The entire value of the crypto market is down to US$209.4 billion according to Coin Market Cap. This is a decline of almost 8% since this time yesterday and extends the market’s seven-day decline to a whopping 21.5%. This decline could be attributable to comments from a Bloomberg Intelligence analyst. Analyst Mike McGlone has warned against buying the dip in the prices of cryptocurrencies. “Bitcoin is in dump mode, following the pump run-up on the potential for a U.S. ETF. It may not subside until revisiting good support near $4,000 last year’s mean,” he said. The Bitcoin price was down 5% over the last 24 hours to US$6,142.07, reducing its market capitalisation to US$105.7 billion. The Ethereum price has plunged 12.2% since this time yesterday to US$318.07. This leaves Ethereum with a market capitalisation of US$32.2 billion. The Ripple price has fallen 12.5% over the period to 29.78 U.S. cents, reducing XRP’s market capitalisation to US$11.7 billion. The EOS price has plunged 10.6% over the last 24 hours to US$5.14, leaving EOS with a market capitalisation of almost US$4.7 billion.
It is known, the market forces are responsible for setting the share price of bitcoin just like gold. Public perception is affected by negative statements by financial institutions questioning the validity of the currency. Security issues are also affecting the trust as well as bitcoin use. Governments have refused to adopt the currency because financial institutions and banks are concerned about its ability to promote laundering or commit crimes.