Crypto Markets Slump, Oil Prices Report Losses
Crypto markets are in the red today, with bitcoin losing almost $260 on the day and significant fluctuations in the top 20.
Friday, April 26 — After breaking above the $5,500 mark yesterday, bitcoin (BTC) has reported a loss of around $260 to press time. All of the top-20 cryptocurrencies other than bitcoin SV (BSV) are in the red, according to data from Coin360.
Market visualization from Coin360
BTC is trading around $5,247 at press time, dropping 5% over the day and forming a new weekly low. Bitcoin’s monthly gains remain in positive territory, at about 32%, while its weekly chart reports a loss of 0.84%.
Bitcoin 7-day chart. Source: CoinMarketCap
The second largest coin by market capitalization ethereum (ETH) is also suffering a slump, having lost 6.23% in the last 24 hours. At press time ETH is trading at $155.31, also hitting a new weekly low. On its monthly chart, the ETH price has gained around 15.55%.
Ethereum 7-day chart. Source: CoinMarketCap
Ripple (XRP) has a 2.64% loss in the last 24 hours, and is trading at around $0.295 at press time. The coin saw its weekly low today at $0.288, while its weekly high was at $0.332 on April 19.
Ripple 7-day chart. Source: CoinMarketCap
Stablecoin tether (USDT) — that previously faced controversy after critics suspected the coin of operating a fractional reserve while issuing more tokens than they had backing for — is trading at around $0.993 at press time, reporting a loss of around 1.60% over the past day.
Yesterday, the New York Attorney General’s office alleged that crypto exchange Bitfinex lost $850 million and subsequently used funds from Tether to secretly cover the shortfall. Bitfinex allegedly took not less than $700 million from Tether’s reserves and used the funds to hide losses and inability to handle clients’ withdrawals.
Tether 7-day chart. Source: CoinMarketCap
BSV is the only coin in the top 20 cryptocurrencies in the green. The coin’s price is currently around $54.33, reporting a gain of around $3.56% on the day.
Bitcoin SV 7-day chart. Source: CoinMarketCap
Total market capitalization of all digital currencies is around $169.9 billion at press time, having started the day at $172 billion. The weekly high of the total market cap was around $185.3 billion on April 23.
TheChartGuys.com co-founder Dan McDermitt provides technical market analysis. Source: Cointelegraph
Total market capitalization 7-day chart. Source: CoinMarketCap
Today, CNBC reported that European stocks were slightly higher following the rection to another flurry of corporate earnings. Stoxx 600 closed provisionally up 0.19% during afternoon deals, with most sectors and major bourses in positive territory. Luxembourg-based satellite operator SES was reportedly the top performer, surging by 7.75% to the top of the European benchmark after the company said it had maintained its full-year outlook.
Brent crude futures were down $2.72, or 3.7%, at $71.63 per barrel today, after hitting a one-week low at $71.31. U.S. West Texas Intermediate crude futures dropped $2.57, or 3.9%, to $62.64 per barrel and were down about 2% over the past week.