Cryptocurrencies have recovered from losses incurred a week ago, with many digital assets up 50-80% since July 2. For instance, eight days ago bitcoin core (BTC) tumbled to $9,650 and then back to a high of $13,150 yesterday evening. However, during the afternoon trading sessions on Wednesday, most of the top 20 cryptocurrencies have seen losses of between 5-20%.
‘The Slow Death of the Old Financial System’
Cryptocurrency markets have been volatile over the last few weeks. Still, it’s safe to say that crypto enthusiasts and traders have been more bullish in 2019. Since January 1, the price of bitcoin cash (BCH) has increased by 156% and the value of bitcoin core (BTC) has jumped by 205%. On Wednesday, July 10, both digital assets are down as BTC is under by 5.4% over the last 24 hours and BCH by 6.3%. Meanwhile, LTC is down 10%, XRP has lost 8.9%, and ETH has dropped 6.2% in the last 24 hours. Despite the corrections, most coins continue to show higher lows and the eventual return to regions touched on June 28.
The digital asset economy’s latest run up follows the German-owned Deutsche Bank revealing it was laying off 18,000 employees. “The old financial system is dying a slow death — Let’s hope the new one is brighter,” Mati Greenspan, Etoro’s senior market analyst, explained to clients this week. On Tuesday, another analyst from Etoro, Simon Peters, explained in a note to investors that there are lots of crypto investors ready to buy again.