Over Saturday night on 10 June, Bitcoin and crypto markets dipped significantly, with Bitcoin shedding USD 300 in just over an hour, writes Inside Bitcoins.
The sideways market which has endured for some weeks finally came to an end when the mini-crash wiped out USD 15 billion off cryptocurrencies in a couple of hours.
The current scenario is that if Bitcoin slides, other cryptocurrencies tend to follow and this downward charge was again led by the major digital currency which has lost over 4.5% since its sudden drop in value in less than 24 hours. At the time of writing, other markets are falling with EOS, IOTA, Ontology, OmiseGo and Icon having had a particularly restless few hours.
The markets slid over 6% over the past day, creating a rush selloff. Currently, at a total capitalization of USD 324 billion, markets have fallen fast from yesterday’s level of USD 345 billion. At the time of press, Bitcoin is selling at USD 7,324 as indicated my CoinMarketCap.
Ethereum went with BTC and slid 5%, losing USD 25 in two hours, dropping to a new weekly low of USD 576 at time of writing. Previous to that, the currency had been hovering between USD 580 and USD 620 for over a week.
There is speculation that there may be two significant factors precipitating such rapid downward movement in crypto markets. Some pundits are pointing towards the news of yesterday’s announcement by the US Commodity Futures Trading Commission that they are investigating three major cryptocurrency exchanges: Coinbase, Kraken, and Bitstamp, along with others.
Others point to emerging news that South Korean crypto exchange CoinRail has been hacked, although the exchange is just ranked 90th in the world with a USD 2.6 million daily trading volume.
The biggest fall in the market’s top 10 has been IOTA, losing almost 12% on the day with USD 600 million wiped off its market cap, falling from USD 4.8 billion to USD 4.2 billion in a few hours.
Despite this slump, many analysts see this drop as insignificant. The 24-hour trading volume in January saw Bitcoin experience a trading volume of USD 17 billion in a day. Yesterday’s Bitcoin trading volume was a mere USD 4 billion, reports AMB crypto.
With market prices still in the follow-Bitcoin trend, a fundamental turnaround in market fortunes is reliant on Bitcoin’s performance over the following weeks.
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