Tanya Abrosimova
Independent Analyst
- Major sell-off pushed all cryptocurrencies deep into red.
- ETH is down 10%, moving closer to $500, Bitcoin eyes $7,000 handle.
Cryptocurrency market has lost over $12B of its value in a recent couple of hours as all major coins woke up from sleepy Asian session and resumed the downside with force and vigor.
Bitcoin, the largest digital currency by market value, touched $7,151, moving quickly towards critical $7,000 handle.
Ethereum is one of the biggest losers. The coin is down nearly 10% since the start of the day, trading at $528 at the time of writing. Considering that bearish momentum is still strong, it may hit $500 handle looms really large.
Ripple follows the same pattern, down 4% on the day. The coin touched $0.5735 low before retracing to $0.5796 at the time of writing.
While there are no clear fundamental reasons for the sell-off, some community members accuse trading robots and price manipulations coming out from Bitfinex. This is not the first time the cryptocurrency exchange is blasted with such accusations, though none of them was confirmed as of yet.
-636630852624521934.png)
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
Editors’ Picks
Grayscale files S-3 form for Digital Large Cap ETF comprising Bitcoin, Ethereum, XRP, Solana, and Cardano
Grayscale, a leading digital asset manager operating the GBTC ETF, has filed the S-3 form with the United States (US) Securities and Exchange Commission (SEC) in favor of a Digital Large Cap ETF.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH, and XRP brace for volatility amid Trump’s ‘Liberation Day’
Bitcoin price faces a slight rejection around its $85,000 resistance level on Wednesday after recovering 3.16% the previous day. Ripple follows BTC as it falls below its critical level, indicating weakness and a correction on the horizon.
Top crypto news: VanEck hints at BNB ETF, Circle files S-1 application for IPO
Asset manager VanEck registered a BNB Trust in Delaware on Tuesday, marking its intention to register for an ETF product with the Securities & Exchange Commission (SEC).
Solana Price Forecast for April 2025: SOL traders risk $120 reversal as FTX begins $800M repayments on May 30
Solana price consolidated below $130 on Tuesday, facing mounting headwinds in April as investors grow wary of looming FTX sell-offs.
Bitcoin: BTC remains calm before a storm
Bitcoin's price has been consolidating between $85,000 and $88,000 this week. A K33 report explains how the markets are relatively calm and shaping up for volatility as traders absorb the tariff announcements. PlanB’s S2F model shows that Bitcoin looks extremely undervalued compared to Gold and the housing market.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.