Cryptocurrency prices fall as leading exchange reports falling vols
Earlier falls for cryptocurrencies moderated a little on Tuesday morning, but most remained lower as the sector struggled to regain momentum after recent sharp losses.
Sentiment is currently weak, not helped by reports such as that from Coinbase – one of the world’s leading crypto exchanges – has seen its daily trading volume plunge by 83% from its peak in January when many of the biggest tokens were trading at their peaks.
Meanwhile, on Monday Bloomberg cited research by blockchain analyst Chainalysis that found bitcoin cash payments dropped to $3.7m in May from $10.5m in March. Bitcoin payments dropped to $60m in May from a high of $412m in September.
Anecdotally-speaking, there are further signs the crypto community are becoming wary of the current downturn in digital asset prices.
According to Google Trends, instances of the word “hodl” – a popular mantra among once-confident crypto investors that they should ride out price volatility – is on the decline.
Coined in 2013 when a bitcoin trader misspelt the term “hold” in an online forum, the term has now become less popular in Google searches than the term “rekt” – meaning “wrecked” – used when investors are losing large sums of money.
By mid-morning in London, some of the fall-out from the losses of the past 24 hours had faded, but prices mostly remained lower.
Price round up
Here’s a round-up of the price moves of the top 10 cryptocurrencies at around 10.30am [London time]:
- Bitcoin -1.7% at $6,330
- Ethereum -4.4% at $278.80
- Ripple -0.2% at $0.34
- Bitcoin cash -0.9% at $541.30
- Eos -4.4% at $4.88
- Stellar lumens -2.5% at $0.22
- Litecoin -0.8% at $55.17
- Tether +0.4% at $1.01
- Cardano -3.9% at $0.09
- Monero -2.2% at $95.67