Good news came for the cryptocurrency market today. Surprisingly, prices fell for most coins. The news pertains to the long-term outlook of the market. Thus, there is little concern in regard to the current short-term bear market seen nearly uniformly for all coins this week. Most of the cryptocurrencies listed on CoinMarketCap were down today. The total market cap of the cryptocurrency market fell by about 5% on the day. This amounts to over $10 billion. Since July 26, the market has lost $50 billion, leaving its market cap around $250 billion. In fact, all of the top ten coins, and most of the top 100 coins saw losses today. Bitcoin is up 5% for the month, but down about 15% this week. Ethereum is down over 10%, both for the month and week. Some of the biggest losers on the day are Stellar (XLM) and IOTA (MIOTA). Both fell about 10% today. Among the few bright spots is Ethereum Classic (ETC). It had gained over 10% in a matter of hours. The spike resulted from investor excitement over the announcement of ETC being listed on a major exchange in the U.S. In addition, Coinbase will begin accepting ETC this week. The coin was affected by the bear market, but it did maintain its profits at around 9%. When investors look back on today, they may be surprised to recall widespread losses. After all, it was just yesterday that the New York Stock Exchange (NYSE) became a serious part of the discussion about the cryptocurrency market. NYSE is commonly known while its operator, the Intercontinental Exchange (ICE), influences several other global exchanges. However, it is the ICE plan that will fully captivate investors’ attention. A global ecosystem for cryptocurrencies is in the works. November should see new BTC futures contracts. What is so promising about ICE’s entrance into crypto is that the futures will be physically-delivered rather than settled in fiat. ICE dubbed the initial venture Bakkt. It drew attention from major players. Consumers should expect to have the option to pay in crypto in the near future.
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