Cryptocurrency Downtrend Continues with Bitcoin at US$7,683

Yesterday, the valuation of the crypto market fell to US$270 billion as the price of Bitcoin declined by more than 7% from US$8,300 to US$7,500.

Over the past 24 hours, Bitcoin (BTC) and other major digital assets have slightly rebounded, adding US$3 billion to the crypto market cap. However, the expected short-term recovery from yesterday’s US$30 billion drop failed to add a significant amount of volume and demand to the market, and another drop is more likely than a recovery in the next few days.

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On July 27th and throughout the past week, prior to the abrupt drop in the price of Bitcoin and Ether on August 1st, the volume of BTC, Ethereum (ETH), EOS, B Cash, and Ripple remained relatively high with Bitcoin maintaining its US$5.5 billion daily trading volume.

However, over the past 48 hours, Bitcoin lost has US$1.3 billion in daily trading volume while ETH’s volume declined by more than 20%. Interestingly, the volume of Tether (USDT), which tends to rise in a period of extreme volatility and uncertainty, also declined, suggesting that the overall demand for crypto has fallen in the short-term.

In consideration of the low volume of BTC and the poor performances of tokens such as Polymath, Waltonchain, and VeChain that recorded large gains against Bitcoin in early July, a recovery beyond the US$8,000 mark in the next few days is difficult to envision, especially since its slight recovery earlier today failed to even test the US$7,800 resistance level.

Galaxy Digital Shares Plunge 20% in First Half Hour of Trading on TSX

Galaxy Digital, Mike Novogratz’s cryptocurrency merchant bank, has finally been listed on the TSX. The listing has gone ahead despite the tumultuous conditions in the virtual currency market over the course of 2018. And, as many experts predicted, things didn’t go well.

Listed under the ticker GLXY on the TSX Venture Exchange, Galaxy Digital’s opening stock price stood at CDN$2.75. During the first half hour of trading, the GLXY share price dipped by more than 20%. At press time, GLXY is trading at CDN$2.27.

Galaxy Digital’s listing in Canada has been a long time coming with regulators in the country delaying the approval for eight months. This waiting period coincided with the 2018 price slump that saw Bitcoin shed more than 60% of its value.