Anyone in the cryptocurrency industry knows that the second half of the year hasn’t been too kind to the industry. However, despite the market being bearish for much of the year, today marks the worst day for Bitcoin in 2018. The crypto king traded at just above $5,500 at some part of the day, its lowest since the year began. The bloodshed wasn’t contained to Bitcoin alone, with all major cryptos losing double figure proportions. Ethereum lost 15 percent, Bitcoin Cash 20 percent and EOS 14 percent as the market capitalization fell to $188 billion.
At press time, the price of Bitcoin stood at $5,773 on CoinMarketCap, representing a 9.5 percent decline in the previous 24 hours. CoinMarketCap arrives at its price by aggregating the prices of various exchanges however, and the numbers on some exchanges were bleaker. On Coinbase, the largest exchange in the United States, Bitcoin was trading at $5,570.
On BitMEX, the figure wasn’t better either, standing at $5,500 at press time. BitMEX accounts for the highest Bitcoin trading volume in the world, representing around 33 percent of all Bitcoin volume traded. Other exchanges that saw Bitcoin trade below $5,600 include Liquid, Simex, Kraken, BCEX, bitFlyer and itBit.
The South Korean market was not as bad as the USD and Euro markets. On Upbit, a South Korean exchange, the currency was trading at $5,922, at Coinbit it was $5,912 and on Bithumb, it stood at $5,928.
Notably, this is the lowest price that Bitcoin has traded this year, despite the market being quite bearish. Towards the end of June this year, Bitcoin briefly flirted with the $5800 mark, but quickly bounced back to trade above $6,000 again. The last time Bitcoin traded below $5,600 was towards the end of October last year.
All other cryptos weren’t spared either. The largest altcoins, Ethereum, was trading at $179 at press time, a 13.5 percent drop in the past 24 hours. Ethereum traded lowest on CoinZest exchange where it stood at an astonishing $156, with Bitinka being the highest at $207.
The other major cryptos bled as well, with XRP losing 11 percent; Bitcoin Cash 17 percent, Cardano 15 percent, TRON 15 percent and Dash 10 percent. Even the controversial stablecoin Tether wasn’t spared either, losing 2 percent to trade at $0.96.
In a sea of red, two stablecoins, TrueUSD and USD Coin, were the only coins in the top fifty experiencing green. TrueUSD traded at $1.02, with USD Coin, which is backed by Circle and Coinbase, trading at $1.03.
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