Crypto valuation dump ongoing but bitcoin steady
Little change (2.30pm) to the earlier price valuation burn-out with bitcoin extending losses slightly, down -4.7% to $6,258 according to latest Coindesk prices (though bitcoin was down more than -7% overnight).
The price slip has blunted much of the cautious optimism that had been cautiously supporting prices for some weeks.
Bitcoin stamina exerted despite jolts
However bitcoin’s performance remains solid compared to many altcoins; ethereum is down -12% while ripple XRP is close to -15% lower.
Some of the valuation bleed may be down to fintech trading ‘bots’ which often piles on ‘sell’ pressure.
However global stock markets have also been having a rough time of it with the Dow Jones Industrial Average down more than 0.4%, the S&P 500 slipping 0.3% and the Nasdaq 0.5% lower today (but after sinking 3.3% yesterday), not helped by grim CPI reading forecasts.
No crypto exemption from flash fall
This marks something of a departure: until recently cryptos had appeared relatively resilient to the gusts and squalls of the broader stock market.
Some of the sell-off had also been attributed to bitcoin ‘whales’ (big holders of crypto) but so-called bitcoin ‘whales’ are a highly diverse crowd and so offer some resilience to ‘herd’ behaviour (see latest analysis from Chainalysis).
Here’s a round up of the moves of the top 10 cryptocurrencies by market cap at 2.30pm, London time.
- Bitcoin -4.7% at $6,258
- Ethereum -12.0% at $198.93
- Ripple XRP -14.3% at $0.40
- Bitcoin cash -12.6% at $446
- Eos -10.6% at $5.25
- Stellar lumens -12.9% at $0.21
- Litecoin -10.19% at $51.92
- Tether -0.06% at $0.99
- Cardano -11.6% at $0.07
- Monero -7.72% at $103.60