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article imageAfter breaching $5,500 again bitcoin plunges to almost $5,000

By Ken Hanly     Apr 25, 2019 in Technology
After appearing to be back on the upswing today, bitcoin (BTC) suffered a big setback late this afternoon plunging to near the $5,000 level before recovering marginally.
An earlier optimistic report
Earlier in the day Helen Partz wrote an upbeat article on bitcoin's price movements on CoinTelegraph. She noted the crypto markets had mainly recovered from a sell-off yesterday and that BTC had clawed its way back above the $5,500 support level.
As she wrote earlier in the day the top 20 cryptocoins were all in the green with NEO up almost 7 percent. Bitcoin's price had been rising and was trading at $5,521 at press time and was up 1.18 percent over the last 24 hours. Over the last seven days bitcoin has risen around 4.3 percent. Bitcoin's dominance over the cryptocurrency market dropped marginally about 0.3 percent at press time. However, the cryptocurrency lender Genesis said that bitcoin continued to dominate demand and made up 68 percent of its loan portfolio.
Ethereum (ETH) and Ripple (XRP)
Ethereum or ether as the coin is called is the second largest cryptocoin by market value after bitcoin. It is up around 0.8 percent in the last 24 hours and was trading at $165. However, ETH is down about 4.8 percent over 7 days.
Ripple the third largest cryptocoin by market cap rose about one percent in the last 24 hours to $0.303. Ripple has shown a steep decline over 7 days of about 10 percent even though its sales in the first quarter of this year have risen 31 percent from the same time last year
Market capitalization and volume
At press time total cryptocoin market capitalizatio was $178.6 billion up from $174 billion at the open. Daily trading volume though is down below $50 billion and was at $44 billion at press time.
Other news
Major crypto exchange BInance has launched a new exchange in Singapore. Wei Zhou CFO of Binance said that users of the platform must use Singapore dollars to buy on the exchange currently but more currencies will be added as regulations allow.
The US Securities and Exchange Commission (SEC) has listed a job application that seeks a staff member to provide expertise on cryptocurrency. The salary is said to be up to $239.000 per year for their Crypto Specialist.
Recent Situation
24 hours ago bitcoin was trading at $5443 according to CoinDesk data. CoinDesk uses an average of several exchanges for its data and can often be different than data from one exchange. BTC has reached a high of over $5,500 at $5,505 before dropping precipitously later this afternoon to a low of just $5,054. It had recovered only marginally to $5,106 at 19:55 Central Daylight Time. For now there is no sign of any bullish recovery. Bitcoin has dropped more than 6 percent over the last 24 hours or $337.
As this article goes to press, all of the top 20 cryptocoins are losing value some significantly. Ethereum has dropped more than 8 percent and is at $151.62 while Ripple is down more than 3 percent at $0.3049. NEO is now down over 6 percent after its earlier rise. The entire market seems to have followed in the footsteps of bitcoin as it dropped. The present price of bitcoin and other top cryptocurrencies can be found here.
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