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Market Update : The Big Bear Week

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Virtual currencies have seen a consistent drop in their market value over the last few days. Most have lost 60-70% of their values since their peaks last year. Most coins are following the market losses of BTC/USD.

Despite many crypto enthusiasts begging for the digital currency bear to end, it remains in full swing. Many are using this as an opportunity to procure cryptos at lower rates in expectation of a bullish turn. BTC/USD has seen a minor turn back as it has bounced from a low of $6590 to past $7000. Market volume however stayed more or less the same. In the past seven days BTC/USD market lost 19% in value but are up over the past 24 hours.

Japanese yen continues to be the most preferred fiat currency that is traded against BTC. It holds 54% as of this writing, followed by USD(23%), tether(USDT 12.5%), and euro(4%) and South Korean won (2.8%). Tether volumes have seen a huge bump in the bearish tumult, as it is the only currency in the green in the last week. Another interesting observation is the USDT occupying the second spot in terms of volume, just after BTC and before ETH.

Japanese yen continues to be the most preferred fiat currency that is traded against BTC. It holds 54% as of this writing, followed by USD(23%), tether(USDT 12.5%), and euro(4%) and South Korean won (2.8%).

While most cryptos are up as at the time of this writing, each one of them suffered immensely in the past week. Ethereum is down 23%, Ripple 20%, Bitcoin Cash 28% and Litecoin 26%.

The short term traders are either having one hell of a ride going from trough to peak, or they do not know what to think as it has been a turbulent trading season. So far, 2018 has been a downhill ride for the crypto market. Bitmex has a higher number of recorded shorts than longs, expecting double bottom on the market.

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