Bitcoin Holds $8,000 as Community Weighs ETF Impact Prospects

Published at: July 30, 2018

Bitcoin’s (BTC) price continued to hold above $8,000 on Monday, July 30, as the rest of market saw slight losses across the board.

Market visualization from Coin360

Data from Cointelegraph’s price tracker and Coin360 reveals a modest comedown for Bitcoin through the day, falling almost 1 percent over a 24 hour period to trade at around $8,110 by press time. The top cryptocurrency reports around 28 percent growth over the last month.

Bitcoin weekly price chart. Source: Cointelegraph Bitcoin Price Index

Bitcoin’s price had remained relatively steady over the weekend, after briefly dipping below $8,000 after the news that the U.S. Securities and Exchange Commission (SEC) had again rejected an exchange-traded fund (ETF) application by Cameron and Tyler Winklevoss.

However, the SEC also recently postponed a decision on an ETF application by investment firm Direxion until September, and other applicants are still awaiting a decision from the U.S. regulator.

Kin-Wai Lau, the CEO of Fatfish Internet Group, said this week that he believes “we’re not far away” for the market to “generally accept an ETF.”

For top altcoin Ethereum (ETH), the day’s downturn was slightly more precipitous, with ETH losing about 2 percent over a 24 hour period to trade around $454 by press time. ETH has seen a little more than 2 percent growth over the last month.

Ethereum weekly price chart. Source: Cointelegraph Ethereum Price Index

Ethereum co-founder Vitalik Buterin argued this week that the ETF noise was receiving too much attention, and that actual consumer adoption in terms of purchasing and earning in even small amounts of cryptocurrency was “much better:”

“I think there's too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on making it easier for people to buy $5 to $100 in cryptocurrency via cards at corner stores. The former is better for pumping price, but the latter is much better for actual adoption.”

Almost all of the top ten coins listed on CoinMarketCap are in the red — with the exception of stablecoin Tether (USDT) — seeing losses between about 1 and 6 percent.

Stellar (XLM) is down the most, almost 6 percent over a 24 hour period and trading around $0.29 by press time. EOS also sees a similar loss, down around 5 percent over a 24 hour period to press time and trading around $7.85.

Total market cap is currently around $291 billion, down from its intraweek high of about $304 billion.

Total market capitalization chart. Source: Coinmarketcap

Tags
Eos
Related Posts
Bitcoin, stablecoins and DeFi: 2020’s top-performing crypto assets
Bitcoin (BTC) has had a stellar 2020, but how are other top crypto assets faring? Let’s take a look at how some of the top cryptocurrencies by market capitalization performed this . Bitcoin First, Bitcoin has seen a massive gain since Jan. 1, as its price soared from $7,195 to as high as $28,422. Within 12 months, the price of Bitcoin rose by 290%, outperforming all major stock indices and most stocks, apart from a select few including Tesla (TSLA). The main catalysts behind Bitcoin’s rally have been the increase in institutional demand, favorable financial conditions as a result of …
Bitcoin / Dec. 30, 2020
Most Top Cryptos See Minor Losses as Bitcoin Hovers Over $3,850
Sunday, March 3 — the top 20 cryptocurrencies are reporting minor losses on the day to press time. Bitcoin (BTC) is hovering just over the $3,850 mark again, according to Coin360 data. Market visualization from Coin360 At press time, Bitcoin is down a fraction of a percent on the day, trading at around $3,853, according to CoinMarketCap data. Looking at its weekly chart, the current price is nearly half of a percent lower than $3,870, the price at which Bitcoin started the week. Bitcoin 7-day price chart. Source: CoinMarketCap The day before yesterday, blockchain development company Blockstream released a new …
Bitcoin / March 3, 2019
Bitcoin Hovers Over the $3,450 Mark as Top Cryptos See Slight Losses
Sunday, Feb. 3 — most of the top 20 cryptocurrencies are reporting slight losses on the day by press time. Bitcoin (BTC) is hovering over the $3,450 mark again, according to Coin360 data. Market visualization from Coin360 At press time, Bitcoin is down a fraction of half percent on the day, trading at around $3,476, according to CoinMarketCap. Looking at its weekly chart on CoinMarketCap, the current price is about 3 percent lower than $3,594, the price at which Bitcoin started the week. Bitcoin 7-day price chart. Source: CoinMarketCap Top altcoin Ripple (XRP) has lost over one percent in the …
Bitcoin / Feb. 3, 2019
Bitcoin Back Over $4K as Crypto Markets See Fifth Day of Green
Thursday, Dec. 20 — crypto markets are seeing their fifth day of green, with virtually all of the top 20 cryptocurrencies showing a strong burst of growth, as data from Coin360 shows. Market visualization by Coin360 In terms of 24-hour growth, fourth-largest cryptocurrency Bitcoin Cash (BCH) has soared ahead of other assets, seeing an astonishing 36 percent spike to hit $165 as of press time. Today marks the coin’s third day of double-digit growth, and fifth day in the green. With 7-day growth over 80 percent, the coin still remains close to 50 percent down on its monthly chart. Bitcoin …
Bitcoin / Dec. 20, 2018
Crypto Markets Keep Building Momentum, Bitcoin Inches Towards $6,400
Sunday, July 15: crypto markets continue building momentum, with nine out of the top ten cryptocurrencies by market cap firmly in the green, according to Coinmarketcap. Market visualization from Coin360 Bitcoin (BTC) has gone above the $6,300 mark, up about 1.5 percent over the past 24 hours, trading at $6,354 at press time. The top cryptocurrency continues its growth after dipping to an intraweek low of $6,180 on Friday. Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index Ethereum (ETH) is up 3.4 percent on the day, trading at $448 at press time. The coin has gone as low as $424 …
Bitcoin / July 15, 2018