Crypto Prices Head South In Profit Taking

Apr 26, 2018 at 19:00

Looks like today is another case of cryptocurrency short-term volatility.

Investors are cashing in their gains as all crypto counters are in the red, with Bitcoin dropping below $9,000.

Out of the top 100 cryptocurrencies tracked by CoinMarketCap, only eight digital tokens are trading positively as of this writing.

In the past 24 hours, the legacy Bitcoin was down 7.84 percent to $8,878.02, failing to hold its ground above the $9,000 level.

Ethereum (ETH) declined 9.16 percent to $623.31 while Ripple (XRP) fell 10.05 percent to $0.807095, the biggest drop among the top 10 cryptos.

The drop came even after positive news are supporting cryptocurrencies’ long-term outlook.

Recently, Thomson Reuters came out with a survey that one in five financial institutions are looking to trade cryptocurrencies this year.

Major financial institution Goldman Sachs has also hired famous cryptocurrency trader Justin Schmidt as head of its digital market division.

Billionaire investor Tim Draper also expressed high hopes on Bitcoin, noting it is bigger than the internet. “It’s bigger than the Iron Age, the Renaissance. It’s bigger than the Industrial Revolution. This affects the entire world and it’s going to be affected in a faster and more prevalent way than you ever imagined,” he said during a panel discussion at the Intelligence Squared/Manhattan Institute US debate.

According to Bloomberg, the sell-off could have been triggered by “bug in some ERC20 tokens (those based on the Ethereum network).”

Data from CoinMarketCap showed about 90 percent of the $53-billion market are ERC20 tokens.