Despite NYSE's "biggest news of the year" for Bitcoin, Crypto Markets collapses in the blink of an eye

The Crypto markets made a dizzying dip today, August 4, with Bitcoin (BTC) losing nearly $ 500 in the six hours prior to the press to fall below $ 7,000, and all the top ten cryptocurrencies by market capitalization in red , as data from Coin360.

  Market Display by Coin360

Market Display by Coin360

Bitcoin (BTC) is trading around $ 7,028 at the time of printing, having lost nearly $ 500 in the day to plunge to a price not seen since July 17 . The leading cryptocurrency has seen an intra-day minimum of $ 6980, with some cryptoanalysts today noting that $ 6,800 has become its short-term critical support level The percentage loss of Bitcoin in the day is close to 7 %, with a weekly loss of around 15% and monthly gains only 5%.

  Bitcoin's 7-day pric and chart

Bitcoin's 7-day price chart. Source: Cointelegraph Price Index

Ethereum (ETH) saw a markedly less pronounced decline on its daily table, losing just over 2 percent in a 24-hour period to gain time to trade around $ 404. Altcoin fortunes they were shaky for much of the week, after seeing jagged leaks from July 29, when assets were still trading at $ 470. In the week, Ethereum is down more than 13%, with monthly losses of nearly 15%.

  Ethereum's seven-day price chart

The Ethereum 7-day price table Source: Ethereum Cointelegraph price index

In the CoinMarketCap cards, none of the top ten cryptocurrencies is in the green for the time of printing.

Taking an even heavier hit than Bitcoin, Stellar (XLM) and IOTA (MIOTA) saw losses up to about 9 and 10 percent respectively on the day. To hit the clock, Stellar is trading around $ 0.24 and IOTA around $ 0.84.

Among the top twenty coins by market capitalization, Ethereum Classic (ETC) is the main outlier, almost 9% in the 24-hour period to trade at around $ 16 at the time of printing. August 3, probably due to the news of the imminent listing of the asset or the provider of exchange services and US Coinbase wallet from August 7th. Because of the peak, the currency has moved sideways today, apparently immunized by the greatest losses in the broader cryptography markets.

  Ethereum Classic's 24-hour pricing table

Ethereum Classic's 24-hour price table. Source: CoinMarketCap

The total market capitalization of all cryptocurrencies has plummeted to about $ 253 billion – over $ 13 billion lost in the six hours prior to the press, and an astonishing $ 50 billion lower than their July 26th peak to $ 303.7 billion. [19659005] 1-Day Total Market Capitalization Chart "src =" https://s3.cointelegraph.com/storage/uploads/view/a4515be30b743402e6ba81f5ddf675db.png "title =" 1-Day Total Market Capitalization Chart "/ > [19659006] Chart of a day of the total market capitalization of all the cryptocurrencies of CoinMarketCap

The collapse of the markets today is in clear contrast with yesterday's important news that Intercontinental Exchange (ICE) – the operator of 23 major global exchanges including the New York Stock Exchange (NYSE) – plans to create a global ecosystem for digital assets that would cover the spectrum from regulated federal markets and warehouses to the needs of traders and consumers.

L & # 39; ICE also expects this BTC futures contract physically delivered this November, distinct from those currently offered on CME and CBOE that are finally settled in fiat.

I like Starbucks and Microsoft are on board for the new company, dubbed "Bakkt", which we start by offering the Bitcoin-fiat conversion for consumers for the purchase of commonly used goods with crypts.

Bakkt's ICE presentation pushed CNBC Brian Kelly to suggest that this is "the biggest Bitcoin news of the year", arguing that it is now a good "entry point" for investors in view of # 39; imminent institutionalization of crypto.

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