Crypto Today: Bitcoin's correction deepens, down $500 on day
- Bitcoin fails to hold above the $10K mark.
- Total market cap continues to drop.
- Bitcoin's two-day loss exceeds $2500.
After starting the day on a positive note and rising above the critical $10K mark once again in the early Asian session, the BTC/USD pair lost traction and dropped to a fresh four-day low at $8820. As of writing, the pair was trading at $9280, losing nearly $500, or 5%, on the day. Ether, the second largest digital currency in terms of trading volume, struggled to find demand as well, with the ETH/USD trading near the $400 handle while dropping 4%.
Although news of Nasdaq Inc. planning to launch a futures contract based on bitcoin in 2018 on Thursday brought back hopes of more institutional investors coming into the market in the future, it didn't seem enough to fuel another record-setting rally. Furthermore, commenting on bitcoin's recent price action, “something that moves up and down 20 percent in a day doesn’t feel like a currency, doesn’t feel like a store of value, If it works out -- and it gets more established, and it trades more like a store of value, and it doesn’t move up and down 20 percent, and there is liquidity to it -- we’ll get to it,” said Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein in an interview on Bloomberg Television.
In the meantime, the total market capitalization of all digital currencies, which reached a record high at $345 billion earlier this week, continued to edge lower, suggesting that more investors are leaving the market. According to the latest available data on coinmarketcap.com, the total market cap is at its lowest level since November 25 at $278 billion. At 56%, bitcoin remains as the most dominant cryptocurrency.