Cryptocurrency Market News: Crypto sentiment drops as top coins are in red

Here is what you need to know on Tuesday 22, September

BTC/USD is trading at $10,517 after plummeting towards $10,296 following a breakout of the U.S. dollar. 

ETH/USD had a massive 12% crash and has only recovered slightly, currently trading at $348.

XRP/USD has established a new monthly low at $0.2295 as bulls are struggling to defend the critical $0.23 support level.

Chart of the day: ETH/USD 4-hour chart

Market

The entire crypto market suffered today erasing more than $22 billion in total market capitalization. Ethereum alone managed to delete $4 billion of its mcap in just a few hours after a tremendous drop. Bitcoin is also down 4% while XRP is down 6%. Only 8 cryptos out of 100 are in green today with the biggest loser being Celo followed by Aave and Arweave.

The recent drop also came followed by a notable increase in trading volume from an average of $106 billion to a current peak of $130 billion indicating that bears are quite strong in the short-term.

The rise in the U.S. dollar also affected European and U.S. stocks with the S&P 500 dropping 1% after an extremely weak open.  

Industry

BitFlyer, one of the biggest Japanese cryptocurrency exchanges has now integrated PayPal deposits into its platform. Andy Bryant, COO of BitFlyer Europe stated: 

We’re proud to offer users the opportunity to use their PayPal accounts to deposit funds for purchasing crypto. The integration of PayPal adds a new funding source for bitFlyer users. Thousands of bitFlyer users already use PayPal for fiat transactions. Now, users can purchase bitcoin and other cryptocurrencies in the same way too

Quote of the day

We are seeing more managed money and, to an extent, institutional money entering the [crypto] space. Anecdotally speaking, I know of many people who are working at hedge funds or other investment managers who are trading cryptocurrency personally, the question is, when do people start doing it with their firms and funds?

– Olaf Carlson-Wee