Cryptocurrency market stabilises after recent losses
After a couple of sessions of losses the cryptocurrency market stabilised a little on Friday as global equity markets also settled after a recent slump.
While crypto enthusiasts would blast any suggestion of a link between digital assets and stock markets, it would appear that the same risk-averse sentiment – driven by China-US trade war fears – that caused a 3.4% fall on the EuroStoxx index, also affected sentiment towards cryptocurrenies.
Over a four-day trading period this week to Friday, the total capitalisation of the entire cryptocurrency market fell more than 9% to a month-low of $201bn.
Sentiment may have been further undermined on Thursday after a number of speakers at a US Congressional hearing on cryptocurrencies and blockchain blasted cryptocurrencies.
These included arch-bitcoin critic Nouriel Roubini, who called the sector “the mother and father of all scams”, that only appealed to “clueless retail investors” because of their fear of missing out.
Price round up
On Friday, however, the market calmed a little and some cryptocurrencies registered gains. Here’s a round up of the price moves at 11.30am [London time]:
- Bitcoin +0.2% at $6,304
- Ethereum -1.7% at $197.07
- Ripple XRP +3.7% at $0.43
- Bitcoin cash -0.9% at $448.31
- Eos -2.1% at $5.24
- Stellar lumens +0.6% at $0.22
- Litecoin +0.5% at $52.74
- Tether unch at $0.98
- Cardano +0.2% at $0.08
- Monero +0.1% at $103.50