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30 Aug 2019
2 min read

Crypto markets crash – Bitcoin sinks to below $9500

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Written by OspreyFX News Team

Bitcoin drops in value as cryptocurrency markets experience a crash

The cryptocurrency markets experienced a sudden crash on Wednesday even with most coins down by double digits. Legacy Bitcoin was down by at least 6% to below the $9500 level – its lowest price in 2 months as bears took over the market. A transfer of around 1400 BTC on Coinbase was one of the preludes to the sudden dip but analysts had predicted that this was long incoming.


Bitcoin drops in value as cryptocurrency markets experience a crash

Ether, LTC and BCH also in decline

Other cryptos were not spared, however. Ethereum crashed by around 10% and was trading at below the $170 mark on Thursday morning. Another Top 10 crypto which suffered a brutal collapse was Litecoin which suffered a 10% drop to trade at just under the $65 level. This is almost 50% off its yearly high of $140 only seen last June. Bitcoin Cash ceded the $300 level and was trading at around $280 at press time on Thursday.


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Top 10 coins all in the red

Probably the biggest disappointment in the past year, Ripple traded at a bi-yearly low of just under the $0.25 level on Thursday as confidence in the crypto appeared to continue sagging. Other notable bad performers were EOS and Binance Coin (BNB) which crashed by no less than 11 and 14% respectively. Cardano was another sufferer dropping by 11% to the $0.043 level, another yearly low.

Does Craig Wright court judgement affect markets?

Several factors seem to have affected the crypto market’s latest crash. The first could be the Craig Wright decision to cough up half a million Bitcoin. This means that there’s a million Bitcoin which are unaccounted for since Wright claims not to know where these have ended up. Incidentally, Wright’s BSV has also crashed downwards albeit by around 7% to the $122 level.

Cryptos have been in a descending spiral since Bitcoin reached the $13,800 mark in late June. Many analysts were predicting a bull run just after, but the trend has turned bearish with July and August seeing further declines. It remains to be seen whether this is just a temporary blip or a trend to last till the end of the year.