Bitcoin Fails to Hold $8K as Cryptos Trade Sideways, Stocks Tumble After Recent Surge
Tuesday, June 11 — crypto markets are trading sideways, with the top 20 coins by market cap predominantly seeing red at press time, according to data from CoinMarketCap.
Market visualization from Coin360
Bitcoin (BTC) has failed to hold the $8,000 price point that it broke yesterday after seeing another dip below $7,900 before. At press time, bitcoin is trading at $7,878, down 0.82% over the past 24 hours, seeing a sufficient recovery from the intraday low of $7,778. The biggest cryptocurrency is up 1% over the past 7 days.
Bitcoin 7-day price chart. Source: CoinMarketCap
Ether (ETH), the second cryptocurrency by market cap, is down 0.85% over the day to trade at $242.97. Over the past 7 days, the altcoin is down around 0.38%.
Ether 7-day price chart. Source: CoinMarketCap
Ripple (XRP), the third top cryptocurrency by market cap is down 1.44%. The major coin is down 3.15% over the past 7 days. Yesterday, Ripple was reported to expand its operations to Brazil as part of plans to expand into Latin American markets generally.
Ripple 7-day price chart. Source: CoinMarketCap
While the majority of the top 20 coins by market capitalization are seeing losses at press time, Tezos (XTZ), ranked 19th, is seeing the biggest losses of around 3.2%.
Total market capitalization has recovered to $252 billion at press time after dropping to as low as $248 billion earlier today. Daily trade volume has significantly declined from $67 billion in the beginning of the day to $57 billion at press time.
Total market capitalization 24-hour chart. Source: CoinMarketCap
Earlier today, major South Korean bank KB Kookmin Bank announced a partnership with blockchain technology firm Atomrigs Lab to explore digital asset management and protection solutions. According to a recent tweet by crypto and blockchain writer Joseph Young, Kookmin Bank announced on June 10 that it is planning to launch custody services for digital assets.
Also today, Nasdaq, the world's second-largest stock exchange, has revealed plans to release an institutional-grade crypto pricing product in collaboration with cryptocurrency data provider CryptoCompare.
The United States stock market has rallied earlier today amid the anticipation that the Federal Reserve should soon reduce interest rates, CNBC reports. However, stocks have subsequently reversed to see losses, with the Dow Jones Industrial Average (DJIA) having dropped about 0.2% at press time. The S&P 500 (SPX) and Nasdaq (NASDAQ) Composite are down 0.2% and 0.3%, respectively.
Oil prices have seen mixed signals today, with the OPEC basket surging 3.5%, while West Texas Intermediate (WTI) crude oil edged up 0.1% and Brent crude dropped 0.1% at press time, according to Oilprice.com.
Meanwhile, gold prices dipped earlier today as investors allegedly booked profits after big gains over the past weeks. At press time, spot gold has tumbled about 0.3%, while U.S. gold futures gained 0.2%.