On Wednesday afternoon, the global cryptocurrency segment posted a sell-off on the entire market, losing 25 billion dollars, equal to 12% of the total market capitalization.
Most losses hit in a short window an hour, between 3.30pm and 4.30pm UTC. The sudden drop in the flash was nothing short of amazing and followed the $ 7.5 billion sale this morning which, without the advantage of foresight, seemed significant at the time.
Just when we thought we were out …
Now the installation of altcoin seems radically different, with several coins threatening the annual lows of August-September, after a full quarter of recovery.
All the recent Bitcoin Cash earnings have disappeared, with BCH falling 30% in the last week alone, and close to 20% in the last day. The same pattern persists among all recent farmers in the market, while another major correction is expected.
BTC / USD hits the 13 month lows
Bitcoin nevertheless scored new annual lows, or thirteen month lows to be accurate, after BTC / USD fell to $ 5,765 – a non-assisted level since October 2017. This puts BTC to 9.8% losses in under twelve hours, after falling from this in the morning is $ 6.395.
At the time of writing the $ 6 billion Bitcoin volume, you have to look for eleven places on the charts to find the first cryptocurrency to which BTC has been significantly traded. The top ten most concentrated transactions are all against fiat currency (USD and KRW) or stablecoin with dollar currency – specifically Tether (USDT).
Ethereum sinks along with mining profits
As explained earlier on Hacked, the initial fall of Ethereum below the value of $ 200 led to the extraction of Ether no longer profitable. However, the price of $ 189 quoted in the article continued to fall further, landing at $ 179.49 and causing a drop of 14.4% for Ethereum from last night's high of $ 209.78.
This is still slightly above the $ 170 valuation recorded during the September fall of this year, and saves ETH a new annual minimum together with BTC.
Tron (TRX) threatens annual lows
The value of TRX fell 16% from $ 0.022358 to $ 0.018757 for Wednesday, pushing the currency closer to the August lows when TRX reached $ 0.016666 before bouncing back.
This time the price rebounded to the $ 0.019 level, which is a sign of hope for the altcoin, even though TRX losses now stand at 22.5% over the last seven days.
All the growth of the coins surrounding BitTorrent, the volumes of recorded transactions, the lists of coins and everything that has come out of Tron's headquarters in recent months has actually been canceled.
A few coins were spared from bloodletting, and even the stablecoins were shaken by the sudden sale, while Tether dropped back to $ 0.97. Despite the numbers cited above, the worst loss came from lower altcoins, with the recent Basic Attention Token (BAT) gainer now declining by more than 40% for the week.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out trading activities in the short term or daily.
Featured image courtesy of Shutterstock.