Crypto market overview: cryptocurrency market tumbles down, all major coins deep in red with more pain to come
|- Cryptocurrency market does down at a heady speed.
- Bitcoin loses $400 in a matter of hours.
- Bitcoin Cash is the worst performing coin out of top-10.
Cryptocurrency market has come to life after a prolonged period of rangebound trading and low volatility. It seems that bearish sentiments thas taken their toll as all top coins are deep in the red. The total cryptocurrency market capitalization dropped from $218B on Wednesday to $205B.
BTC/USD is changing hands at $6,236, recovering from early Asian low touched at $6,178. The digital coin No. 1 has lost nearly 5% of its value in recent 24 hours and broke free from the range of a recent couple of weeks.
Ethereum crashed to $195 on Thursday morning before some profit-taking on speculative positions triggered a recovery. The second largest coin by market value is down 9% on a day-on-day basis, changing hands at $202 by press time.
Ripple’s XRP crashed a fresh low of $0.3876 on Thursday amid global cryptocurrency sell-off. The coin is down 110% on a day-on-day basis, trading at $0.4213 by press time.
Bitcoin Cash (BCH) collapsed to $440 handle. Despite the recovery towards $452 by press time, the coin is the worst performer, losing 11% of its value in recent 24 hours.
SEC's decision is the key
While the fundamental trigger behind the crypto collapse is not readily available, a crash below key technical levels may set a stage for further decline. However, some experts believe, that SEC's decision on crypto ETF will play a critical role in defining the market momentum
“Bitcoin needs some sort of a blessing and only that can revitalize the rally for the currency,” thу expert wrote. “I think that the SEC [Securities and Exchange Commission] seeking a public opinion about the Bitcoin ETF [exchange-traded fund] is a positive sign, the department perhaps wants to respect the public opinion and most importantly wants to see the accurate landscape,” Naeem Aslam from Think Markets U.K said.
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