Crypto Markets See Sharp Drop, Gold Is on the Rise

Wednesday, July 10 — Cryptocurrency markets have registered a sharp drop after Bitcoin hit the $13,000 price mark in the beginning of the day, according to data from Coin360.

Market visualization courtesy of Coin360

Bitcoin (BTC) is currently trading at around $12,092, having lost over 3.6% on the day, although in early trading today the BTC/USD pair reclaimed almost $1,000 in 24 hours. In terms of its weekly performance, Bitcoin is up by 4.28%.

Bitcoin 7-day price chart. Source: Coin360

The second-largest cryptocurrency by market capitalization Ether (ETH) has come down by 6.34% over the past day and is trading at around $289 at press time. The leading altcoin has lost over 2.5% on its weekly chart. 

Ether 7-day price chart. Source: Coin360

XRP has dropped by 8.45% on the day to trade at $0.361 at the press time. Today marked the altcoin’s intraweek low at $0.353, while XRP’s highest price point was $0.406 on July 6.

XRP 7-day price chart. Source: Coin360

Among the top-20 coins, Chainlink (LINK) is the only cryptocurrency reporting gains, up by 1.22% to trade at $3.10. Cosmos (ATOM) and EOS (EOS), and have registered double-digit losses, down by 11.34% and 11.6%, respectively.

Today, Litecoin (LTC) creator Charlie Lee reflected on the possible implications for Litecoin’s mining ecosystem when the planned halving kicks in and current block rewards on the network are reduced by 50%. “When the mining rewards get cut in half, some miners will not be profitable and they will shut off their machine,” Lee said.

Total market capitalization of all cryptocurrencies is around $343 billion at press time.

Meanwhile, gold prices rose more than 1% today, according to CNBC. Spot gold gained 1.1% to trade at $1,413.20 per ounce. U.S. gold futures for August delivery rose 1.1% to $1,415.40 per ounce.