Another Predictable Crypto Market Dump Drops $14 Billion
A predictable market dump has occurred following the US SEC’s decision to deny nine further Bitcoin ETF proposals. This news has not been unexpected so the slump just highlights how immature crypto markets still are. Roughly $14 billion was dumped out of cryptocurrencies as total market capitalization dropped below $210 billion a few hours ago.
Bitcoin has dropped almost 3.8% on the day back to $6,440 and trade volume has dipped below $4 billion. BTC is back to the same level this time last Thursday wiping out all gains it made yesterday. Ethereum, which was already getting hammered, has fallen even further, losing 4% to trade at $275.
As expected the altcoins are all in the red this morning, some getting hit harder than others. In the top ten Stellar has taken the biggest hit losing 7% to fall back to $0.209. Not far behind are EOS, Cardano and Monero all losing around 6%. Tether is moving up the market cap charts as a result of other cryptos continually declining, USDT is now at 8th spot, passing ADA which has crashed over 93% this year.
Similar pain can be seen in the top twenty altcoins with VeChain getting hit 10% and Iota dropping 9% on the day. The rest are also suffering 6-8% losses at the moment and all gains in the short lived rally over the past few days have been wiped out again.
Only Bitcoin Diamond is showing any real gains today, BCD is up 18% to $1.30. The jump has come from what it claims is the first ever e-commerce store, BCD Bazaar, powered by BCDPay with a rather misleading graphic displaying the Apple logo;
The biggest drops are Nebulas, Cortex, PivX, and Moac all losing 14-18% on the day.
Total crypto market capitalization has fallen 4.6% on the day to $207 billion. A slight recovery from a low of $203 billion a few hours ago has happened. The predictable dump occurred just after the SEC announcement which was fully expected, markets lost $14 billion in eight hours. It seems that any news now is taken as an excuse to dump cryptocurrencies, many of which are at their lowest levels for over a year. The only good news today is for Bitcoin as its market dominance has climbed to 53.4%.
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 one, looking for trends and possible fundamentals.
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