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العربية
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9 August

By Ahmed Mamdouh

Category: Cryptocurrencies

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Cryptocurrencies trade in red, yet mitigate losses

Cryptocurrencies continued to trade in red on Thursday, yet losses were reduced compared to Wednesday’s sharp sell off, where EOS and IOTA led the losses among top digital currencies.

The total market capitalization tumbled nearly 15 percent from a top of $257 billion hit on August 7 to $223 billion today, according to CoinMarketCap.

EOS and IOTA fell 6.35 percent and 6.25 percent, while Bitcoin Core and Ethereum were 2.54 percent and 2.22 percent down.

Since hitting a peak of $8,500 on July 24, the Bitcoin has stumbled more than 25 percent to $6,325, where the sell off intensified on Tuesday after the U.S. SEC delayed a decision on the first-ever crypto-related exchange-traded fund (ETF).

After the rejecting some proposals the previous period, the SEC will decide on nine proposed bitcoin ETF in the next two months.

The market has reacted negatively to the SEC decision, as investors wait for more volume from mainstream investors that could help virtual currencies to rebound near their 2017 record highs.

Some reports have pointed that the Bitcoin could find support at the current level, where it may recover to $6,530 then $6,670.

Ahmed Mamdouh

Ahmed Mamdouh is the head of the English Fundamental Analysis at D1stp.com, with 9 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from The American University in Cairo and a Bachelor Degree in Economics from The Faculty of Economics and Political Science, Cairo University.