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Bitcoin Breaks $8,000 for First Time Since July 2018, Stocks and Oil Report Losses


Bitcoin Breaks $8,000 for First Time Since July 2018, Stocks and Oil Report Losses

Bitcoin passes $8,000, while some top 20 cryptocurrency assets report double-digit gains

Monday, May 13 — Following a solid to break above the $7,400 mark earlier today, bitcoin (BTC) has broken $8,000, with all top-20 cryptocurrencies trading in the green.

Market visualization from Coin360

BTC is trading around $8,013 at press time, up over 13% on the day.Bitcoin’s weekly gains are now at around 38.88%.

Bitcoin 7-day chart. Source: CoinMarketCap

Ethereum (ETH) has seen an increase of 7.57% in the last 24 hours. The second largest cryptocurrency is trading at $202.65 at press time. The altcoin’s weekly chart shows gains of over 15%.

Ethereum 7-day chart. Source: CoinMarketCap

Ripple (XRP) is seeing slightly less significant daily gains, up 5.16% on the day to trade around $0.327 at press time. The altcoin saw a jump to as high as $0.335, marking its weekly high point. On the week, XRP is up by modest 7.94%.

Ripple 7-day chart. Source: CoinMarketCap

Apart from bitcoin, bitcoin cash (BCH), binance coin (BNB), IOTA (MIOTA), Tezos (XTZ), and Ontology (ONT) have also reported double-digit gains, from 10% to 17%, according to CoinMarketCap.

Total market capitalization of all cryptocurrencies is around $234 billion at press time –– up from around $209 billion at the beginning of the day.

Total market capitalization 7-day chart. Source: CoinMarketCap

Contrary to digital asset markets, stocks slumped today after China decided to raise tariffs on some United States goods, CNBC reported today. The Dow Jones Industrial Average lost 617.38 points, or 2.4%, to 25,324.99, marking its worst session since Jan. 3. The S&P 500 also fell 2.4% to 2,811.87, while The Nasdaq Composite dropped 3.4%, which is reportedly its largest one-day loss of the year, to 7,647.02.

Oil futures have also reported losses today, with Brent crude futures down 42 cents at $70.20 a barrel, and U.S. West Texas Intermediate (WTI) crude futures down 1%, or 62 cents, at $61.04.

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