Bitcoin falls below $6,000 in sharp crypto sell-off
Cryptocurrency prices fell sharply on Tuesday, with bitcoin briefly falling below support levels at $6,000 – its lowest mark since June.
Bitcoin has lost nearly a quarter of its value since the decision by the US Securities and Exchange Commission (SEC) to uphold its rejection of a bitcoin exchange-traded fund (ETF) application by the Winklevoss twins on 26 July.
Most other cryptocurrencies followed suit, particularly when the SEC said on 7 August it was postponing its decision on two other bitcoin ETFs.
Worst performers: ether and cardano
Ethereum was among the worst performers in the top 10 of cryptocurrencies on reports some investors were cashing out their ether holdings to cover initial coin offering (ICO) expenses.
Many ICOs have used the Ethereum blockchain to launch their offerings, and those investors wishing to participate in them had to buy ether. Reports suggest those ICOs are cashing out to cover their costs.
The price of ether – the Ethereum network’s native coin – fell to a nine-month low on Tuesday, down more than 20% over the last 24 hours.
Cardano was worst performer among the top 10 cryptos, despite the announcement of a couple of projects. Charles Hoskinson, chief executive of IOHK, Cardano’s development team, insisted that current crypto market volatility was all part of the sector’s economic cycle. “We’ve been here before. Everything’s fine,” he said.
Price round up
Here’s a round-up of Tuesday’s price moves among the top 10 cryptocurrencies at around 11.15am [London time]:
- Bitcoin -6.5% at $6,062
- Ethereum -20% at $266.46
- Ripple -15.9% at $0.26
- Bitcoin cash -17.7% at $495.05
- Stellar lumens -9.8% at $0.22
- Eos -16.8% at $4.37
- Litecoin -15% at $51.71
- Cardano -22.2% at $0.09
- Tether -0.06% at $1
- Monero -13.9% at $84.17