Crypto market faces another bears assault; Bitcoin and major altcoins deep in red
- Bitcoin has lost 3.5%, dropped to a weekly low.
- Altcoins follow the lead, down from 1.5% to 12%.
The cryptocurrency market resumed the decline and lost another $5B of its value in recent 24 hours. The current capitalization of all digital assets in circulation dropped to $120B from $125B registered this time on Wednesday. Another wave of selling hit an overwhelming majority of top-20 coins that lost from 1.5% to 12$ on a day-to-day basis.
Bitcoin dropped to the lowest level in a week and threatened to break below $3,500. However, new buying interest located on the approach to psychological level helped to engineer the recovery towards $3,700 handle. Currently, BTC/USD is changing hands marginally above $3,700, down 3.5% since this time on Wednesday.
Ethereum is trading at $101.3, down nearly 6% on a day-to-day basis. The third largest coin with a market value of $10.5B tested $100.23 low during early Asian hours amid growing bearish sentiments.
Ripple's XRP has settled under $0.3400 handle, losing nearly 4% on its value in recent 24 hours. The coin dropped as low as $0.3346 during early Asian hours, before recovering to $0.3370. XRP still needs to regain $0.3500 to improve the short-term technical picture.
What's going on in the crypto universe
Binance promises to launch its proprietary blockchain and shows a demo version of its DEX.
Bitfinex adds four stablecoins to the list of tradable instruments.
US Treasury wants global regulators to fight criminal activities related to cryptocurrency assets.
Author
Tanya Abrosimova
Independent Analyst
