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Home / Business / Crypto Market Wrap: $ 16 Billion Clearance Begins, Where Will It End?

Crypto Market Wrap: $ 16 Billion Clearance Begins, Where Will It End?



Cryptomarkets retreat sharply; Litecoin, EOS, Bitcoin Cash and SV are smashed, Crypto.com becomes Fomo.

As expected, the crypto markets will be finally emptied at the end of the week. More than $ 16 billion was lost as markets fell from its peak of 2019 to about $ 170 billion. Bitcoin initiated the dump, but has so far exceeded the key support levels. Today the old coins are bleeding.

Bitcoin dropped below $ 5,000 for the first time in a week, dropping to $ 4,950 before recovering slightly. The failure to break the resistance at $ 5,400 has put the BTC back down as it fell 4% that day. Many had predicted this retreat, announcing further losses on a 200-day moving average of $ 4,600.

Ethereum fell more-than-expected, as expected, and again fell 5% below $ 1

65. There was no boost to $ 200 for the ETH, which is still rising and falling with her big brother. The gap between her and XRP in third place is now much larger with a market capitalization of nearly $ 4 billion.

The top ten are a red sea during today's Asian trading session. The old coins are hammered in double digits. Litecoin is losing 9% today while falling to $ 77. EOS and Bitcoin Cash are not doing much better with 24-hour losses of 6-7 percent. Stellar and Cardano have both thrown 5% as Tether moves up the chart.

The Top 20 are overwhelmed with the same pain as Bitcoin SV, Ontology and Maker ten percent apiece. Close behind are Tron, NEO and Ethereum Classic with losses of more than 6% per day.

FOMO: Crypto.com Crushing It

Despite the massive market correction, the Crypto.com chain now flies to $ 0.093 (1860 Satoshis) with a 25% pump. There does not seem to be much drive for the Fomo. The only news is that the company donated $ 500,000 to the charity Binance. South Korea's markets dominate CRO trading, with Upbit accounting for 40% of the total.

TrueChain is now also fomo with a 20% pump and Lambda is the third double digit Altcoin with 17%. KuCoin shares are still lost by another 11% today. ABBC Coin and Revain, the usual suspects, also give 10% each after the latest pumps.

Total market capitalization 24 hours. Coinmarketcap.com

The total capitalization of the crypto markets decreased by 5.5% in the space of 24 hours, falling from around $ 180 to nearly $ 170 billion. Markets reached a new high in 2019 on Thursday, with a brief surge to $ 186 billion, and $ 16 billion has since been destroyed. This could be a short-term retreat or the start of a final surrender that so many analysts have spoken of.

Market Wrap is a section that examines daily the most important cryptocurrencies during the current trading session and analyzes the best ones, who are looking for trends and possible basics.


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