The markets have since retraced their losses somewhat, with Bitcoin and Ethereum (ETH) showing gains of around 2 percent each over 24 hours to press time. Bitcoin Cash (BCH) has displayed the largest growth among top 10 cryptocurrencies, up 6 percent over 24 hours, according to Coinmarketcap data.
Market visualization by Coin360
In terms of absolute value, Bitcoin is hovering around the $9,300 mark at press time, after it stopped inches away from dipping below $9,000 earlier today.
Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index
Ethereum is following Bitcoin’s trend, with gains of 2 percent over 24 hours to press time. After experiencing significant growth of about 90 percent over the last 30 days, the altcoin is trading at $756.
Ethereum price chart. Source: Cointelegraph Ethereum Price Index
Total market cap is currently at $436 bln after dipping as low as $415 bln earlier today.
Total market capitalization chart. Source: Coinmarketcap
The latest selloff on the crypto market took place amidst criticism of Bitcoin by Berkshire Hathaway’s chairman and CEO Warren Buffett and the company’s vice chair Charlie Munger. Over the past four days, the latter has alternated between comparing cryptocurrency trading to “trading turds” or even trading “freshly harvested baby brains.”
May 7, Microsoft co-founder Bill Gates echoed the Berkshire Hathaway executives’ scepticism of crypto, claiming that he “would short it if he could.” The statement of the billionaire businessman sparked negative reactions from the crypto community on Twitter. CEO and co-founder of Gemini Bitcoin exchange Tyler Winklevoss and host of CNBC’s show Cryptotrader Ran Neuner have both made comments that it is, in fact, possible to short Bitcoin:
Let me help you.
— Ran NeuNer (@cryptomanran) May 8, 2018
Dear @BillGates there is an easy way to short bitcoin. You can short #XBT, the @CBOE Bitcoin (USD) Futures contract, and put your money where your mouth is! cc @CNBC @WarrenBuffett https://t.co/4JIhF5vWsZ
— Tyler Winklevoss (@tylerwinklevoss) May 7, 2018