Cryptocurrency market update: A bloody Thursday – Bitcoin slides to $7,500 as Ripple and Ethereum fall

The market is retreating once again as though to prove to the critics of Bitcoin and cryptocurrencies that maturity is a far-fetched dream. The declines ahead of the last day in this week’s trading has seen $11 billion wiped off the total market cap. The market had closed Wednesday at $247 billion but has within a few hours on Thursday thinned to $236 billion amid growing selling pressure.

Bitcoin price update

Bitcoin is leading the market in the declines. It has been rejected again from the levels slightly above $8,000. However, this time BTC/USD has slashed off a huge chunk of the gains to explore the levels close to $7,500. The intraday charts show a relative change of -50 with a loss of 0.61% on the day. Lows of $7,5,35.20 have been posted today from highs of $7,695.34.

Ethereum price update

The second largest cryptocurrency by market capitalization has also fallen victim to the ongoing bear pressure across the board. Ethereum is down 4% in the day from intraday highs of $245. It has touched lows of $232.35 on the day but currently dances with $233.

Ripple price update

Ripple, on the other hand, is also in the red with losses of 2.34% on the day. This crypto has been correcting lower form the 2019 highs achieved last week. On touching lows of $0.3615 on Thursday, XRP/USD is valued at $0.3625 at press time. The bearish pressure seems to be taking over while the bulls scatter to hibernation in wait for an entry position in the coming few days.