Bitcoin Falls Under $7,900 as US Stock Market Sees Minor Uptrend

Most of the top 20 cryptocurrencies are reporting moderate losses on the day as bitcoin falls under the $7,900 mark again.

Wednesday, May 22 — most of the top 20 cryptocurrencies are reporting moderate losses on the day by press time, as bitcoin (BTC) falls under the $7,900 mark again.

Market visualization

Market visualization courtesy of Coin360

Bitcoin is down over .5% on the day, trading at $7,850 at press time, according to CoinMarketCap. Looking at its weekly chart, the coin is down over 1.83%.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

This week, Cointelegraph reported that CME Group, the second global exchange to list bitcoin (BTCfutures, is about to record the biggest trading month for BTC futures trading.

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $26.9 billion. The second-largest altcoin, XRP, has a market cap of $16.5 billion at press time.

CoinMarketCap data shows that ETH is up over .5% over the last 24 hours. At press time, ETH is trading around $252. On the week, the coin has also seen its value decrease by over 8.7%.

Ether 7-day price chart

Ether 7-day price chart. Source: CoinMarketCap

XRP is nearly 1% down over the last 24 hours and is currently trading at around $0.391. On the week, the coin is down over 9.2%.

XRP 7-day price chart

XRP 7-day price chart. Source: CoinMarketCap

Among the top 20 cryptocurrencies, the only one reporting double-digit price action is bitcoin sv (BSV), which is up over 25% at press time.

As Cointelegraph reported yesterday, BSV promoter and self-proclaimed Satoshi Nakamoto Craig Wright has filed U.S. copyright registrations for Bitcoin’s whitepaper and code.

At press time, the total market capitalization of all cryptocurrencies is $246.2 billion, less than .5% higher than the value it reported a week ago.

Total market capitalization 24-hour chart

Total market capitalization 24-hour chart. Source: CoinMarketCap

In traditional markets, the United States stock market is seeing discrete gains so far today, with the S&P 500 up 0.85% and the Nasdaq up 1.08% at press time. The CBOE Volatility Index (VIX), on the other hand, has gained 1.74% on the day at press time.

Major oil futures and indexes are mostly down today, with WTI Crude down 1.43%, Brent Crude down 0.8% and Mars US down 0.92% at press time. The OPEC Basket is down 0.14% and the Canadian Crude Index seen its value loose 1.86% by press time, according to OilPrices.

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Author: Adrian Zmudzinski


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