Cryptocurrency market occupied by bears, over $3 billion wiped out in a matter of minutes

Bitcoin (BTC) broke below pivotal $8,000 once again.
Altcoins follow the lead, nursing losses amid growing bearish pressure.

Bitcoin crashed below $8,000 once again. The coin has lost over $2% of its value in a matter of minutes and tested $7,896 before recovering to $7,900 by press time. All major altcoins are demonstrating similar bearish momentum, nursing losses from 1% to 3%. The sell-off wiped out over $3 billion from the market before investors could say knife.
At the time of writing, it is registered at $217 billion. Bitcoin’s market dominance dropped to 66.0%.

Top-3 coins price overview

BTC/USD dropped below $8,000 us a sudden downside move amid growing bearish pressure. Despite the recovery from the intraday low, it is still vulnerable to further losses as long as it stays below critical pivot. BTC/USD is down 2.0% since the beginning of the day and mostly unchanged on a day-on-day basis.

Ethereum, the second-largest digital asset with the current market capitalization of $18.9 billion, is hovering marginally above $174.00, off the recent low registered at $171.90. Looking technically, ETH/USD may extend the downside amid growing selling pressure on the cryptocurrency market. Thee key resistance is located on approach to $180.00, however, ETH bulls have low chances to get there in the nearest future.

Ripple’s XRP tested area above $0.3000, but Bitcoin's collapse below $8,000 took its toll on XRP and pushed it tp $0.2930 by the time of writing. the coin has lost over 3% of its value since the beginning of Friday, though, it is still 3.5% higher on a day-on-day basis.

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