Bitcoin’s value touched under USD6000 in the last 24 hours, dropping to USD5959 before seeing a mild recovery to USD6125 at reporting time. Surprisingly, Bitcoin’s drops are actually holding up well compared to other major cryptocurrencies.
According to CoinFi CEO Timothy Tam, speaking to the Australian Financial Review, the “big story in the market today is the huge weakness in Ethereum”. Mr Tam continued: “Bitcoin has held up relatively well versus Ethereum. It’s still quite weak versus the US dollar… ICOs that have raised a lot of money are really feeling a lot of pain”. Ethereum sits at USD264 at reporting time, an 8% decline in the last 24 hours.
Unfortunately, those expecting Bitcoin and other cryptos to provide an asylum from currency turbulence in global markets are likely to be disappointed. Bitcoin’s decline compared to the USD in Aug-2018 is almost as large the Turkish Lira’s 25% drop.
Stay updated here with how the cryptocurrency is tracking:
More Like this
- Bitcoin Watch: Major cryptos mildly increase following heavy losses in past weeksAugust 13, 2018
- Bitcoin Watch: Bitcoin tests USD6500, most altcoins showing recoveryAugust 20, 2018
- Bitcoin Watch – Winklevoss twins eye Europe in potential expansion of Gemini exchangeSeptember 25, 2018
- Bitcoin Watch: Cryptocurrencies make mild recovery, growth plans for ETH to continueAugust 16, 2018
- Bitcoin Watch: Crypto makes mild recovery, looks to hold above USD6500August 10, 2018
- Bitcoin Watch: Bitcoin holds around USD6500, India unveils first crypto ATMOctober 17, 2018
- Bitcoin Watch: Goldman Sachs predicts further declinesAugust 6, 2018
- Bitcoin Watch – Google to reenable crypto advertising in the US, JapanSeptember 28, 2018
- Bitcoin Watch – Weekend positive with 80% of top 20 currencies in the greenSeptember 24, 2018
- Bitcoin Watch: Entire cryptocurrency market loses 20% of its value over the last 2 weeksAugust 9, 2018
- Bitcoin Watch: Bitcoin holds steady, Australia adopts new crypto payment method for billsAugust 22, 2018
- Bitcoin Watch: Bitcoin briefly spikes to two week high, BitMEX sees DDoS attackAugust 23, 2018