Monday, August 6, 2018

Bitcoin unable to defend $7000 level on Monday as most cryptocurrencies fell over weekend

On Friday Bitcoin dipped below the $7000 price level for the first time since mid-July, with weekend trading helping to regain that level in the international markets.  However Monday saw another drop below $7000 as Bitcoin, along with most major cryptocurrencies, fell as a whole over the weekend.

The total market cap of all cryptocurrencies fell by more than $13 billion over the weekend. The value of the cryptocurrency market was also a massive $50 billion less than the July 26 spike, where the markets touched $303.7 billion. 
The poor performance of the cryptocurrency market is in contradiction to the big news that broke just before the weekend started. Intercontinental Exchange (ICE), which is the parent company of not just the New York Stock Exchange (NYSE), but also of 23 other leading global exchanges, announced that it was creating a global exchange for digital assets called Bakkt. – Chain Bits


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