Bitcoin Falls Under $3,400 as Top Cryptos See Losses

Wednesday, Feb. 6 — most of the top 20 cryptocurrencies are reporting slight to noteworthy losses on the day by press time. Bitcoin (BTC) has fallen under the $3,400 mark again, according to Coin360 data.

Market visualization from Coin360

At press time, Bitcoin is down a fraction of half percent on the day, trading at around $3,387, according to Coin360. Looking at its weekly chart on CoinMarketCap, the current price is nearly 3 percent lower than $3,481, the price at which Bitcoin started the week.

Bitcoin 7-day price chart. Source: CoinMarketCap

Top altcoin Ripple (XRP) has lost over one percent in the 24 hours to press time and is currently trading at around $0.290. On its weekly chart, the current price is over 9 percent lower than $0.317, the price at which XRP started the week.

Ripple 7-day price chart. Source: CoinMarketCap

Ethereum (ETH), the second-largest altcoin by market cap, has seen its value decrease by over 4 percent over the last 24 hours. At press time, ETH is trading around $102, after having started the day at $107. On the weekly chart, Ethereum’s current value has dropped nearly 6 percent from $108, the price at which the coin started the week.

Ethereum 7-day price chart. Source: CoinMarketCap

Among the top 20 cryptocurrencies, the only one experiencing growth is Binance Coin (BNB), which is up about 14 percent at press time and is holding 10th place on CoinMarketCap data. As Cointelegraph recently reported, crypto exchange Binance recently added support for credit card crypto purchases through its new partnership with payment processor Simplex.

The stock market is seeing a continuation of its recent slow but steady growth, with the S&P 500 up 0.47 percent, NASDAQ up 0.74 percent and the CBOE Volatility Index (VIX) having lost 1.54 percent of its value on the day at press time. However, as Cointelegraph recently reported, a recent analysis suggests that the growth currently reported by the stock market is a bull trap.

Major oil futures and indexes are seeing mixed market movements, with WTI Crude down 0.17 percent, Brent Crude 0.16 percent and Mars US 1.34 percent. Opec Basket is up 2.28 percent and the Canadian Crude Index has seen a slight growth of 0.05 percent, according to OilPrices.

Recently Matt Hougan, Global Head of Research at Bitwise Asset Management and president at ETF.com, expressed his belief that most cryptocurrencies will die eventually, but noted that he is still more bullish on crypto assets than on blockchain.