The rapid decline in the rates of cryptocurrencies ceased a few hours ago, after a sudden price collapse occurred on the market, with which its capitalization decreased by an additional $ 15 billion and reached $ 324 billion. The segment’s capitalization decreased by about 6% in the last 24 hours. At the time of publication, another wave of sales hit the market, and its capitalization fell to $ 320 billion.
Bitcoin led the fall, when in just an hou it lost about $300 in price. Over the past 24 hours, the decline was 5%, and now the largest currency is traded near the level of $ 7,260. Trading volumes remain at the level of $ 4.2 billion, while the capitalization of the cryptocurrency fell to $124 billion, that is, $7 billion against the value at the same time a day back.
In the segment-specific cryptocurrency, the altcoins followed the bitcoin and also rushed down. Ethereum fell by 6.5% and lost about $25 for a couple of hours. ETH traded in the channel $580 – $620 for a week, but now deviated from this level and is about $570.
The third largest Ripple XRP, in the same period, fell from $0.67 to $0.61, thus losing almost $1.5 billion. In relation to bitcoin, XRP demonstrated a reverse trend on a short stretch and went up, but this did not last long.
The strongest blow from the top ten was received by IOTA, which fell by almost 12% and fell from $1.74 to $1.53, having lost $600 million of capitalization. Also affected were Bitcoin Cash (7.6%), EOS (9.2%), Cardano (8.3%) and others.
As noted by NewsBTC, the reason for the negative dynamics could be the ongoing investigation by the US Commodity Futures Trading Commission for several exchanges of cryptocurrencies because of the possible manipulation of prices, but these news appeared a day before today’s collapse of prices.
The second possible reason is the alleged break-in of the South Korean exchange, the CoinRail cryptocurrency, but it currently only occupies the 90th line in terms of trading volumes and is unlikely to be of great importance on the scale of the segment.
Earlier, Fundstrat analyst Robert Slimer, who gave a generally positive forecast for the bitcoin rate, warned that if the cryptocurrency is not held at $7,350 and $7,000, then further price reduction may follow.