Breaking Market Roundup: Bitcoin & Ethereum Drop Over 4%

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In Brief
  • Bitcoin and Ethereum remain bearish as Mondays gains diminished.

  • EWT Gains 30% as Sony joins Theta as a Node operator.

  • Ripple woes dragging down payment partners.

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Following a decent recovery on Monday, the market remained fairly stable on Tuesday, with majors seeing some red as Bitcoin and Ethereum dipped 4% and 5%, respectively.



Last week’s Bitcoin and alt sell-off might have been brutal, and the bloody weekend that followed would have hurt a lot of traders and investors. However, Monday offered some reprieve as markets saw a dramatic recovery. Although, that would be short-lived as Tuesday saw a topsy-turvy market with red dominating the day. 

Bitcoin and Ethereum both dropped over 4% on Tuesday as Bitcoin remains unable to break $50,000. The resistance mimics the movements seen around Valentine’s Day as Bitcoin failed to break the level several times. 



Rollercoaster of Emotions For Ethereum

Ethereum had a volatile day. Following a decent 6.5% gain early on Tuesday, Ethereum was sitting at just under $1,600. But that was short-lived as the crypto then proceeded to drop over 8.5% before seeing a slight recovery. Still putting it down on the day. Ethereum remains down 27% from its previous all-time high of $2,042 set on Feb. 20. 

Source: Tradingview

However, the recent price decline has not deterred buyers as recent data has proved that Grayscale investments have been buying the dip during the price correction. Grayscale picked up an additional 3,347 Ethereum during the last 24 hours. The average price being $1,555 means the estimated buy sits at $5 million. 

Top 100 Biggest Gainer, Bitcoin Stalls

On Tuesday, the biggest gainer sees Energy Web Token (EWT) climbing nearly 30% to break into the top 100. The surge in price is likely due to the announcement of being listed on Kraken Exchange. 

Source: CoinGecko

Other notable mentions include Theta Network (THETA). Theta recently announced that SONY had become a node validator for the Theta Network. The 11% surge in price saw Theta break its BTC pairing all-time high. Not something many projects are doing following the massive climb BTC has had over the past two months. 

More Woes For Ripple and Partners 

While XRP has remained relatively stagnant over the week so far, the news surrounding the SEC charges only continues to get worse for anyone involved with the project. Recent reports state that Rosen law firm has filed a class-action lawsuit against MoneyGram over securities fraud. 

While the case against Ripple is expected to be drawn out, the chance that Moneygram gets dragged into it is all but certain at this point. 

MoneyGram CEO had previously commented on the breakup between Ripple and MoneyGram due to the charges, stating that the usability of XRP saved the company in forex fees and transaction time. Something that the company now lacks once again. 

However, that will be the last of the CEOs concerns right now. 

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Ryan is a Fintech specialist with a passion for cryptocurrencies and blockchain adoption. He discovered Bitcoin in 2016 when investing in a Ponzi scheme, and it was the best decision he ever made.

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