Bitcoin Price Drops As Major Currencies Fall

The bear market continues to maintain its hold on the market on Wednesday as major cryptocurrencies recorded losses ranging from the high single digits to double digits in some instances. Bitcoin was the sole contributor to this decline as it drops by almost 8 percent to the $7,545 level on Bitfinex.

Even though there were signs that the cryptocurrency market was turning away from the bear cycle, these recent occurrences have proved otherwise. Bitcoin price was trading at around the $8,100 level on Tuesday but following a drop to the $8,000 level, it quickly dropped further to $7,700 before tumbling to the $7,500 level. Fortunately, it was able to make a slight recovery to trade above the $7,500 level.

Bitcoin Cash also recorded a significant decline, even though it cannot be compared to the major losses recorded by other currencies. The cryptocurrency which went through a 6 percent drop was trading around the $750 level. Ethereum also went through a slight drop notwithstanding the positive announcement by Vitalik Buterin and was trading at the $420 level a 7 percent decline.

EOS also suffered a significant loss of 10 percent during Tuesday trading and dropped further by 5 percent on Wednesday trading at the $7.25 level. Ripple also recorded decline and went through yearly lows with a 3 percent decline to trade around the $0.43 level.

It might seem that the announcement that the former US President Bill Clinton would be talking at a Ripple Conference might have increased interest in the currency which is in dying need of a good run. Litecoin also went through a 5 percent decline to trade at the $77 level whereas Stellar recorded a similar drop to trade around the $0.27 level.  Ethereum Classic also declined about 5 percent to trade around the $15.90 level.