Crypto Markets Continue Trading in Red, Oil Reports Losses

Thursday, July 11 — major cryptocurrency markets are trading in the red zone, with just a few coins reporting moderate gains, according to Coin360.

Market visualization courtesy of Coin360

The leading cryptocurrency, Bitcoin (BTC), has continued coming down after yesterday’s sharp drop to trade at around $11,740 as of press time. The coin has lost 4.39% over the past 24 hours. During the day, Bitcoin has been trading in a narrow corridor between $12,191 and $11,377.

As reported earlier today, Bitcoin trading in Zimbabwe has continued to surge after the government banned the use of foreign currencies on June 24. The country is reportedly seeing a rise in peer-to-peer crypto trading as there are no local exchanges offering crypto transactions due to the existing ban on providing such services enacted by Zimbabwe’s central bank in May 2018.

Bitcoin 7-day price chart. Source: Coin360

Ether (ETH) has witnessed similar losses of around 4.67% on the day and is trading at around $273.88 at press time. Today, the largest altcoin has seen $290.15 as its highest price point and $261.71 as the lowest.

Ether 7-day price chart. Source: Coin360

XRP has reported larger losses over the past day, hitting an 8.81% slump to trade at around $0.329 at press time. The third largest coin is down over 18% on the last 7 days, with monthly losses at over 16%.

XRP 7-day price chart. Source: Coin360

Bitcoin Cash (BCH), Bitcoin SV (BSV) and TRON (TRX) are currently reporting double-digit losses of over 10%. The exception is Bitfinex’s Unus Sed Leo (LEO), stablecoin Tether (USDT), and Crypto.com Chain (CRO), which gained 0.73%, 0.14%, and 7.38% respectively.

Total market capitalization of all digital currencies is over $317 billion at press time, while the daily trading volume is around $95 billion.

In traditional markets, Brent crude futures fell 39 cents to $66.61 a barrel, and U.S. West Texas Intermediate (WTI) crude futures dipped 23 cents, or 0.4%, to settle at $60.20 a barrel, after hitting their highest since May 23 at $60.94.