Another $10 Billion Lost; Why Have Crypto Markets Dumped Again?
Another week, another dump; Ethereum, EOS, and VeChain, all in pain.
Just when the crypto community was thinking a recovery could be possible, markets take a big dump once again to dash all hopes. Wiping out all gains over the past few days, markets have slid back below $200 billion and are looking extremely bearish again today.
Bitcoin has lost 3% on the day dropping it below key support levels to $6,295. BTC made a breakout from its rising wedge pattern resulting in a slide of over $200 in three hours or so. Ethereum as usual has fared even worse wiping out all last week’s gains and collapsing 9% on the day back to just below $200. Technical indicators suggest it could fall further back before any rallies can be expected.
Equally as predictable are the altcoins which are all dumping today. The repetitive pattern of 4-5 day’s gains being wiped off in less than one day is becoming quite tiresome. In the top ten EOS, Litecoin and Cardano are suffering along with Ethereum shedding 7-9 percent on the day. Bitcoin Cash and Monero are not far behind with 6-7 percent losses.
A sea of red has enveloped the rest of the altcoins in the top twenty with VeChain taking the biggest hit at 10%. The rest are all losing 6-7 percent on the day, a pattern which is being repeated all the way down the chart.
Only Steem is defying the dump with an 18% pump at the time of writing. A strange occurrence since their blockchain has been suffering with technical difficulties lately. A few other obscure altcoins are in the green today including Cybermiles, QASH, and FunFair. The rest are getting pounded and at the top of that list is Aurora dropping 27%, followed by MOAC and Mixin both losing 12%.
Total crypto market capitalization has dumped almost $10 billion over night, or around 4.5%. It is currently at $193 billion and dangerously close to falling to another yearly low. Trade volume has increased to $12 billion but largely in the wrong direction.
Reports have emerged of a long silent Bitcoin wallet containing over 110,000 BTC recently awakening to dump a lot of crypto into the markets. It has been speculated that this could have something to do with the now defunct dark web marketplace, Silk Road, though this remains as speculation.
FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.
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