NOT INVESTMENT ADVICE. PRICE UPDATE Bitcoin Climbed back over $7,000 (9am ET) after falling below this level earlier in the day.
Well almost all of the 100 cryptocurrencies are in the red again today and we saw Bitcoin fall well below $7,000 today. We are also seeing a global market sell off, which started on Friday on wall Street and we really saw it take off earlier this morning and it also took its toll on Asian and European markets. One of the driving factors for this was the fear that interest rates could increase faster than originally anticipated.
According to Reuters, a market strategist at JPMorgan Asset Management said, ”In the end, the [U.S. Federal Reserve] will have to hike rates. And if it doesn’t, long-dated bonds will be sold off on worries about inflation. Either way, that is going to slow down the economy. Rising wages also mean corporate profit margins will be squeezed gradually down the road.”
We saw the total cryptocurrency market cap drop all the way to around $300billion. The total cryptocurrency market cap hit a record high of over $825 billion on January 7th. This time last year it was under $20 billion. Bitcoin currently dominates around 36% of the total cryptocurrency market. Here is the list of the biggest gainers and losers over the past 7 days, where the 24 hour Volume 24h is at least $50,000.
Visa and Mastercard have made changes to their fees system. This means that it will be more expensive to purchase cryptocurrencies on exchanges using these cards. So you might have to pay a 5% fee to your credit card merchant as well as the 4% service fee to the exchange. Coinbase also published a tweet today regarding the recent ban on credit cards by some banks. It said in a tweet that Chase, Bank of America, Cit and Capital One are blocking purchases of digital currency with credit cards. Coinbase encourages affected customers to switch to debit card or bank account payment methods.