Bitcoin Price Struggles to Recover After Slump Earlier Today

Wednesday, Aug. 28 — Top cryptocurrencies Bitcoin (BTC), Ether (ETH) and XRP are in the red following a sudden price crash at 5:45 p.m. UTC. The market as a whole is also red across the board.

Market visualization. Source: Coin360

The Bitcoin price is trading at $9,691 at press time, marking a 4.42% price decrease on the day. BTC, ETH and XRP all sharply dropped in price from 5:45 p.m. to 6:20 p.m. UTC today — just over 35 minutes’ time. Bitcoin dropped by approximately 6% in this period, falling from over $10,265 to $9,630. 

Bitcoin 7-day price chart. Source: Coin360

At press time, the top altcoin Ether is trading over $173 and is down by 6.73% on the day. ETH fell by over 9.6% in today’s price crash, from over $186 to under $168. Just yesterday, the blockchain-based browser Brave announced that it is developing a crypto wallet that will support ETH, Ethereum-based tokens and collectibles, as well as decentralized applications or DApps.

Ether 7-day price chart. Source: Coin360

XRP, the second-largest altcoin by market cap, is trading at $0.254 and has decreased by 5.27% on the day as of publishing time. As previously reported by Cointelegraph, an Australian woman has pled guilty to stealing $450,000 in XRP in 2018. She will receive a special hearing in October for factual disputes and sentencing, which potentially involves jail time.

XRP 7-day price chart. Source: Coin360

The top 20 cryptocurrencies are slumping at press time. In particular, Tron (TRON), Algorand (ALGO) and Binance Coin (BNB) are down by 10.93%, 15.79% and %11.30, respectively. The total market cap of the top 100 cryptocurrencies is over $253 billion at press time, according to data provided by Coin360.

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