Despite NYSE's 'Big News of the Year' for Bitcoin, crypto markets plummet in the blink of an eye

Markets crypto have a dizzying dive today, August 4, with Bitcoin (BTC) losing almost $ 500 in the six hours before the time of publication to drop below $ 7,000, and the top ten criptomonedas by capital market in red, as shown by the Coin360 data.

Like, Bitcoin (BTC) quotes around $ 7,028 for the closing of the edition, after losing almost $ 500 a day to plummet to a level not seen since July 17. The main cryptocurrency has registered an intraday low of $ 6,980, and some cryptanalysts have indicated today that $ 6,800 have become their level of short-term critical support. The percentage loss of Bitcoin prices on the day approaches 7 percent, with a weekly loss of around 15 percent and monthly profits reduced to only 5 percent.

Bitcoin price chart for 7 days

7-day Bitcoin price chart. Source: Cointelegraph Bitcoin price index

As, Ethereum (ETH) shows a less pronounced drop, losing just over 2 percent in a 24-hour period to push and price around $ 404. The Altcoin fortune has been unstable for much of the week, after having seen irregular losses since July 29, when the asset was still trading up to $ 470. During the week, Ethereum has fallen more than 13 percent, with monthly losses of almost 15 percent.

In the CoinMarketCap listings, none of the ten main cryptocurrencies is at the time of publication in green.

Receiving a hit even stronger than Bitcoin. Stellar (XLM) and IOTA (MIOTA) have seen losses of up to 9 and 10 percent, respectively, on the day. At the close of this edition, Stellar quotes around 0.24 dollars and IOTA around 0.84 dollars.

Among the first twenty currencies by market capitalization, Ethereum Classic (ETC) is the main atypical data, with an increase of almost 9 percent during the 24-hour period to operate at around $ 16 at the close of the edition. The solid gains of the altcoin began at the end of August 3, probably due to the news of the imminent inclusion of the asset in the list of the main US exchange and wallet service provider. Coinbase from August 7. Since its peak, the currency has traded sideways most of the day, seemingly immunized against large losses in the wider crypto markets.

24 Hour Price Chart for Ethereum Classic

24 hour price chart of Ethereum Classic. Source: CoinMarketCap

The total market capitalization of all cryptocurrencies has been reduced to around 253,000 million dollars, more than 13,000 million dollars lost in the six hours prior to the closing of the edition, and a staggering reduction of 50,000 million dollars with respect to the increase of July 26 to 303,700 million dollars.

1-day graph of the total market capitalization

1-day graph of the total market capitalization of all cryptocurrencies according to CoinMarketCap.

The plummeting of the markets today contrasts with the news yesterday that the Intercontinental Exchange (ICE), the operator of 23 major world stock exchanges, including the New York Stock Exchange (NYSE), plans to create a global ecosystem of digital assets that cover the spectrum that ranges from federally regulated markets and storage to the needs of merchants and consumers.

On the other hand, ICE plans to launch BTC futures contracts physically delivered in November, different from those currently offered in CME and CBOE that are ultimately settled in fiat.

Starbucks and Microsoft are on board for the new company, dubbed "Bakkt", which will start by offering Bitcoin-fiat conversion for consumers to buy everyday products with crypto.

The presentation of Bakkt by ICE took today Brian Kelly of CNBC to suggest that this is "the most important news of Bitcoin year", arguing that now is a good "entry point" for investors before the imminent institutionalization of crypto.