Bitcoin Value Drops to $7,500, Entire Crypto Market in Bloody State

Aug 01, 2018 at 21:00

The entire crypto market lost $30 billion over the past 24 hours as Bitcoin suffered a 7.5 percent drop from $8,150 to $7,500 in what analysts branded as one of the steepest drops in the past 30 days.

Investors were caught off guard with the said movement as there were earlier indications that the cryptocurrency market was already past the bear cycle of the past two months.

Likewise, Ethereum went down by 7 percent to the $420 mark, even with positive pronouncements from Vitalik Buterin while Bitcoin Cash that recently had its first anniversary, experienced a 6 percent slowdown to $750 a piece.

Meanwhile, EOS tumbled by 5 percent and now trading at $7.25 level as Ripple recorded its yearly low at $0.43, a 3 percent drop.

Other altcoins such as Litecoin, Stellar, Ethereum Classic, Neo and Cardano also had their bad days as their value retracted to $77, $0.27, $15.90, $30, and $0.14 levels, respectively.

Out of all cryptocurrencies, Tron experienced a major loss as it went down by 20 percent in the last 48 hours to $0.033 territory.