Market Update - BTC And ETH Crashing, XRP Finding Balance
Last weeks optimism has well and truly vanished. We start August on a very negative note. The markets are down, values are falling and overall, everything is a little bit disappointing.
After almost two weeks of positive movements, we finally saw, for the first time in a number of months, various cryptocurrencies moving back up towards their April highs, back on the road to recovery. This week however started off with a downwards pulse, a pulse that has continued to drag prices down. We canât yet tell if todays standings are down to heavy correction or something more serious so for now, the future of the markets over the next few days is very uncertain.
Donât let this get you down just yet, August still promises to be a very positive month, itâs just going to take some time before the bulls are able to take back control.
Hereâs todays report-
Bitcoin, at the time of writing is valued at $7,583.76, down 6.58%. Bitcoin has now slipped well past its $8,000.00 mark and is now moving ever closer to slipping below $7,000.00. We should prepare ourselves for this eventuality unfortunately. Moreover, with Bitcoin dominance high and over 48%, we will see Bitcoins negativity reflected back across the markets. Until Bitcoin rises again, the markets will remain negative.
Ethereum, at the time of writing is valued at $422.28, down 6.20%. Ethereum is falling at a similar rate to Bitcoin as expected. Itâs looking likely that Ethereum will now slip into $300.00 territory once again. At the very least though, the past two weeks of positivity have helped Ethereum lay out some damage control. This 6.20% drop might not be as bad as we think overall.
XRP, at the time of writing is valued at $0.43, down 1.31%. XRP isnât crashing quite as hard as Bitcoin and Ethereum at the moment. This is no doubt down to a few positive announcements made by Ripple over the past day. These announcements have included the appointment of a new CCO and moreover, an announcement involving Bill Clinton as a keynote speaker at the next Ripple conference. These announcements arenât going to make XRP skyrocket, but at the very least, they are helping to encourage some positivity back into the price, reducing the damage that is currently being inflicted by the markets.