Bitcoin Loses $7K Footing Amid Market-Wide Price Correction

Thursday, August 30: following the week's brief uptick, crypto markets are today seeing widespread corrections, with the top ten coins by market cap losing between 1.5 and 5 percent on the day.

Bitcoin is trading at around $6,942 at press time, down1.

52 percent on the day, according to Cointelegraph's Bitcoin price index.

On the week, Bitcoin remains up a solid 6 percent, while monthly losses are around 15 percent.

Ethereum is trading around $284 at press time, over 3 percent on the day and virtually reversing the gains claimed over the past couple of days.

While Ethereum's weekly gains remain less than 1 percent, monthly losses are pushing 39 percent.

Among the top ten coins, Stellar is down 2.86 percent at $0.22, Ripple has lost 2.96 percent to trade around $0.33, and Bitcoin Cash is down 3.17 percent at $538.77.

Litecoin has fared just fractionally better, down 2.41 percent to trade around $60.50.Having seen growth of over 12 percent yesterday, EOS is today down 3 percent and is trading at $6.05 at press time.

Following a week of exceptionally bullish growth in response to news of a partnership with Japanese ICT conglomerate Fujitsu on a new proof-of-concept for audit trails, IOTA has lost 4.68 percent on the day and is trading around $0.71.IOTA's 7-day price chart.

Total market capitalization of all cryptocurrencies is around $225 billion at press time, down $8 billion from yesterday, and over $12 billion from a weekly peak at $233.2 billion.