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.


 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Experts say Ripple will win SEC lawsuit, which might propel XRP to new all-time highs

Since XRPArmy and lawyers in the crypto ecosystem consider the US Securities & and Exchange Commission’s (SEC) move to pull documents out of public view as evidence that the case is coming to a close, a Ripple win appears more likely.

More Ripple news

Bitcoin Weekly Forecast: BTC must hold $45K to target new all-time highs

Bitcoin price is on a rollercoaster ride as it crashed violently on September 7, consolidated for a few days after that and went on an uptrend to undo the losses. Over the past 24 hours, however, BTC seems to be consolidating for a volatile move without a clear directional bias.

More Bitcoin News

Chiliz price to retrace before CHZ runs up

Chiliz price is stuck in a tight consolidation above a crucial support floor and shows no signs of recovering from this slump. In fact, CHZ might retrace lower before heading on an uptrend.

More Chiliz News

ICX Price Prediction: ICON prepares for 20% descent as bulls fade away

ICON price looks ready for a swift downswing after an explosive run over the past ten days. The crypto markets’ slowdown after the recent run-up makes this bearish scenario a perfect fit. Going forward, investors can expect ICX to head lower and retest stable support barriers.

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP