Bitcoin Sinks Below $7,900 Mark | FinanceBrokerage

Bitcoin Sinks Below $7,900 Mark

On Monday, the majority of the top 20 cryptocurrencies showed average losses on the day. And Bitcoin fell under the $7,900 mark again.

The world’s first cryptocurrency is trading at $7,883 descending by 1.7%, as shown in CoinMarketCap. However, bitcoin rose over 10% for its weekly chart.

Strategists from United States banking giant JPMorgan Chase argued about bitcoin’s recent rally. He stated that the cryptocurrency officially escalated beyond their calculation to be its intrinsic value.

On the other hand, Ether (ETH) is steady in being the top 1 altcoin by market cap. It currently holds at $26.5 billion. And XRP, the second-largest altcoin, reached a market cap of $16.6 billion at press time.

In addition to that, ETH fell more than 2.7% over the last 24 hours while trading around $249. And the said altcoin has shown value increase over 24% for the week.

Aside from that, XRP also dropped over 2.2% for the past 24 hours while trading around $0.395. And the coin rose about 19.5% for the week.

In the top 20 cryptocurrencies, the dash and monero (XMR) are the only ones announcing gains. The dash surged over 8.75% while XMR rose above half of a percent.

All cryptocurrencies’ total market capitalization is $245.2 billion. And it is more than 12.8% higher than last week’s reported value.

UK Watchdogs

From 2018-2019 Financial Times reports, the Financial Conduct Authority (FCA), the primary regulator of the United Kingdom, reports losses of the crypto investors in the country. The total loss is more than $34 million because of cryptocurrency and forex scams.

FCA executive director Mark Steward said, “Always do your own research into any firm you are considering investing with, to make sure that they are the real deal.”

Moreover, scammers utilize social media to look for possible investors. And they also use put photos of celebrities in fake endorsements next to pictures of luxury goods such as cars and watches.

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