25 Billion of taxes are owed to the Internal Revenue Service, and it was his opinion that when tax session ends, he thinks that traders would rebound.

Historically, cryptocurrencies have picked up during the second quarter of the year. Last year the currencies picked up and maintained a steady groeth throughout the year to reach a peak in Decemner 2017.

Ethereum has also had a decrease in valuation by $17.61 in the last 24hours Ethereum is trading at $367.86 (04/05 @11:56GMT) compared to $385.47 yesterday. Ethereum’s downturn can be attributed to Bitmain’s announcement of new ASIC miners, and a new petition to fork from the cryptocurrency.

Ripple has decreased too by $0.24 in the last 24hours and is trading at $0.494 (04/05 @11:56GMT) compared to $0.518 yesterday.

Some news thou, in a press release published by Monex Group, a Japanese financial service provider, the company has confirmed that they will acquire 100% of Coincheck for $33.5Mln. In a statement on Coinchecks website, unto ¢534 man worth of NEM was stolen which has forced them to “change our shareholder composition and other management system”.