RATE Group | The cryptocurrency market navigates a sea of red, Bitcoin settles below $8,000
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The cryptocurrency market navigates a sea of red, Bitcoin settles below $8,000

17 Oct The cryptocurrency market navigates a sea of red, Bitcoin settles below $8,000

Posted at 06:00h in Cryptocurrency News by

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  • Bitcoin (BTC) has settled settle at $7,950 amid bearish sentiments.
  • Altcoins follow the lead of the first cryptocurrency.

Bitcoin and major altcoins are nursing losses after a major sell-off on Wednesday. The total market capitalization dropped to $217 billion from $223 billion the day before, while an  average daily trading volume settled at $57 billion, according to the data provided by CoinMarketCap. Bitcoin’s market dominance stayed unchanged at 66.4%. 

Read also: Cryptocurrencies price prediction: Bitcoin, Ethereum & Ripple – Asian Wrap 17 Oct

Top-3 coins price overview 

BTC/USD dropped below $8,000 during European hours on Wednesday and hit the bottom at $7,913. Despite the recovery towards $7,940 by the time of writing, the coin is still down 2.5% on a day-on-day basis. A failure to get back above $8,000 is considered as a bearish signal that may may result in the extended sell-off towards the next important support area $7,800.
 
Ethereum, the…

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