The cryptocurrency market is having a bad day today, with Bitcoin dropping from $6500 to $6345 in one hour.
The rest of the market is reacting to Bitcoin’s drop, with Ethereum down over 3%, and XRP and Bitcoin Cash losing 4% of their value. Litecoin has seen a drop of 6% on Monday. In the meantime, Tether is almost back to 1$, two weeks after the stablecoin dropped to $0,86.
It’s not exactly clear what caused the sell-off in the market, but it is the first major movement for most coins in a week. The last few days there has been no negative news in the space that could lead to people selling, and today exchange Bitstamp even announced it has been acquired by European investment firm NXMH.
Some projects in the top 100 are not affected by the downtrend in the market. NXT is up over 10% and Polymath (4,6%), MobileGo (3,88%), FunFair (2,5%) are seeing gains as well.
Earlier today, Chepicap reported on Bitcoin hitting a new volatility low in terms of quarterly velocity. Some are saying Bitcoin is becoming ‘too stable‘.
Wake up. It’s time to trade.
— Philakone (@PhilakoneCrypto) October 29, 2018
Good morning to everyone except the panic sellers
— ฿ully esq. (@BullyEsq) October 29, 2018
— Luke Martin (@VentureCoinist) October 29, 2018