Bitcoin and cryptocurrency prices on August 8: Market slump continues

Markets
Insider

LONDON — The price of bitcoin is slipping on Wednesday, extending
a poor run for the digital currency.

Bitcoin
is down 2.8% to $6,531.86 at 8.15 a.m. BST (3.15 a.m. ET). It
extends a slump for the cryptocurrency, which has fallen 13%
since the start of the month.

Recent positive news has failed to provide much support for
bitcoin. ICE, the owner of the New York Stock Exchange, announced
plans earlier in the week to launch
a new platform in partnership with Microsoft and Starbucks that
aims to bring bitcoin and other digital assets more into the
mainstream.

Other major digital tokens are also under pressure:

Analysts for FXPro, a London-based foreign exchange broker, said
in an email on Tuesday: “The crypto market cap lost 20% in the
last 2 weeks, falling from $300 billion to $250 billion. Although
analysts remain bullish on the BTC perspectives, currently they
warn us to be cautious.

“In the short terms, technical analysis is still on the bears’
side. The benchmark currency [bitcoin] doesn’t have important
levels of consolidation near current trading marks. It means that
after a short pause the bitcoin could slide down to the nearest
consolidation level close to $6,200 mark, and even lower to
$5,800.”

A report released on Wednesday found that ICO tokens —
digital assets issued by startups to raise cash for projects —
had an average return of -55% in the second quarter, pointing
to extended weakness across the sector.

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