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Crypto update: Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, and Stellar fall on price manipulation concerns

Unfortunately for traders the crypto industry has continued to give back recent gains and there is a sea of red on the market again this morning.

With just two coins in the top 30 in positive territory, the value of the entire market has fallen almost 3% since this time yesterday to US$250.2 billion according to Coin Market Cap.

These declines may have been driven by a report in the Wall Street Journal claiming that organised trading groups have been manipulating cryptocurrencies. The report estimates that in the first six months of 2018 trading groups have generated revenues of US$825 million.

Here is the state of play on Tuesday morning:

The Bitcoin (BTC) price has fallen 2.4% over the last 24 hours to US$6,901.15, reducing the crypto giant’s market capitalisation to under US$118.7 billion. As well as price manipulation concerns, Bitcoin has come under a lot of pressure this week following comments out of Goldman Sachs tipping further declines.

The Ethereum (ETH) price is down 1.9% since this time yesterday to US$404.01. This reduces Ethereum’s market capitalisation to just under US$40.9 billion.

The Ripple (XRP) price is down 3.6% during the period to 41.7 U.S. cents, reducing the alt coin’s market capitalisation to US$16.4 billion.

The Bitcoin Cash (BCH) price has dropped 3.6% since this time yesterday to US$686.09, leaving the Bitcoin spin off with a market capitalisation of US$11.8 billion.

The EOS (EOS) price has fallen 1% over the last 24 hours to US$6.99. This has reduced its market capitalisation to US$6.3 billion.

Outside the top five the declines have been just as severe. This saw the Stellar (XLM) price tumble 4.3%, Litecoin (LTC) fall 2.5%, Cardano (ADA) drop 2.1%, Tether (USDT) decline 0.1%, and IOTA (MIOTA) plunge 9.7%. IOTA had been a big mover yesterday after rebounding from a 2018-low, but it has now given back these gains and more.

I expect the crypto market to remain under pressure for the next few days which could make it worth considering this next major investment opportunity instead...

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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