Cryptocurrency News

Bitcoin Plunges $700 in 10 Minutes to $9400, Altcoins Struggle: Crypto Market Watch

Crypto traders are in a panic today after a radical bearish movement sent the price of Bitcoin down by over $700 within less than ten minutes, pushing the price down from above the $10,100 region to below $9,400. 

Spectators have yet to understand the cause of the volatility, as the cryptocurrency started today’s trading session with high energy, having moved up to the $10,000 support within an hour. At the time of writing, Bitcoin was trading at $9,400. Bitcoin’s weekend trading is typically characterized by volatility, as mentioned in yesterday’s BTC analysis.

The rest of the crypto market is also in the red, with major altcoins suffering significant losses between 2% to 6% on the day. 

The total market cap is $261 billion | Bitcoin’s market cap is $168 billion | BTC dominance rate is 64.4%

Bitcoin 1-hour chart (Bitstamp)

Major Crypto Headlines

Bitcoin & Soccer: The Rise of Cryptocurrency Sponsorships and Partnerships. Digital currencies are attracting the spotlight of mainstream media as famous soccer teams in various leagues around the world continue to partner with and sponsor crypto projects. 

Binance Exchange’s Charity Falls Short of Transparency Goals. The transparency of the Binance Charity Foundation (BCD) is being questioned following news that the organization only accounted for $6 million worth of donations. That is less than half of the $13 million in donations raised.

Huawei CEO Calls on China to Create a Rival to Facebook’s Libra. The Chinese telecommunications giant remarked that it is time for China’s government to create its own cryptocurrency rather than wait for the launch of Facebook’s Libra.

Most Significant Winners and Losers

Dexter G (256.17%)

DXG holders are probably in a euphoric mood, unlike the market sentiment. The altcoin, which traded around the $0.14 mark earlier today, saw a massive surge of over 250% within the last couple of hours. What caused the sudden price uptick is still not clear. The token, as of the time of writing, is trading at $0.519 with a daily trading volume of $492,225.

Qwertycoin (47.64%)

A 47.64% rise against the dollar has made Qwertycoin (QWC) the second-biggest winner of the day. The coin’s price had been gradually increasing over the past 30 days, and today is just another green day for traders. At the time of writing, the coin was exchanging hands at $0.000054 with a daily volume of $105,103 across all exchanges. 

GINcoin (-70.51%)

The most significant loser in today’s market is GINcoin (GIN). The coin is down by over 70% against the dollar with its current price hovering around $0.054. GIN lost 60.3% of its value over the last seven days, and 74.6% on the monthly chart. The coin has a 24-hour trading volume of $71,838 and a market cap of $356,246.

* Data from CoinMarketCap

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