Bitcoin Falls under $11,450 as US Stock Market Sees Minor Downturn

Bitcoin is currently down by over 1% on the day, trading at around $11,430 at press time, according to Coin360. Looking at its weekly chart, the coin is up by almost 3.8%.

As Cointelegraph reported yesterday, the Chairman of the United States Federal Reserve has said that almost nobody uses Bitcoin for payments, and that it is a speculative asset just like gold.

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $28.7 billion. The second-largest altcoin, Ripple’s XRP, has a market cap of $14 billion at press time.

Coin360 data shows that ETH has seen its value decrease by nearly 1% over the last 24 hours. At press time, ETH is trading around $269. On the week, the coin has also lost over 7% of its value.

XRP is down by about 3.87% over the last 24 hours and is currently trading at around $0.333. On the week, the coin is down about 14.11%.

Among the top 20 cryptocurrencies, the only ones reporting gains are Chainlink (LINK), which is up over 3.8%, Monero (XMR), which is up over 1.5%, and Cardano (ADA), which is up a fraction of a percent.

At press time, the total market capitalization of all cryptocurrencies is $313.9 billion, about 5% lower than the value it reported a week ago.

As Cointelegraph reported yesterday, Ethereum’s co-founder Mihai Alisie is extremely concerned that Facebook is attempting to hoodwink regulators into approving a centralized “cryptocurrency.”