The Latest on Crypto Prices
As the crypto markets grapple with yet another setback, it seems Bitcoin and its altcoin friends have collectively decided to take a vacation from growth, with nearly all top 20 cryptocurrencies experiencing some serious dips. After peaking at about $8,414 over a 24-hour scramble, Bitcoin (BTC) now finds itself down 1.4% and trading at approximately $8,115.
Bitcoin’s Rollercoaster Ride
In a week packed with volatility, our beloved Bitcoin hasn’t just been taking leisurely strolls; it has climbed, dipped, and flipped. Rising to an intraweek high of $8,492 on October 1, it suddenly plummeted to a low of $7,833 just a day later on September 30. Ultimately, Bitcoin is down around 2% over the last week, but its dominance remains strong, holding 67.6% of the market share at the time of this report.
Ether and XRP Join the Decline
Not to be left behind in this downward spiral, Ether (ETH) is down nearly 2% as well, currently trading around $171. On a brighter note, however, this top altcoin is still up more than 4% over the past week—cheers for small blessings! XRP, the crowd-pleaser of the crypto world, has slipped the most among the top 20, dropping nearly 3% to a chilling price of $0.244. But don’t shed too many tears; it’s still managed to appreciate by about 0.5% over the last seven days.
Market Snapshot: Total Cap and Trends
With the total market cap now lounging at $216 billion, it seems like the crypto crowd has taken a bit of a financial hit from its intraday high of $223 billion. Looks like they partied too hard over the weekend!
Legal Tidbits from the U.S. Government
In an odd twist of fate, Ohio has decided to slam the brakes on its initiative where businesses could pay taxes using Bitcoin. Ohio’s Treasurer, Robert Sprague, announced the suspension of OhioCrypto.com, arguing that the platform needs proper approval before it can do its thing. What a blow! Back in November 2018, Ohio was hailed as a trendsetter for allowing such tax payments. Meanwhile, a group of U.S. lawmakers is asking the Federal Reserve whether it’s time to consider developing a U.S. dollar digital currency— because why not throw another digital currency into the mix, right?
The Broader Financial Fallout
As if the crypto world isn’t worrying enough, the U.S. stock market has also suffered a significant decline. According to recent reports from the Institute for Supply Management, U.S. manufacturing activity has sunk to its lowest level in over 10 years. As of now, the Dow Jones Industrial Average has dipped by 0.5%, and the S&P 500 along with Nasdaq have slid 0.3% and 0.2% respectively. Tech giants are catching the worst of it, with stocks like Alphabet and Apple tagging along for the ride downwards.
Gold: The Silent Performer
In stark contrast to the flailing cryptocurrencies and sluggish stock market, spot gold has made a slight recovery. After hitting a near two-month low of $1,458.50 on October 1, it has edged up by more than 1%, trading at around $1,514. Looks like gold is quietly reminding us why it’s still in the game.
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