Crypto Today: Bitcoin slips 20% from record highs, Bitcoin cash rallies 65%

Dhwani Mehta FXStreet

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.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.