The cryptocurrency market continues to be bearish.
The market lost over $15 million in a day, wiping out most of its gains over the past few days.
Bitcoin prices slid from $6700 by 3.3% and the prices are currently hovering around $6480. The decline indicates that the prices might drop further. Ethereum is sailing at just above $200, falling from its weekend gains.
The crypto-market drops by over 6% in the bearish crypto-market and the total capitalization is at $345 million; quite a drop from last week’s $345 million.
Bitcoin, leading the fall, lost $300 dollars in just over an hour at 06.45 UTC, dropping by 4.5%. The volume remains constant, at around $4.2 billion, and the market cap for BTC is currently $112 billion, which is more than $6 billion less than its previous value.
As usual, Bitcoin’s value is tied to other Altcoins as well. Ethereum is affected by the downfall and slid by 5%, dropping $25 in just a couple of hours. Similarly, Ripple fell about 5.2 % from $0.67 to $0.61.$1.5 million was removed from Ripple’s market cap.
The biggest concern in the market drop is Iota. Iota lost over 12% in a single day and there’s a loss of almost $600 million from Iota’s market cap. Adding to the downfall are Bitcoin Cash, down by 7.8%, EOS almost 9%, Cardano at 8%, Ontology at 10% and Zilliqa and Aeternity falling over 9%.
Another big loses include Nebulux, Cortex and PivX, all losing 16-18% in the bearish crypto-market.
Only Bitcoin Diamond is showing a profit, by hiking up to 18% with a value of $1.30. The profit is said to come from the first-ever crypto e-commerce store, BCD bazaar.
So, what caused such a huge downfall?
Some blame the US Commodity Trading Commission which has subpoenaed several popular exchanges like Coinbase, Kraken, and BitStamp in an ongoing price manipulation investigation.
Additionally, Conrail was hacked, even though the exchange stands at 90th position in the world with just $2.6 million in daily trade volume. Experts say that when key support levels are broken, the market suffers.
The whole episode is just another indication of showing us how volatile the crypto market is.
However, the drop in prices presents the perfect opportunity to buy into the market.