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Crypto market faces another bears assault; Bitcoin and major altcoins deep in red

  • Bitcoin has lost 3.5%, dropped to a weekly low.
  • Altcoins follow the lead, down from 1.5% to 12%.

The cryptocurrency market resumed the decline and lost another $5B of its value in recent 24 hours. The current capitalization of all digital assets in circulation dropped to $120B from $125B registered this time on Wednesday. Another wave of selling hit an overwhelming majority of top-20 coins that lost from 1.5% to 12$ on a day-to-day basis.

Bitcoin dropped to the lowest level in a week and threatened to break below $3,500. However, new buying interest located on the approach to psychological level helped to engineer the recovery towards $3,700 handle. Currently, BTC/USD is changing hands marginally above $3,700, down 3.5% since this time on Wednesday.

Ethereum is trading at $101.3, down nearly 6% on a day-to-day basis. The third largest coin with a market value of $10.5B tested $100.23 low during early Asian hours amid growing bearish sentiments. 

Ripple’s XRP has settled under $0.3400 handle, losing nearly 4% on its value in recent 24 hours. The coin dropped as low as $0.3346 during early Asian hours, before recovering to $0.3370. XRP still needs to regain $0.3500 to improve the short-term technical picture.

What’s going on in the crypto universe

Binance promises to launch its proprietary blockchain and shows a demo version of its DEX.
Bitfinex adds four stablecoins to the list of tradable instruments.
US Treasury wants global regulators to fight criminal activities related to cryptocurrency assets.

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