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Bitcoin Falls Through $6,000 Support as Xapo President Warns of Altcoin ‘Extinction Event’
As Bitcoin fails to maintain full support at $6,000, 000 Xapo Bitcoin Cash , warns Xapo’s Ted Rogers.
prices fell below $6,000 for the first time since the end of June Tuesday, August 14, as the
depict a gloomy environment for traders Tuesday, with all major assets in the red as Bitcoin falls almost 5 percent in 24 hours. Top ten coins are seeing as much as 17 percent losses on the day, with top fifteen coins are down as much 20 percent over the same period.
At press time, BTC/USD traded just above the significant barrier around $6,100, Xapo Bitcoin Cash
Bitcoin’s 7-day price chart. Source: Source: Cointelegraph
The pair has come full circle since mid-July, Xapo Bitcoin Cash ,450 across major exchanges.
Progress then reversed as August began, meaning investors have seen monthly gains to date of just 3 percent.
, losses of which extend to 16 percent on the day and almost 35 percent on the week.
Over the past 30 days, ETH/USD has slipped almost 40 percent.
Ethereum’s 30-day price chart. Source: Cointelegraph
On social media, commentators were eyeing the knock-on effect Bitcoin prices volatility traditionally has on altcoin markets, producing higher moves both up and down in those assets.
–– or the percentage of total crypto market cap that is Bitcoin’s –– hits highs not seen since December 2017, Twitter analysts are similarly calling for a repeat of the altcoin bull market which began in the latter half of that month.
, is apt to produce a U-turn in altcoins’ downtrend.
Others were altogether less sure. In comments Monday, Xapo president Ted Rogers considered current conditions conducive to producing an “extinction-level event” for cryptocurrencies en masse. Xapo Bitcoin Cash
“90%+ of CoinMarketCap list will disappear eventually - might as well happen now, Xapo Bitcoin Cash
Elsewhere, other major assets have shed 10 to 15 percent of their value, these including
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