In what many describe as one of the steepest declines in a one-day period since February 2018, the total cryptocurrency market has lost more than $38 billion from its market valuation.
The price of Bitcoin has dropped from $7,400 to $7,000 in less than an hour yesterday, after which it stood still for a while and then sunk to $6,400 in less than six hours, recording a massive sell-off on most of the cryptocurrency exchanges.
However, BTC is not the only loser today. The price of many tokens and small-cap cryptocurrencies also took a hit – and even the coins with the most liquid Bitcoin trading pairs such as Tron, EOS, Cardano, ICON, and Ontology all dropped from 5% to 13% against Bitcoin. If we sum up the 13% fall of Bitcoin, it is easy to see that these tokens dropped by around 18% to 26% against the USD in only a couple of hours.
According to analysts, the major sell-off on the market was triggered by the Bitcoin price decline. However, some even point the drop to the decision of the $90 billion investment bank Goldman Sachs to delay the launch of a Bitcoin trading desk – which made the BTC price decline substantially.
Even though this definitely impacted the price fluctuations on the market, such a steep drop has more factors that need to be investigated right now.
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