RATE Group | Top Cryptocurrencies See Moderate Losses, Bitcoin Below $3,800
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Top Cryptocurrencies See Moderate Losses, Bitcoin Below $3,800

06 Dec Top Cryptocurrencies See Moderate Losses, Bitcoin Below $3,800

Posted at 07:09h in Cryptocurrency News by

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Wednesday, Dec. 5: All but one the top 20 cryptocurrencies registered losses in the last 24 hours, Bitcoin (BTC) lost most of its recent gains, sinking below $3,800.

Market visualization from Coin360.io

Market visualization from Coin360.io

Bitcoin started the day near $4,000 and continued to fall until it reached its current price of $3,769, down 4.37 percent on the day. On its weekly chart, BTC is at its lowest point in the past seven days.

Bitcoin 7-day chart. Source: CoinMarketCap

Bitcoin 7-day chart. Source: CoinMarketCap

The co-founder of advisory firm Fundstrat, Tom Lee, provided three reasons behind the collapse of the crypto market: the controversial  Bitcoin Cash (BCH) hard fork, recent actions undertaken by the U.S. Securities and Exchanges Commission (SEC) which forced Initial Coin Offerings (ICOs) to return funds to investors, and the “terrible” conditions in global markets.

Ripple (XRP), the second crypto by total market capitalization, is currently trading around $0.339, down 3.6 percent in the past 24 hours. The current price of the native XRP…

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