Crypto Markets Recover After Weekend Losses Saw Bitcoin at Lowest 2018 Level

Published at: June 25, 2018

Crypto markets are seeing a tentative recovery today, June 25, as data from Coin360 shows, after yesterday saw leading cryptocurrency Bitcoin (BTC) hit its lowest level yet this year.

Market visualization from Coin360

Bitcoin (BTC) is trading around $6,270 at press time, up about 1.3 percent over the 24-hour period. Yesterday, June 24, BTC plummeted to $5,833, its lowest price level in 2018, and a price point it had not hit since October 2017. A rapid three-hour bounce yesterday between 2 and 5 PM UTC saw the coin recover back to around $6,200, today reclaiming a further $100.

Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index

Earlier today, the release of 250 million more Tether (USDT) tokens – a stablecoin that claims to be backed 1:1 by the US dollar, but has yet to prove its basis in a public audit – raised concern amongst crypto commentators. Tether issuance has previously drawn allegations of suspicious positive knock-on effects on BTC price performance.

According to Tether’s OmniExplorer, today’s issuance occurred just before 3 PM UTC:

Starting at 3 PM UTC, Bitcoin did see a solid 2.2 percent rise from $6,166 to $6,305 in the space of about 45 minutes – but the coin’s price spike today appears to have set in earlier, when the coin began to recover from its intraday low of $6,108 around 2 PM UTC. 

A much-discussed paper released June 13 by John M. Griffin and Amin Shams of the University of Texas argued that Tether has been “used to provide price support and manipulate cryptocurrency prices,” extending the allegations to connected crypto exchange Bitfinex, and suggesting that price manipulation was behind Bitcoin’s $20,000 peak in 2017.

Ethereum (ETH) is trading around $460 to press time, up just under one percent over the past 24 hours. The leading altcoin dropped down to $427 yesterday, and has been trading below the $500 threshold since June 22.

Ethereum price chart. Source: Cointelegraph Ethereum Price Index

Almost all of the top twenty cryptocurrencies by market cap are seeing small positive gains over the 24-hour period, according to CoinMarketCap, with anonymity-oriented altcoins Monero (XMR) and ZCash (ZEC) seeing particularly strong growth, both up roughly 5 percent on the day.

Negative news has been ongoing in response to a regulatory crackdown on crypto exchanges in Japan, with the two vice presidents of Japan’s self-regulatory cryptocurrency exchange body resigning after both of their exchanges received regulatory warnings last week.

Total market capitalization of all cryptocurrencies is at around $256 billion at press time, up from its intra-week low of around $235 billion yesterday.

Total market cap of all cryptocurrencies from CoinMarketCap

Tags
Bitcoin
Markets
Ethereum
Cryptocurrencies
Eos
Related Posts
Bitcoin Holds Above $4,000 Amid Checkered Market Outlook
Wednesday, Jan. 9 — crypto markets are continuing to show mixed signals, with most of the top market cap coins seeing mild changes both red and green. Bitcoin (BTC) is holding justabove the $4,000 mark, as Coin360 data shows. Market visualization from Coin360 Top cryptocurrency Bitcoin (BTC) has been jaggedly trading sideways over the past three days, and is currently down a mild 1.4 percent on the day, trading at $4,048. Having broken the $4,000 resistance on Jan. 6, Bitcoin spiked to around $4,100, subsequently continuing to fluctuate range bound between $4,000 and $4,100. As compared with its lower price …
Bitcoin / Jan. 9, 2019
In a Mixed Crypto Market, Bitcoin Inches Upward but Ethereum Remains Shy of $300
Monday, September 3: crypto markets are mixed today, with scattered corrections on a minor scale, as Coin360 data shows. Market visualization from Coin360 Bitcoin (BTC) is trading at around $7,255 at press time, down a fraction of a percent on the day to consolidate its freshly won gains, according to Cointelegraph’s Bitcoin Price Index. Having reclaimed the $7,000 mark August 31, the top coin has been solidly rising to a yet higher price point, now pushing $7,300. Bitcoin is trading $525 higher than its value at the start of its weekly chart, bringing its 7-day gains to a strong 8.32 …
Bitcoin / Sept. 3, 2018
Crypto Markets Slump Following SEC Bitcoin ETF Delay
After solid growth to break above the $7,000 mark earlier today, Bitcoin (BTC) saw a loss of around $500 in six hours. At press time, all of the top ten cryptocurrencies other than Tether (USDT) are in the red, according to Coin360. Market visualization from Coin360 BTC is trading around $6,598 at press time, dropping 5.29 percent over the last day and bringing a new weekly low. The decline follows today’s news that the U.S. Securities and Exchange Commission (SEC) postponed its decision on the listing and trading of a Bitcoin exchange-traded fund (ETF) to the end of September. Bitcoin’s …
Bitcoin / Aug. 8, 2018
Despite NYSE’s ‘Biggest News of the Year’ for Bitcoin, Crypto Markets Plummet in a Blink
Crypto markets have taken a vertiginous plunge today, August 4, with Bitcoin (BTC) losing almost $500 in the six hours before press time to dip below $7,000, and all of the top ten cryptocurrencies by market cap in the red, as data from Coin360 shows. Market visualization from Coin360 Bitcoin (BTC) is trading around $7,028 to press time, having lost almost $500 on the day to plummet to a price point not seen since July 17. The leading cryptocurrency has seen an intra-day low of $6980, with some crypto analysts today noting that $6,800 has become its short-term critical support …
Bitcoin / Aug. 4, 2018
Bitcoin Dips Below $7,500 аs Crypto Markets See Second Day of Losses
August 1: Crypto assets have seen a second day of losses, with Bitcoin (BTC) now well below the $8,000 psychological price point and most of the major crypto assets in the red, according to data from Coin360. Market visualization from Coin360 Bitcoin (BTC) is trading around $7,490 to press time, having lost almost 3 percent on the day. Since the coin’s July 25 peak at $8,431, the leading cryptocurrency dipped down below $8,000 yesterday for the third time this week. The coin saw another sharp drop this morning, before trading sideways. Bitcoin’s 7-day price chart. Source: Cointelegraph Bitcoin Price Index …
Bitcoin / Aug. 1, 2018