|

Over $12B wiped out from cryptocurrency market in two hours; Bitcoin, Ethereum, and Ripple are bleeding

  • 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.

ETH/USD, the hourly chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

More from Tanya Abrosimova
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Dogecoin Price Forecast: DOGE breaks key support amid declining investor confidence

Dogecoin (DOGE) trades in the red on Thursday, following a 4% decline on the previous day. The DOGE supply in profit declines as large wallet investors trim their portfolios. Derivatives data shows a surge in bearish positions amid declining retail interest.

Cardano Price Forecast: ADA dips below $0.37, hitting two-month low as bearish momentum builds

Cardano (ADA) price trades in the red, slipping below $0.37 on Thursday after correcting more than 7% so far this week. The ongoing pullback could deepen further as ADA’s social dominance declines and dormant wallet activity rises, suggesting bearish sentiment among traders.

Top Crypto Losers: Pump.fun, SPX6900, Bittensor slide further with double-digit losses

Pump.fun (PUMP), SPX6900 (SPX), and Bittensor (TAO) are leading the losses in the cryptocurrency market over the last 24 hours amid total liquidations of over $500 million. The retail segment alleges institutional manipulation amid an early-morning Bitcoin sell-off routine in the US market.

Bitcoin, Ethereum whipsaw sparks heavy liquidations amid accusations of market manipulation

The crypto market whipsawed on Wednesday as top cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), quickly reversed gains from the early American session.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.