Bitcoin Finally Goes Below $8000 as Market Turns Red

Bitcoin has slipped below $8000 for the second time in the day to trade at $7731. The first drop early Tuesday was short-lived after BTC bounced back a few moments later to about $8100. But even this would not last either erasing rising hopes for another bull run.

Bitcoin has now lost nearly 6% in the day and the selloff seems to have increased around midday. BTC however seems to have bounced off $7730 and is currently regaining some ground.

Overall, bitcoin is down by about 4.7% in the week as it starts to reverse on some of the gains it made in the last two weeks. However, on the monthly charts, bitcoin remains bullish, up by about 20%.

SEC’s rejection of a bitcoin ETF put the market back on a bearish trend last week. Investors has been heavily banking on the proposal by Gemini going through, something that would have opened up the market for more institutional money.

Altcoins have slipped even further compared to the No.1 cryptocurrency. Losses among the top 10 coins range anywhere between 2% and 11% with much of the market in the red.

Altcoins posting heavier losses

The second biggest cryptocurrency Ethereum is currently trading at $431 having lost more than 6% in the day. XRP is down 4.4% to trade at 0.042 while Bitcoin Cash has shed 8% of its value to trade at $770 a unit.

EOS seems to have taken the biggest hit in the top 10 with losses of more than 11%. The token backed by Peter Thiel and Mike Novogratz is currently trading at $7.24 a unit with its market cap now standing at 6.5 billion.

Stellar which has been bucking the trend in the last one month has also made significant losses at over 8% to trade at $0.27 a unit. Also losing by a similar margin is Cardano.

Litecoin, which has gradually been losing its position at the top is down 6.25% with its market cap currently standing at 4.4billion. A unit is going for $77.70 according to date from CoinMarketCap. Tron, Monero and Neo have all lost more than 7% in today’s trading.

$15 billion wiped off

Overall, about $15 billion has been wiped of the market today with total market cap currently standing at $275 billion.

Meanwhile, businesses that have built around the industry have been reporting astronomical profits. Bitmain, the Chinese manufacturer of the world’s most popular range of miners the AntMiners reportedly made profits of $1 billion in the first quarter according to Fortune.

Another firm profiting heavily from the crypto industry is Swissquote which offers banking services. According to FinanceFeeds, the firm’s profits jumped 43.9$ in the first half of the year ending June 30 to hit CHF 25.7 million in net profit. A significant part of the profits are attributable to the cryptocurrency boom earlier in the year.

As stated earlier, bitcoin seems to have to have bounced off $7730 in the last few hours on an upwards trajectory. You can check out some of the best bitcoin exchanges here where you can buy bitcoin with PayPal conveniently.