Crypto Today: Bitcoin slips 20% from record highs, Bitcoin cash rallies 65%
|Bitcoin (BTC/USD) the most traded cryptocurrency, extends its losing streak into a fourth day, having lost almost from all-time highs of 19,891 on Bitfinex to now trade near the one-week lows of $ 15,710 levels.
The digital currency hit record highs just shy of $ 20k mark on Sunday after the CME Group launched bitcoin futures. Thereafter, the spot is on a corrective move lower, largely on the back of increased skepticism over the future of the cryptocurrencies, as a number of industry experts and policymakers view it as a speculative mania and bubble, which is expected to burst eventually.
The downside accentuated after the US Securities and Exchange Commission (SEC) on Tuesday suspended the shares of the Crypto Company on the back of concerns regarding the accuracy and adequacy of information in the marketplace.
Meanwhile, its rival Bitcoin Cash, the third largest cryptocurrency behind bitcoin in terms of the market capitalization, rallied hard to trade at $ 3,656 levels, up a whopping +64% so far. This move is driven by the latest reports that Coinbase offers trading in Bitcoin cash from tomorrow. Meanwhile, at the time of writing, ETH/USD drops -7.20% to trade at $ 777.69 levels, with a market cap of $ 75 billion, lagging far behind that of Bitcoin’s at $ 276.07 billion.
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