Alt Season Update: Ethereum, Bitcoin Cash Drop 20 Percent While All Top 50 Coins Are in the Red

Ethereum, Litecoin, Bitcoin Cash, EOS, Bitcoin SV are caught in a brutal sell-off that evaporated all their recent gains

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The cryptocurrency market took another huge hit on July 14 with the Bitcoin price tumbling below the pivotal $10,000 level.

Almost all major altcoins witnessed double-digit losses with Ripple’s XRP being the only top 10 altcoins that stayed above the fray.

Bitcoin tanks 10 percent
image by Coin360

Fake news and Libra

According to cryptocurrency trader Alex Krüger, Tether allegedly printing $50 bln worth of USDT prompted a short-lasting price recovery, but this fake news wasn’t enough to keep the momentum going.

To top that off, Reuters reported that US lawmakers proposed a bill, which would prevent big tech companies from functioning as a financial institution, which flies in the face of Facebook’s Libra.

Krüger claims that it could be another reason for the pullback, which is quite reasonable if to consider that the Libra announcement served as a catalyst for Bitcoin’s surge above $10,000.

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Altcoins are on life support

Despite Bitcoin’s drop below $10,000, its dominance, slowly but surely, continues to grow. At 65.8 percent, it is at its highest level since April 2017.

Back then, the glorious altcoin season was just around the corner, but there is little hope that the same scenario takes place during this bull run.

Even Litecoin, which is on the verge of its halvening event, it currently trading in the $80 region. 

While the whole altcoin market is tanking, John McAfee once again makes a case for privacy coins.

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Alex Dovbnya

Alex covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. He’s a firm believer that Blockchain has the potential to reshape pretty much every business out there, and cryptocurrencies are only a stepping stone to the upcoming decentralized revolution.