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Bitcoin Slides to $7,500 as Major Currencies Fall in General Market Slump

Last Updated March 4, 2021 4:05 PM
Gerald Fenech
Last Updated March 4, 2021 4:05 PM

The bear market continued on Wednesday morning as the top cryptocurrencies saw losses that varied from the high single digits to double digits in cases. Bitcoin was the main catalyst for this slump as it tanked down by 8% to the $7,545 level on Bitfinex at around 0800CEST.

Although there were indications that the cryptocurrency market seemed to have shaken off the bear cycle of the past two months, these recent developments have shown that this is not yet the case. On Tuesday, Bitcoin was trading at around the $8,100 level but after dropping below the $8,000 mark, it rapidly careened down to $7,700 before dropping below the $7,500 mark at one point. It then recovered slightly to trade at over $7,500.

Bitcoin Cash also suffered a considerable decline, although the drop was not as large as that observed in others. The cryptocurrency which incidentally celebrates its first anniversary today, was trading at around the $750 mark – a drop of 6% although there seemed to be interest in the coin as turnover was considerably up here. Ethereum slowly descended even after the positive pronouncements by Vitalik Buterin and was trading at the $420 mark or a decline of 7% with turnover second highest below Bitcoin but still in bearish sentiment.

EOS was also considerably down having suffered a 10% during Tuesday trading and a further 5% drop on Wednesday morning at press time to trade at the $7.25 mark. Ripple continued to decline and reach further yearly lows although the drop was slightly less than in other cryptocurrencies with a decline of 3% to the $0.43 level. The news that former US President Bill Clinton would be addressing a Ripple conference could perhaps boost interest in the currency which is badly in need of a good run of late. Litecoin suffered a 5% drop to the $77 level whilst Stellar lost a similar amount to trade at the $0.27 mark at press time on Wednesday. Ethereum Classic was also down by 5% to trade at the $15.90 level, dropping below the psychologically significant $16 mark.

Other smaller market cap currencies suffered considerable hits with NEO down by over 8% to dip below the $30 mark for the first time in weeks. Cardano was also down to the $0.14 level whilst IOTA and Ontology suffered declines of 5 and 12% respectively. ICX was also down by 12% but the biggest drop was in VET which crashed by a staggering 20% to the $0.02 level. Tron was another currency which suffered huge losses in the past few days with its price down by around 20% over 48 hours to the $0.033 level.

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