• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Price & Market
Cap Data from
Nomics Logo Nomics Logo
Bitcoinist.com
No Result
View All Result
  • Home
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Trade
  • Play Games
  • Mining
  • Home
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Trade
  • Play Games
  • Mining
Bitcoinist.com
No Result
View All Result
Nexo

Cryptocurrency Market Suddenly Drops $20 Billion (And Counting) — But Why?

Adam James by Adam James
3 years ago
in Altcoin News, Altcoins, Bitcoin, News, News teaser
0

After a week of boring sideways trading, the cryptocurrency market has made its decision — solidifying that sellers are firmly in control. 


Sea of Red

The last 24 hours have been a bloodbath for cryptocurrencies across the board after a week of prolonged sideways trading kept sellers firmly in control.

The total cryptocurrency market capitalization has fallen from roughly $340 billion at 01:30 CET to nearly $320 billion at 10:00 CET — with the majority of said loss occurring in the span of fewer than 2 hours. At the time of this writing, it appears the sell-off has not finished.

Bitcoin has unsurprisingly fallen the least out of the major market players. The first and foremost cryptocurrency is trading at $7,230.36 USD and is down 5.55 percent, at the time of this writing.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Following suit, Ethereum is down 6.72 percent.

Ripple, Bitcoin Cash, and EOS have been hit even harder. The third, fourth, and fifth largest cryptocurrencies by market capitalization are trading at prices down 8.46 percent, 9.53 percent, and 10.84 percent, respectively.

Cardano and IOTA have also been hit hard. The former is down 10.08 percent while the latter is down 13.39 percent.

All things considered, eager buyers might find today to be a good time to go shopping — potentially sparking the momentum needed to set off another bull run. However, the cryptocurrency market is unpredictable, and those waiting it out might not be interested in trying to catch a falling knife.

bitcoin price bear market

What Happened?

While it’s possible that the relative stagnation present in the cryptocurrency market this past week caused prices to simply tip over, it’s more than likely that sellers have taken the opportunity to drive prices to even lower levels — potentially inviting more institutional and big-money investment in the coming days.

Meanwhile, reports have emerged that South Korean cryptocurrency exchange CoinRail has been hacked. However, this news shouldn’t have had too much of an influence on the market, given that CoinRail is not a major exchange — being ranked 90th with a mere $2.6 million in daily trade volume. Still, the cryptocurrency market is notoriously fickle.

[06.10]
15:00 수사기관, 타거래소, 코인개발사의 협조로 펀디엑스, 엔퍼, 애스톤등 유출된 코인 총량의 2/3를 회수 또는 회수에 준하는 조치가 완료되었으며, 나머지 코인들에 대해서도 수사기관과 관련기관의 협조로 회수에 최선을 다하고 있습니다.

— coinrail (@Coinrail_Korea) June 10, 2018

Perhaps more impactful is the news that US government investigators have ordered four major cryptocurrency exchanges — including Coinbase and Kraken — to hand over comprehensive information regarding trading in order to aid in its investigation over potential price manipulation.

Of course, not everyone believes the cryptocurrency market is manipulated. To those individuals, one might say suggest simply taking a look at the chart.

What do you think of today’s prices? Do you think news or manipulation is to blame for the flash crash? Let us know in the comments below! 


Images courtesy of Shutterstock, CoinMarketCap.com, Twitter/@Coinrail_Korea.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Adam James

Adam James

Adam James lives in Budapest and is the Managing Editor of Bitcoinist.com. He digs Gibson guitars that sound like Tyrannosauruses, Romantic & Victorian poetry, Franco-era Spanish films, LPs, Chelsea FC, Bob Dylan, Pilot G2 10s, black coffee, video games, and cryptocurrency.

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2021 Bitcoinist.com. All Rights Reserved.
  • Home
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Trade
  • Play Games
  • Mining

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.