As if testament to the volatility and immaturity of cryptocurrency markets, another FUD storm has caused 25 billion dollars to be dumped in almost as many hours. The SEC’s recent decision to delay a highly anticipated Bitcoin ETF has caused a predictable selloff that has been seen time and time again. Crypto markets have reached another new low for the year.
As if leading the other crypto lemmings to their doom, Bitcoin has slid 7.6% on the day to $6,520. It shed $600 in a matter of hours in an expected dump following the announcement. BTC crashed through the critical $6,800 level which has now become resistance. Ethereum has also been battered shedding 9.5% to $370, matching its low in April and returning to November price levels.
As expected all altcoins are getting hammered at the moment with most of them suffering double digit losses. EOS and Ripple’s XRP are taking the biggest hits in the top ten with over 14%. XRP is down to $0.353, its lowest level since before the spike in December last year. EOS is down to $6 which is over 70% from its all-time high in April. Iota is having another bad day losing a further 15% to $0.672 which has wiped out all gains this year. Even Ethereum Classic, which has just been listed on Coinbase, is down almost 14% to $16.30.
There is nothing positive to report about the rest of the altcoins either with the entire top one hundred in the red. The biggest crash has been seen by Loopring falling almost 20%, BitShares, Verge, Nano and Zilliqa are also in pain. Only Aurora is defying the drop with a tiny but measureable gain at the moment.
Once again traders and hodlers have been suckered into the FUD frenzy and are selling out of crypto. It was hardly as if this decision wasn’t expected and nothing else has really changed in the ecosystem. Total market capitalization has plunged 9.5% on the day resulting in a loss of almost $25 billion. They are currently at their lowest point in 2018 which is just over $231 billion and the bear market is still in full effect.
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.
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