On Tuesday, July 31 a great majority of cryptocurrency prices dropped in value with many coins losing anywhere between 3-10 percent during the last 24-hours. Currently, with the sudden cryptocurrency market turbulence, bears have taken control of the exhausted bulls. In one intra-day of trading, the entire cryptocurrency market capitalization of all 1,600+ coins ($270Bn USD) has lost roughly $25Bn in value.
Digital Asset Prices Turn Bearish as the Entire Cryptocurrency Economy Loses $25 Billion USD
Bearish sentiment is starting to haunt cryptocurrency markets once again as many digital assets saw prices tumble today. Bitcoin Core (BTC) prices dropped to a low of $7,503 on July 31 as the currency’s trade volume had started to drift a bit lower after the price hovered around $8,125 the day prior. A large portion of other cryptocurrency markets followed suit with BTC as the top ten virtual currencies are seeing losses across the board of course except for tether (USDT).
Ethereum (ETH) continues to hold the second highest market valuation with a market capitalization that’s around $42.28Bn. One ETH is being traded for $418 and the market is down 7.6 percent today. ETH markets are followed by ripple (XRP) which is down 2.8 percent over the last 24-hours as one XRP is trading for $0.42 cents. Lastly, the fifth highest market capitalization held by EOS is also down 6.6 percent and the currency is trading at $7.13 per coin.
Bitcoin Cash Market Action
This Tuesday bitcoin cash (BCH) markets are seeing losses as well as BCH is down 8 percent over the last 24-hours. Bitcoin cash markets are also down 13.2 percent for the last seven days. One BCH is trading for $741, and the decentralized cryptocurrency has a market valuation of around $12.8Bn. The last 24 hours show BCH trade volumes are around $432Mn at the time of publication. The top exchanges swapping the most BCH today include Coinex ($106.53Mn), Huobi Pro ($69.38Mn), Okex ($64.81Mn), Binance ($46.80Mn) and Hitbtc ($34.79Mn).
The top currency traded with BCH on July 31 is tether (USDT) with 55.2 percent of swaps. This is followed by BTC (28.5%), USD (7.6%), QC (2.8), ETH (2.4%) and the KRW (1.2%). Bitcoin cash holds the fifth highest volume over the past 24-hours among all 1,600+ other cryptocurrencies.
BCH/USD Technical Indicators
Looking at the daily and 4-hour charts on Bitfinex and Bitstamp shows bears have grabbed the reins and still have a good portion of control. RSI levels are screaming oversold conditions (33), while the MACd has swooped down to -85. The SMA 100 is far higher now above the longer-term 200 SMA trendline which means BCH bulls may lose a bit more grip over the short term. Many traders can see looking at charts that the price was rolling sideways for close to three days and many were convinced of a bull flag after the inverse head & shoulders. But just before the dip sell orders on popular exchanges worldwide began stacking up. Looking at order books from the current vantage point BCH bulls have some high walls up until $775 but if they can manage to break that resistance we could return to previous levels. On the back side there’s solid support between now and $710 but unfortunately, books are thinner until $650.
The Verdict: Flat Volumes and Bearish Sentiment Brings Market Skepticism
Overall skeptics and bearish cheerleaders are hoping for some stronger dips and they just may get them. Volumes across the board for many cryptocurrencies has been getting flatter as each day passes. Traders and enthusiasts are now unsure the upcoming ETF decision will pull prices up until then for two reasons: One the Winklevoss Twins fund was denied again, putting a black cloud over positive vibes toward the Cboe ETF, and secondly everyone is unsure exactly when the Securities and Exchange Commission (SEC) will make their ultimate decision. This week the current market sentiment, and our price verdict, point to far more skepticism and shade towards bullish prices returning soon.
Where do you see the price of BCH and other coins headed from here? Let us know in the comment section below.
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
Images via Shutterstock, Trading View, and Satoshi Pulse.
Want to create your own secure cold storage paper wallet? Check our tools section.
Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here.