Cryptocurrency market update: Bitcoin plunges below $9,500, Ethereum and Ripple bleed
- Bitcoin tanks massively on the day Facebook appears in front of the U.S. Senate.
- Ethereum failed to find support at $200 extending the losses to $190 (new July low).
- The bear pressure has sent XRP back under $0.30 hitting lows of $0.2834.
Bitcoin is leading the rest of the market in fresh declines that have struck the crypto market in the evening (GMT) session on Tuesday. The crypto carnage comes after Bitcoin recovered from a slide under $10,000 where it had found support at $9,800. BTC/USD hit highs above $11,000 before starting to trim the accrued gains.
BTC/USD 15-mins chart
Bitcoin is currently trading at $9,613 following an 11.5% loss on the day. The bearish wave was not unique to Bitcoin only as Ethereum and Ripple have fallen victims to the selling pressure as well.
Ethereum market update
Ethereum failed to find support at $200 as discussed in the market update. The price extended the declines to lows at $190. With a loss of 13.2%, ETH/USD is exchanging hands at $197. The prevailing trend is strongly bearish. However, it is essential that the bulls push the price above $200 to avoid further declines.
Ripple market update
Ripple, on the other hand, is trading 6.87% lower on the day after correcting from an intraday high around $0.3192. The bear pressure has sent XRP back under $0.30 hitting lows of $0.2834. Meanwhile, there has been a slight correction upwards to the current market value at $0.2924.
Read more: Calibra wallet to protect users against fraud: Facebook’s David Marcus at the U.S. Senate hearing
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
