Bitcoin Plummets Below $8,000 and other big Cryptocurrencies Follow
The troublesome Q3 of 2019 continues for the cryptocurrency domain with BTC taking once more a dive below $8,000 mark. This event comes in the midst of a bigger decline in the overall cryptocurrency market. The biggest digital currency opened up at around $8,500 but has since that moment managed to fall for more than $500. Finally, it reached a resistance point at around $7,870. Since then, it has slightly recovered at $7,940 and many believe that the short-term stop will be somewhere in this range.
In March, the $8,000 level has been shown as a big battleground when it comes to the trading front. It has fallen below it on several occasions since the end of February. The reasons for the drop are unknown, but there are many potential candidates. These include the recent decisions of big social networking platforms to stop all forms of promotion for digital currency ventures. These cover the biggest ones like Twitter and Facebook, while virtually all enterprises from the same field are banned. This includes providers of digital wallets, exchanges, and ICOs.
An additional factor is a growing number of US electrical companies that are about to start charging digital currency miners with higher bills on their key utility. This has clearly put a stop to many mine developer processes and with it, inserted even more insecurity into an already spooked market. All the while the threat of some form of regulation in any of the big countries in terms of cryptocurrencies remains at large.
Other important cryptocurrencies had a similar ride on Monday’s trading session. Ethereum is trading at around $470 and LTC has gone below $150 where it found a bit of resistance. That is why the current overall market cap of the ecosystem is just over $300 billion. All of the top-10 cryptocurrencies are currently in the red and lost both in terms of price and market capitalization.