Bitcoin Continues Slide, Drops Under $10,000

Bitcoin has dropped in value again to under $10,000 after a recent high of around $13,900, according to reports. The cryptocurrency’s loss means it pulled down the value of other premium coins with it, and none of them showed any rises at all.

Value in bitcoin and other digital currencies surged recently after the announcement of Facebook’s Libra, a stablecoin tied to real currency. However, analysts have been expecting the post-surge value of bitcoin to drop around 40 percent from its high, and it has almost done so. 

“$9715 will be the 30 percent correction for BTC,” popular trader Josh Rager said early Tuesday (July 2). 

Rager said that number is a “gift” in the short-term and that in the long term things are going to stay bullish. In the past 24 hours, Bitcoin’s value has dropped 6.50 percent, and as of Tuesday morning it was trading at $9,900. On June 26, the coin hit a value of $13,756.

As an investment, the digital coin has been profitable for trading 98.2 percent of its total time in existence, which is is 3,671 days out of the 3,830 days since it was created.

Ethereum (ETH), another popular digital currency, has lost 6 percent of its value and is hovering around $277. It’s dropped around 12 percent on the week. But if looked at in terms of monthly performance, ETH remains in the green. 

Chainlink (LINK), which has been one of the best performers of the recent surge, has lost almost 10 percent of its value and is trading around $3.27. Litecoin (LTC) is down 6 percent and trading in the neighborhood of $115. The total market capitalization of all of the currencies together has dropped to under $300 billion, falling to $294 billion.

As for more traditional markets, oil rose in value, and U.S. crude futures for the month of August went up $1.65, which equals 2.8 percent at $60.12 per barrel. Markets also responded positively to the decision to restart talks between China and the United States. 

 

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