Crypto Market Wrap: $14 Billion Blitzed as Bitcoin Beats a Retreat

Crypto markets dumping hard; Stellar, Cardano, BSV, NEM and IOTA in a hurt locker, Matic still moving.

Market Wrap

The big Bitcoin pullback has finally begun. Crypto markets are crumbling today in Asia as Bitcoin dips precipitously below key support sending the altcoins crashing around it. Total market capitalization has shed over $14 billion and is approaching $235 billion at the time of writing. After a very clear double top formation, Bitcoin failed to break resistance and started on a downward slide that has resulted in a 4.3 percent dump on the day. From trading just below $8,000 BTC has fallen back to just above $7,600 at the moment. Analysts are eyeing resistance at $7.4k and $6.8k with further declines likely if these cannot be held.

Ethereum has followed suit as usual and with a 7.5 percent dump is now back at $237. ETH has not managed to decouple from Bitcoin and could return to support at the $232 area.

The top ten is awash in red during Asian trading today. Cardano is getting crushed over 10 percent and Stellar is not far behind, dumping 9 percent. XRP, Bitcoin Cash and EOS have all dropped 7 percent and only Binance Coin is staying afloat, just above $30 with a 2 percent loss.

Big trouble faces the top twenty at the moment as Bitcoin SV dumps 12 percent of its epic gain yesterday. The US Copyright Office has it does not investigate whether there is a provable connection between the claimant, Craig Wright, and the pseudonymous BTC code author, effectively urinating on his parade. Also getting dumped on is NEM with a 12 percent slide, IOTA dropping 11 percent and Cosmos at 10%. The rest are sliding 6 – 8 percent at the time of writing.

FOMO: Matic Still Moving

Yesterday’s Binance induced pump is still going today as MATIC adds another 20 percent to its price. Embellishment from the world’s largest exchange can do wonders for a crypto project and give it a somewhat unfair advantage over its competitors. Crypto.com Chain has also had a bit of a revival with a 10 percent surge against the flow today. The Singapore based crypto wallet and card keeps adding new assets. There are too many double digit dumps today to count but those at the messy end of the top one hundred include Insight Chain, Enjin Coin, BSV, NEM and Qtum all dropping over 12 percent.

Total crypto market capitalization has been smashed $14 billion as it falls back to $236 billion today. The mass exodus is not over yet as Bitcoin searches for support. On the week crypto markets have dropped 7 percent but on the month they’re still up almost 25 percent so this pullback is nothing to be too concerned about … yet.

Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.