Major Coins Report Mixed Signals, Bitcoin Hovers Around $11,700

Published at: Aug. 6, 2019

Tuesday, Aug. 6 — Major cryptocurrency markets have continued suffering losses over the past several hours as Bitcoin (BTC) has come back down to around $11,700 after a jump to $12,300 earlier today.

Market visualization. Source: Coin360

BTC has effectively returned to its level of 24 hours ago to trade at around $11,759 at press time. During the past day, BTC has been trading in a narrow corridor between $11,020 and $12,239 — the coin’s highest price point on the day.

Today, former Wall Street trader Max Keiser claimed that Bitcoin dominance is heading to 80% and that altcoins are dying, further urging the public to rotate out of other crypto assets and into BTC.

Bitcoin 7-day price chart. Source: Coin360

The second-largest cryptocurrency by market capitalization, Ether (ETH), is currently down by roughly 0.77% over the past day and is trading at around $230.24 at press time.

The largest altcoin’s weekly chart is in the green, up by 9.12%, with the coin reaching a high of $239.26 and a low of $222.77 over the past 7 days. In terms of its monthly performance, ETH is still down, having lost 21.44%.

Ether 7-day price chart. Source: Coin360

XRP is seeing the losses of 1.01% on the day and is trading at around $0.318 at press time. The third-largest cryptocurrency’s intraweek low was around $0.308 on July 30, while the highest price point of $0.326 was recorded earlier today. On its monthly chart, XRP is down by 20.46%.

XRP 7-day price chart. Source: Coin360

In the list of the top-20 coins, only Binance Coin (BNB), Bitcoin Cash (BCH), and Tezos (XTZ) are reporting mild gains — of 0.8%, 0.1% and 4.79% respectively.

Total market capitalization of all cryptocurrencies is around $306.3 billion as of press time, up from the intraweek low of around $265 billion on July 31.

Meanwhile, Facebook hired former assistant of United States Republican senator Mike Crapo, Susan Stoner Zook, to join the lobbying team for its Libra stablecoin. Zook will reportedly focus her work at the company on lobbying Republican senators.

Some cryptocurrency exchanges have come under fire as the United Kingdom’s tax, payments and customs authority, Her Majesty’s Revenue & Customs, has reportedly requested that digital currency exchanges provide it with information about customers’ names and transactions aiming to identify cases of tax evasion.

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