The Strategist

Crypto-currency market lost $ 35 billion in a day

09/06/2018 - 15:23

Over the past 24 hours, the crypto-currency market has lost more than $ 35 billion, falling sharply to $ 200 billion. Bitcoin resumed the decline, which began yesterday afternoon, and was below $ 6500 in just an hour. Altcoins are also falling rapidly.

Public Domain Pictures
Public Domain Pictures
The sharp drop of the crypto-currency market began on Wednesday and continued on the night of Thursday, September 6. Then, Bitcoin, having fallen in price by more than 12% in aggregate, plunged below $ 6500.

The weighted average rate of the first crypto-currency was $ 6439.17, while its price fell to a mark of about $ 6250 on a number of exchanges as a result of the sharp decline in the price. Bitcoin’s market capitalization amounted to $ 111.09 billion. 
All crypto-currency of the first five are falling down. Total market capitalization of the crypto-currency market has reached $ 202.88 billion according to Coinmarketcap’s data. The Bitcoin Dominance Index is 54.76%.

The second crypto-currency by capitalization, Ethereum fell by more than 20% during the last day, thus returning to the indicators of September 2017. Its market capitalization was $ 23.21 billion. One ETH token now costs about $ 228.03.

As of other top ten crypto-currencies by CoinMarketCap’s version, Cardano (ADA) underwent a significant correction, losing about 20% in price. The coin dropped to levels of December 2017 and is currently trading at about $ 0.085. EOS lost more than 22%, and Litecoin and Monero - almost 19%.

Among the factors that could affect such a rapid decline in the market, analysts most often call insider news about Goldman Sachs' refusal to create a trading department specializing in crypto currency.

Another common version of the drop is the general negative mood caused by decision of a popular crypto-currency exchange platform ShapeShift to introduce mandatory registration of users and start collecting personal data. This step might also scare away large investors who would prefer to keep their financial transactions private.