Bitcoin Slips Past $6,000.00, As Market Slip Takes Its Toll
This mornings markets have delivered a devastating blow to the value of a number of cryptocurrencies. Market-wide, major currencies have taken on big hits, hits that are taking us to new lows, paving the way for a disappointing entry into July.
We did expect this to happen and therefore, itâs not come as much of a surprise to many investors, even so though, watching value fall out of your portfolio is never a pleasurable experience.
Letâs take a look at the standings-
At the time of writing, Bitcoin is valued at $5,929.35, down 3.18%. Bitcoin has finally slipped past the $6,000.00 mark. Should Bitcoin continue to decline down into the $5,000.00 region, we will expect to see a lot of resistance from Bitcoin on the way back up. In essence, Bitcoin may struggle around this value for some time now. The most concerning part about this is simply that when Bitcoin stagnates, the rest of the markets are sure to struggle to accrue value too. For now, our best hope is that this is just a temporary blip, hopefully, Bitcoin moves back $6,000.00 as we go through the rest of this afternoon.
Ethereum, at the time of writing is valued at $417.02, down 4.23%. Ethereum is declining at an alarming rate and like Bitcoin, could slip past a crucial resistance point soon. A move below $400.00 would be devastating for Ethereum. Of course, it will recover from this eventually, however for the time being, the outlook for Ethereum is far from healthy.
Likewise, at the time of writing, Bitcoin Cash has taken a blow. Bitcoin Cash is valued at $663.74, down 5.80%. We mentioned this yesterday but Bitcoin Cash is now back into the 10% trap meaning for the time being, it is likely that Bitcoin Cash will continue to hit values of around 10% of Bitcoins. Though 10% is not an exact calculation, it provides an accurate comparison.
Overall, the markets are performing quite poorly, though, donât let this set a sorry scene. If anything, this simply just highlights the volatility of cryptocurrencies, the markets will recover from this and soon enough, we will eventually see values rise once again. Just remember that just as quickly as the markets seem to go down, they are always able to climb back up. Itâs simply just a matter of time.
Hold on, itâs not all over just yet!