Cryptocurrency market is bleeding with double-digit losses across the board

The sell-off is gaining traction with all coins deep in the red.
Bitcoin is hovering around $3,600 handle, vulnerable to new losses.
Cardano and Bitcoin Cash are the biggest losers.

Tanya Abrosimova Independent Analyst

The crypto market is deep in red again. Bitcoin and all major altcoins are bleeding as a short New Year recovery period merged into a massive the sell-off amid new regulatory concerns and blockchain vulnerability issues. The total capitalization of all digital assets in circulation crashed to $121.9B, which is the lowest level since December 28.

The European Commission may classify certain cryptocurrencies and tokens as the financial instruments, following the research paper, submitted by the European Banking Authority. It will help to solve the issue of patchy regulation and tighten the requirements applied to customer protection and anti-money laundering aspects. Read more about it here.

Also, investors are wary of 51% attack that is taking place on the Ethereum Classic Network. These developments deter market sentiments and push the prices lower.

Bitcoin is hovering around to $3,600 handle, down nearly 10% since this time on Thursday. The largest digital coin recovered from $3,560 low, the sell-off may be resumed once the European traders join the game.

Ethereum, the second largest coin in Coinmarketcap's rating, is down nearly 15% to trade at $128.99 by the time of writing. ETH/USD follows the trend of the broader cryptocurrency market. Apart from that, it is under pressure due to the upcoming Constantinopole upgrade.

Ripple's XRP, the third largest coin by market capitalization, lost over 12% since this time on Thursday. The coin is hovering around $0.33 area with a bearish bias.

Cardano (ADA) and Bitcoin Cash (BCH) are the biggest losers of top-20. They lost 19% and 18% of their respective values in recent 24 hours.

Author

Tanya Abrosimova

Independent Analyst

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