Bitcoin has suddenly taken a downwards slide today, falling from around $4,000 to $3,650 at the time of writing as the currency seemingly continues a downwards direction from its all time high of $5,000.
Its trading volumes have also significantly decreased to just above $1 billion, with China’s volumes falling to just 2% of global trading.
Ethereum repeats the above story, with the currency suddenly sliding from $300 to $260, continuing its downwards direction from a near all-time high of $400 at the beginning of the month.
While its trading volumes have fallen to some of the lowest recent levels, down to just $400 million, with China accounting for around 5%.
Nearly all other digital currencies are following in a downwards direction. Bitcoin Cash is down 10%, while NEO and OmiseGo are down 14%.
Dash, for some reason, is escaping the trend, barely handling a 1% green. While Tether, the ostensibly dollar backed currency, is somehow rising, managing a 1% green.
Tether, quite amazingly, has recently reached a near half a billion market cap, with its trading volumes for some reason standing at near $170 million, higher than litecoin or dash.
It’s unclear why the market has somewhat suddenly decided to move downwards with some speed. There may be news underway, of which we are unaware, but it may also be the case sentiment is slightly subdued.
China might still be hanging over traders, while others, such as bankers, may be seeing an opportunity to try and cool sentiments.
But it may also be the case that after quite an astonishing summer rise, a break was due with the coming of the new autumn season.
The question is how long that break may last with the answer being that it depends on how events develop as bulls and bears continue to fight it all out.