• CFTC investigation triggered the sell-off.
  • Another heist fo South Korean exchange intensified the decline.
  • All major coins are down at least 10%, EOS is the worst performer.

Cryptocurrency market lost over $50B of its value during the weekend, as all major coins dived into a sea of red amid heightened concerns about the regulatory clamp down. Government investigators requested comprehensive trading data form several cryptocurrency exchanges to decide whether there were market-distorting price manipulations or not. Commodity Futures Trading Commission is frustrated by the dispute between CME - a regulated commodity exchange offering Bitcoin futures - and the cryptocurrency trading platforms (Bitstamp, Coinbase, itBit, and Kraken) that provide their pricing data for CME's Bitcoin futures. 

News that the South Korean crypto exchange Conrail was hacked added fuel to the flames and pushed digital assets even lower on Sunday. Coinrail confirmed that the hacker moved over 70% of its digital assets to a cold wallet. The company is trying to recover the lost assets.

Bitcoin lost over 10% during weekend before stabilizing under $6,800 early on Monday. The digital coin No.1 went below $7,000 handle for the first time since April 4, resuming the downside after a short-lived correction. Bitcoin's market cap dropped to $116B, while trading volumes spiked to over $5.6B.

Ethereum, Ripple and Bitcoin Cash fell more than 11%, while EOS was the worst performer from top-10, down over 20%. ETH/USD is trading at $529, off Sunday's low at $502; XRP/USD touched $0.5550 before recovering to $0.5839. BCH/USD is trading at $965, off $895 low. EOS/USD stopped short of $10.00.

BTC/USD, the daily chart

 

 

 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines. 

More Cryptocurrencies News
TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.

More Ton News
Maker Price Forecast: MKR could stage 40% rally

Maker Price Forecast: MKR could stage 40% rally

MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.

More MakerDAO News
USDT market cap crosses $120 billion as stablecoins continue their uptrend

USDT market cap crosses $120 billion as stablecoins continue their uptrend

The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.

More USDT News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP