Bitcoin Pullback Fears Accelerate Crypto Market Losses, $28 Billion Dumped
Fears of a wider market correction have accelerated today astraders dump altcoins en masse following another minor pullback by Bitcoin.
Cryptocurrency markets are sliding during Asian tradingtoday as altcoins bear the brunt of another Bitcoin bounce off resistance. BTCfinally topped $9,000 a few hours ago but instantly retreated following a hugefake out. In what appeared to be a massive trading bot triggered event, prices plungedover $1,000 in a matter of hours as BTC finally settled at just over $8,000.
Zerohedgereported that fundamentals are still strong and institutional investment hasyet to gather momentum so this movement could be considered a minor blip. Thesepatterns are not unusual and have happened countless times in the volatileworld of crypto markets.
Altcoins Bleeding Again
As usual, a cascade effected rippled through altcoin marketsas they dumped even harder. Bitcoin seems to have recovered a little and isonly down 6 percent on the day according to Coinmarketcap.com. Thesame cannot be said for the rest of them as the avalanche gathers momentum.
Ethereum has dumped 11 percent back to the $250 level.Following recentgains ETH was also due a correction and this still proves how hopelesslytied to Bitcoin it still is. If this is the beginning of an expected 30 percentpullback, Ethereum will be back below $200 in no time.
XRP has fared no better dumping 9 percent back to $0.416while Bitcoin Cash has been trounced 10 percent to $420. Even EOS did not escapethe purge and a Coinbase listing could not keep the token above the red tide.Dropping a similar 9 percent, EOS is back to $7.30 today but hopes are that theweekendB1 event and much hyped announcements can keep momentum going.
Following its scam induced pump yesterday, Bitcoin SV has slumped a whopping 20 percent falling back to $180. There is no escape and several are in double digit pain including Cardano, Tron, IOTA, and Tezos. The only altcoin surviving the bloodbath is Cosmos which is actually up 5 percent on the day.
The Friday correction has seen $28 billion exit the space astotal market capitalization dumped from a new ten month high of $286 billiondown to $258 billion where it currently sits. Daily volume has surged over $100billion but it is all flowing outwards at the moment. Things are likely tosettle soon but further losses could be on the cards if the 30 percentcorrection theory is accurate.
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