Crypto markets have taken a vertiginous plunge today, August 4, with Bitcoin[1] (BTC) losing almost $500 in the six hours before press time to dip below $7,000, and all of the top ten cryptocurrencies by market cap in the red, as data from Coin360[2] shows.
Market visualization from Coin360[3]
Bitcoin[4] (BTC) is trading around $7,028 to press time, having lost almost $500 on the day to plummet to a price point not seen since July 17. The leading cryptocurrency has seen an intra-day low of $6980, with some crypto analysts today[5] noting that $6,800 has become its short-term critical support level. Bitcoin’s price percentage loss on the day is near 7 percent, with a weekly loss of about 15 percent and monthly gains squeezed to just 5 percent.
Bitcoin’s 7-day price chart. Source: Cointelegraph Bitcoin Price Index[6]
Ethereum[7] (ETH) has seen a markedly less pronounced drop on its daily chart, losing just over 2 percent over a 24-hour period to press time to trade around $404. The altcoin’s fortunes have been shaky much of the week, having seen jagged losses since July 29, when the asset was still trading as high as $470. On the week, Ethereum is down over 13 percent, with monthly losses at nearly 15 percent.
Ethereum’s 7-day price chart. Source: Cointelegraph Ethereum Price Index[8]
On CoinMarketCap[9]’s listings, none of the top ten cryptocurrencies are in the green to press time.
Taking an even heftier hit than Bitcoin, Stellar[10] (XLM) and IOTA[11] (MIOTA) have seen losses of as high
