Current Market Trends
The crypto markets are in a bit of a pickle, having taken a plunge following a feeble attempt at recovery on Sunday, December 9. Almost all of the bad boys in the top 20 list are sporting some losses over the last 24 hours, with Bitcoin SV (BSV) leading the sorrow parade at a drop of 6%!
Bitcoin’s Rollercoaster Ride
Bitcoin, the perennial heavyweight champ, is feeling the heat. After failing to cling to its $3,500 support, it slipped below $3,400 earlier today. But fear not! It’s hovering just above that threshold now, down around 2% in the past day. The all-time low for this week? A wild trip to $3,280 back on December 7. Who’s keeping up with this drama?
As of the latest update, Bitcoin trades above $3,400 once more, but volatility is back in the ring, having surged threefold this month—talk about a heavy-weight match!
The Ripple Effect
Meanwhile, Ripple (XRP) is also feeling a touch of sadness, down about 1% today and struggling at $0.29. Someone sent out a memo that XRP needed to drop below $0.30, making this the first time it’s seen that low since mid-September. Not great timing for a comeback!
Ethereum’s Deep Dive
Ethereum (ETH) is joining the party, too, dipping more than 3% to below $90 for the first time since way back in May 2017. Currently trading at around $88, ETH fans are not having a blast either.
The Bitcoin SV Saga
In an exciting twist of fate, Bitcoin SV is crying over its 6% loss, now sitting at $89.91. Meanwhile, Bitcoin Cash is playing it cool at $101. It seems like the crypto area is more of a soap opera than a treasure map these days.
The Bigger Picture
Total market cap has dipped below $110 billion again. It sits at $107.8 billion currently, with $12.7 billion being traded daily among 2,068 cryptocurrencies. That’s more coins than I have excuses for not working out.
Expert Opinions and Regulation News
In a recent chat, Kenneth Rogoff, former chief economist of the IMF, said Bitcoin is more of a “lottery ticket” than a reliable currency, predicting its long-term value might dip to just $100! Yikes, that’s a hefty bet!
And speaking of bets, South Korea’s National Assembly had a heated debate on crypto regulation that included local exchanges discussing compliance measures for AML and KYC. Meanwhile, on the tech side, Gemini has finally launched a mobile trading app, and Cameron Winklevoss had some thoughts on the market vibe, reminiscing that in 2018 “everyone wanted in on crypto.” But who’s got that hotsie-totsie interest in 2019? Only time will tell!
