Market Update: Blood in the Crypto Streets, Bitcoin Miner Dumps, CME Gap, Defi Doldrums

The cryptocurrency economy slid significantly on Thursday afternoon (ET), as the aggregate market cap of all the crypto coins shaved more than 10% during yesterday’s trading sessions. More than 12 hours later, a number of the top crypto assets are still down in value between 4-12%, and some digital coins saw even bigger losses during the last 48 hours.

Things change quickly in the crypto ecosystem, as digital currency proponents have been dealing with extremely volatile prices this week. For instance, bitcoin (BTC) touched a top on September 1, as prices touched $12,044 per coin on Tuesday.

Market Update: Blood in the Crypto Streets, Bitcoin Miner Dumps, CME Gap, Defi Doldrums

Ever since then the crypto asset has been tumbling downward. BTC hovered around $11,200 on September 3, but shuddered once more to a low of $10,000 the following day. Bitcoin (BTC) is down 5.4% on Friday, over 10% for the last seven days, and down 11% for the last 30 days. At the time of publication, BTC has been coasting along between $10,250 to $10,400.

Market Update: Blood in the Crypto Streets, Bitcoin Miner Dumps, CME Gap, Defi Doldrums
Bitcoin (BTC) prices on Bitstamp on September 4, 2020, at 11:30 am (ET).

Following BTC’s drop, ethereum (ETH) also lost a decent chunk of value during the last 48 hours. ETH is down over 5% today as the crypto asset is trading for $395 per coin. Ethereum has lost only a half of a percentage during the week and is still up over 10% for the last 30 days.

Tether has removed XRP from the third-largest market cap position with a valuation of roughly $13.7 billion between all the circulating USDT. XRP has lost 2.5% today and the crypto asset is currently swapping for $0.25 per token.

Market Update: Blood in the Crypto Streets, Bitcoin Miner Dumps, CME Gap, Defi Doldrums
Bitcoin cash (BCH) prices on Bitstamp on September 4, 2020, at 11:30 am (ET). BCH prices have been drawing downwards during the last few months as community infighting intensified.

The number five position now belongs to the Polkadot (DOT) project with it’s $4.5 billion market valuation. Chainlink (LINK) holds the sixth position trading for $12.67 per coin and has a market cap of around $4.4 billion on Friday.

Bitcoin cash (BCH) markets are down over…

Read More