Cryptocurrencies Take Enormous Dive

Bitcoin and other cryptocurrencies take huge drop in last 7 days with plenty having a larger than 10% drop in just the past 24 hours.

Bitcoin has dropped to 6100 in a 6% drop in 24 hours. Other cryptocurrencies have been following suit with plenty having drops of over 10 percent with Ethereum as well as XRP having drops of 17% and 14% respectively. The biggest loser of today is ARK having a jaw dropping 28.52% drop in a span of 24 hours.

Bitcoin recently just had a jump to over $8000 but worried investors and swift selling turned the jump to a huge fall. The following graphs show how big the drops are coming.

Ethereum and XRP’s price graph shows how big the effect of Bitcoins price has on them, showing just how terrible this week has been for cryptocurrency.

Retrieved from CoinMarketCap
Retrieved from CoinMarketCap

The drops are being blamed on the investors losing hope on cryptocurrency. After many investors boarded the ICO ship, often using the Ethereum blockchain, raised the prices of many tokens, the drop this year is caused by the bailing out of these same investors.

A report this year from analysts from ICO Rating has found the return on investment (ROI) on ICOs in the second quarter of this year was –55.38%, down from an ROI of 49.32% in the first quarter. Truly highlighting the nosedive of cryptocurrency.

There was a surge among all cryptocurrencies during July due to hopes of an Bitcoin backed ETF(Exchange-Traded Fund) would be approved by US Securities and Exchange Commision. However, the decision being delayed to September has removed the spell of Bitcoin towards investors.

We can only see how far cryptocurrency can go from here.

Former Junior Supervisor at Mosspole. My passion for journalism is fueled by the search for the untarnished truth.