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NEW YORK, August 14 (Reuters) – Bitcoin fell to a minimum of eight weeks Tuesday, while Ethereum, the second largest cryptocurrency in terms of market value, sank to more than a year of depression as they continued trend bearish, weakened by a strong US dollar and global tensions related to Turkey.
The Turkish crisis has dampened risk appetite in recent sessions, encouraging a sell-off in emerging market currencies and stocks and pushing inflows into safe haven assets such as the US dollar and US Treasuries.
The original virtual currency fell to $ 5.80 on Bitstamp, the lowest since the end of June. It was down 3.5% to $ 6,036.74. So far in 2018, the bitcoin has dropped by almost 57 percent, after exceeding 1,300 percent last year.
Ethereum fell nearly 9% to $ 258.45 on Bitstamp, dropping to a minimum of over a year of $ 250.54. According to crypto data tracker coinmarketcap.com, the third largest cryptocurrency, Ripple, fell 13.4% to 25 cents in the United States.
"What started early this week as a route in the Turkish lira has rapidly spread to all markets and now it seems that it is also affecting the crypts," said Mati Greenspan, market analyst at eToro.
The total market capitalization for cryptocurrencies fell to $ 191.4 billion, the lowest since the beginning of November last year, showing data from coinmarketcap.com.
Bitcoin has held up pretty well between sales in the cryptocurrency market, analysts said. As a percentage of market capitalization, the bitcoin share rose to 54.5%, suggesting that investors were willing to hold the most widely held and well capitalized digital currencies.
During the exciting days of the cryptocurrency boom at the end of 2017 and January of this year, the bitcoin share has fallen to 32%.
The cryptocurrency market has been stung by several decisions of the US Securities and Exchange Commission on exchange-traded funds.
At the end of last month, the SEC was firm in making the decision to block the application of Tyler and Cameron Winklevoss, founders of Crypto exchange Gemini Trust Co LLC.
At the beginning of this month, the SEC delayed a decision on a bitcoin ETF proposed by the money management company VanEck and the SolidX cryptography startup.
"I think we are only witnessing the continuation of the cryptocurrency bear market, which is not the first or last cyclical asset to behave this way," said Clement Thibault, Investing.com senior analyst.
"Looking to the future, I do not think we are still at the end of the cycle and I can see that bitcoins and other cryptocurrencies continue to fall before a significant return of return." (Reporting by Gertrude Chavez-Dreyfuss; Editing by Dan Grebler)
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