- Bitcoin is hovering above $9,700 after a sharp sell-off.
- Altcoins are consolidating with a bearish bias.
The cryptocurrency market has switched into a bearish mode as Bitcoin and all major altcoins are losing ground. The total market capitalization of all digital assets in circulation increased to $258 billion; average daily trading volumes settled at $58 billion, while Bitcoin's market dominance edged higher to 68.3%.
What’s going on in the market
The Chinese central bank denied the speculations about the state-backed digital coin launch in November. While the regulator confirmed that the coin is in the making, no clear deadlines were provided.
Top-3 coins price overview
At the time of writing, BTC/USD is hovering above $9,700 amid bearish sentiments on the cryptocurency market. The first digital coin has lost over 2% of its value in recent 24 hours and stayed mostly unchanged since the beginning of the day.
Ethereum, the second-largest digital asset with the current market capitalization of $21.8 billion has been losing ground recently. The coin has lost nearly 4% in recent 24 hours to trade marginally above $200.00 by press time. ETH/USD has retreated from the intraday high of $202.70. At the time of writing, ETH is moving within a short-term bearish trend amid declining volatility.
Ripple's XRP settled above $0.2700, having recovered from the intraday low of $0.2637. The third largest coin with the market value of $11.6 billion has lost 1.4% in recent 24 hours and gained 1% since the beginning of the day.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.