Bitcoin Back to Four Figures as Market Veers to the Red

Wednesday, July 24 -- Bitcoin (BTC) has dipped back below the $10,000 mark as the crypto markets are seeing near-total red.

Market visualization

Market visualization. Source: Coin360

Having clung to its five-figure price point in recent days, a 3.2% drop on the day has brought BTC down to around $9.740 by press time. 

Earlier on its 7-day chart, Bitcoin had dipped as low as the $9,300-400 mark (July 18), before recovering to as high as $11,000 by weekend trading hours (July 21-22). 

Even as its market performance falters, the cryptocurrency has recently been the subject of much excitement and debate in China — a country notoriously tough on the asset class — with a Chinese provincial court affirming that Bitcoin is to be deemed a digital property with recognized legal ownership. 

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

Ether (ETH), the largest altcoin by market cap, has posted a similar loss and is trading 3.3% down on the day to around $206 by press time. The cryptocurrency had capped $235 during weekend trading hours, but has since largely traded downwards and is today trading only slightly higher than at the start of its 7-day chart. 

Ether 7-day price chart

Ether 7-day price chart. Source: Coin360

XRP is seeing a 2% loss on the day, with all remaining top ten coins in the red by press time, with the exception of EOS. The latter’s 24-hour gain is a mild 1.2% to hit around $4.10. 

Bitcoin Cash (BCH) and its fork Bitcoin SV (BSV) have been hit by the hardest losses among large market cap coins, each down 5-6% on the day.

Widening out to the top twenty, Tron (TRX) is posting a hefty 9.25% loss to trade around $0.023. The token’s shaky trading follows rumors — vigorously denied — that a Chinese police investigation was preventing the project’s CEO Justin Sun from leaving the country.

All but two of the remaining top twenty coins are in the red, with losses averaging 2-5% on the day.

Total market capitalization for all cryptocurrencies is at $267,553,637,290 at press time, according to Coin360 data.

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