A massive sell off in the cryptocurrency market resulted in catastrophic losses across the board. 9 of the top 10 cryptos registered losses, 8 of which recorded double-digit dips. For the first time since October, 2017, Bitcoin’s market cap fell below $100 billion, as (at the time of writing) BTC was trading around $5,600 for the first time in over a year.
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Bitcoin Cash tumbles 16%
Of the top 10 cryptos, it was 4th-ranked Bitcoin Cash that registered the largest losses, down more than 16% at the time of writing and reaching price levels not seen since October, 2017. The recent sell off might be the result of the upcoming hard fork, which will take place on the Bitcoin Cash blockchain today. Due to an internal dispute within the Bitcoin Cash community, the hard fork could result in the creation of an entirely new cryptocurrency. To protect clients’ funds from the low liquidity that could result from the hard fork, BCH trading has been halted on the eToro platform.
“Blockchain could replace traditional trading within 10 years”
Thomas Zeeb, Head of the Securities and Exchanges department at the Swiss Stock Exchange, yesterday told Reuters that he believes blockchain will completely replace existing trading practices within the next decade. “The moment that brokers, banks, insurance companies and big asset managers really see the cost advantages [of blockchain], they’ll move relatively quickly,” said Zeeb.
eToro is a multi-asset platform which offers both investing in stocks and cryptocurrencies, as well as trading CFD assets.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Cryptocurrencies can fluctuate widely in price and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance is not an indication of future results. This is not investment advice. Your capital is at risk