Over $12B wiped out from cryptocurrency market in two hours; Bitcoin, Ethereum, and Ripple are bleeding

Major sell-off pushed all cryptocurrencies deep into red.
ETH is down 10%, moving closer to $500, Bitcoin eyes $7,000 handle.

Tanya Abrosimova Independent Analyst

Cryptocurrency market has lost over $12B of its value in a recent couple of hours as all major coins woke up from sleepy Asian session and resumed the downside with force and vigor.

Bitcoin, the largest digital currency by market value, touched $7,151, moving quickly towards critical $7,000 handle.

Ethereum is one of the biggest losers. The coin is down nearly 10% since the start of the day, trading at $528 at the time of writing. Considering that bearish momentum is still strong, it may hit $500 handle looms really large.

Ripple follows the same pattern, down 4% on the day. The coin touched $0.5735 low before retracing to $0.5796 at the time of writing.

While there are no clear fundamental reasons for the sell-off, some community members accuse trading robots and price manipulations coming out from Bitfinex. This is not the first time the cryptocurrency exchange is blasted with such accusations, though none of them was confirmed as of yet.

ETH/USD, the hourly chart

Author

Tanya Abrosimova

Independent Analyst

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