Last week certainly was one to forget for crypto traders with heavy declines being experienced by almost all major coins.
Unfortunately, the selloff has continued this weekend and the crypto market has fallen deep into the red.
At the time of writing the entire value of the crypto market is down to US$209.4 billion according to Coin Market Cap. This is a decline of almost 8% since this time yesterday and extends the market’s seven-day decline to a whopping 21.5%.
While the rejection of the Winklevoss Twins’ ETF and a delay in a decision on the VanEck ETF has weighed heavily on the market this month, the latest decline could be attributable to comments from a Bloomberg Intelligence analyst.
According to Bloomberg, its analyst Mike McGlone has warned against buying the dip in the prices of cryptocurrencies.
He has stated that: “Bitcoin is in dump mode, following the pump run-up on the potential for a U.S. ETF. It may not subside until revisiting good support near $4,000 — last year’s mean.”
The market appears to have taken heed of these ominous words. Here is the state of play this afternoon:
The Bitcoin (BTC) price is down 5% over the last 24 hours to US$6,142.07, reducing its market capitalisation to US$105.7 billion.
The Ethereum (ETH) price has plunged 12.2% since this time yesterday to US$318.07. This leaves Ethereum with a market capitalisation of US$32.2 billion.
The Ripple (XRP) price has fallen 12.5% over the period to 29.78 U.S. cents, reducing XRP’s market capitalisation to US$11.7 billion.
The Bitcoin Cash (BCH) price is off 8.5% since this time yesterday to US$552.23. The Bitcoin spin off now has a market capitalisation of just over US$9.5 billion.
The EOS (EOS) price has plunged 10.6% over the last 24 hours to US$5.14, leaving EOS with a market capitalisation of almost US$4.7 billion.
Outside the top five the declines have been just as severe. The Stellar (XLM) price is down 5.3%, Litecoin (LTC) is off 11%, Cardano (ADA) is down 8.7%, Tether (USDT) has fallen 0.5%, and the TRON (TRX) price is down 9.8%.