Bitcoin (BTC) and Ether (ETH) Market Update: July 11, 2019
The total crypto market cap lost $18 billion of its value since July 8, 2019, and dropped down to $311.3 billion. The top ten coins are all in the red for the last 24 hours with many registering double-digit losses. Bitcoin Cash (BCH) and EOS (EOS), for instance, dropped 21.1 and 22.5 percent respectively. At the time of writing, bitcoin (BTC) is trading at $11,270 on the Bitstamp daily chart, while ether (ETH) stands at $266, and Ripple’s XRP dropped down to $0.327.
Bitcoin closed the previous week with a 4.5 percent price increase and moved up to $11,486.
It opened the new seven-day period with a solid green candle on July 8, 2019. The coin added 6.5 percent and climbed up to $12,264 in its third consecutive winning session. The BTC/USD pair was already looking at the $13,000 mark.
On July 9, 2019, bitcoin registered another day of strong trading and moved North to $12,568. Twenty-four-hour trading volumes increased from around $24 billion at the start of the week to approximately $35 billion on July 9, 2019.
The most popular cryptocurrency broke above $13,000 for a short period of time on July 10, 2019, peaking at $13,227. Bulls, however, were not able to hold their position and retreated, closing with a red candle to $12,098.
In the early hours on July 11, 2019, BTC has already lost six percent dropping to the levels around $11,360.
According to the India Times, the social media giant Facebook has no plans of launching its Libra token or the Calibra wallet in its largest market, India. A company spokesman shared this information in an email explaining that the reason behind the decision is the anti-crypto stance of the Indian government and the imposed restrictions on local banks preventing them from dealing in digital assets.
At the same time, Chinese authorities are reportedly looking to develop their own digital currency to tackle Facebook’s Libra. According to Wang Xin, director of the People’s Bank of China’s (PBOC) research bureau, the bank has received approval from the State Council and is actively exploring the possibility of central bank digital currency without providing in-depth information about the progress.
The Ethereum token gained 3.8 percent during the last seven-day period and climbed up to $306.
It started the new week by moving to $313 on July 8, 2019. Bulls were looking for a few good sessions to consolidate before initiating a run towards the 2019 high of $334 and then to $350.
On July 9, 2019, however, ether made an almost identical move, but in the opposite direction and stopped at $307. Commentators saw the price of one of the most popular altcoins dropping even further on the next day, July 10, 2019, when it registered a 5.8 percent losing session and broke below $300 to close at $289.
In the early hours of July 11, 2019, the popular altcoin erased another six percent of its value and trades at the support level of $270.