Market Update 12.07.18 – BTC Drops below $3.4k, Sets New 2018 Low

| Publish date: 12/07/2018
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BTC Drops below $3.4k, Sets New 2018 Low

The world’s most valuable cryptocurrency, Bitcoin has once more dropped to a new low for this year as the crypto market sees a continuous sell-off. At 1:00 UTC on December 7, the price of BTC (Bitcoin) fell by 11.46%, falling to $3306, the lowest it has been in over a year.

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In the last 24 hours, the cryptocurrency’s market capitalization has fallen by more than $4.8 billion, and is down by more than $14 billion for the week. This is an indication that traders may finally be moving their money out of Bitcoin and into dollars.

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Crypto Mom Says Not to Hold Breath for Bitcoin ETF

Hester Price, who is a commissioner with the US SEC (Securities and Exchange Commission), said that traders should not hold their breath for a Bitcoin ETF (Exchange Traded Fund) to materialize. She made this statement at the Digital Asset Investment Forum that was held in Washington DC on December 5.

Price has been dubbed Crypto Mom by the crypto community due to her disagreement with the decision by the SEC to reject the Bitcoin ETF proposal put forward by the Winklevoss twins, Tyler and Cameron.

Find out more about this story here.

Neufund and Ledger Creating Security Tokens Framework

The cryptocurrency wallet hardware maker Ledger has teamed up with the German Blockchain powered cryptocurrency fundraising startup Neufund to create a security tokens framework that would allow users to manage their security tokens using Ledgers desktop app.

Ledger Live is the hardware wallet maker’s desktop app that it recently launched so that users can manage their crypto assets. In the near future, Ledger is planning to add an ERC-20 integration to this app, which will allow users to also manage their security tokens with Neufund’s protocols.

Read more about this article here.

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Total Market Cap: Dec 07

Cryptocurrency capitalization continues its downward movement with the market’s value now at $108.74 billion at trading volumes of $17.80 billion.

Bitcoin Price Analysis: Dec 07

In the last 24 hours, the price of Bitcoin has plunged 10.98% to trade at $3437.63. The world’s most valuable crypto is now worth $59.85 billion and is seeing trading volumes of $6.36 billion.

Ethereum Price Analysis: Dec 07

Ethereum is now at a price of $87.34, a massive 15.44% since yesterday. The altcoin’s market worth is now down to $9.05 billion and trading volumes are up at $2.36 billion.

State of the Top 10 Cryptocurrencies: Dec 07

In a market where most of the established major cryptocurrencies are facing massive drops in the token prices, Bitcoin SV has taken 5th place after skyrocketing by 19.14% since yesterday. The top ten rankings have changed with Tether going up by 0.69% to take 6th place and Bitcoin Cash, EOS, Litecoin and TRON dropping to 7th, 8th, 9th and 10th place respectively.

The biggest loser is EOS, whose price has nosedived by 21.31%, followed by Stellar, which is down by 16.38% and Bitcoin Cash, which has lost 16.11%.

  • Bitcoin’s trading at $3437.63, plunging 10.98% since yesterday. The virtual asset’s market cap is $59.85 billion.
  • Ripple’s trading at $0.304947, plunging 10.41% since yesterday. The virtual asset’s market cap is $12.29 billion.
  • Ethereum’s trading at $87.34, plunging 15.44% since yesterday. The virtual asset’s market cap is $9.05 billion.
  • Stellar’s trading at $0.115220, plunging 16.38% since yesterday. The virtual asset’s market cap is $2.20 billion.
  • Bitcoin SV’s trading at $108.42, skyrocketing 19.14% since yesterday. The virtual asset’s market cap is $1.89 billion.
  • Tether’s trading at $1.01, gaining 0.69% since yesterday. The virtual asset’s market cap is $1.86 billion.
  • Bitcoin Cash’s trading at $104.75, plunging 16.11% since yesterday. The virtual asset’s market cap is $1.83 billion.
  • EOS’s trading at $1.73, plunging 21.31% since yesterday. The virtual asset’s market cap is $1.56 billion.
  • Litecoin’s trading at $26.26, plunging 12.39% since yesterday. The virtual asset’s market cap is $1.56 billion.
  • TRON’s trading at $0.0131, plunging 8.58% since yesterday. The virtual asset’s market cap is $867.80 million.
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