Where’s the Fire? Bitcoin and Major Cryptocurrencies Take Massive Beating

Cryptocurrency
Where’s the Fire? Bitcoin and Major Cryptocurrencies Take Massive Beating 1
Source: CoinCap.io

Just before lunch on Wednesday, the crypto market looked like a bear’s den, with all ten of the top cryptos by market capitalization having bled more than 5%.

The exception of Tether (USDT) is easily explained as the token has a fiduciary responsibility to remain pegged to the US dollar, and thus its fluctuations would only be notable if its volume had significantly increased. That said volume has not increased, however, is also noteworthy – the money seems to be disappearing, heading for who-knows-where.

In fact, Tether took a 24-hour loss in market size of at least $100 million, meaning that a good deal of the capital fleeing various cryptocurrencies was not only not heading into Tether USDT, it was leaving the market altogether.

Where’s the Fire? Bitcoin and Major Cryptocurrencies Take Massive Beating 2
Source: CoinMarketCap.com

USD Coin added a few million units to its reserves, but nothing near what Tether has apparently lost.

Where’s the Fire? Bitcoin and Major Cryptocurrencies Take Massive Beating 3
Source: CoinMarketCap.com

Similarly, Gemini Dollar seemed to have some buy pressure, but nothing insane:

Where’s the Fire? Bitcoin and Major Cryptocurrencies Take Massive Beating 4
Source: CoinMarketCap.com

Thus, with no tokens or coins having breakout record price surges, and the majors all plunging, it seems all this money is actually heading for the door.

Bitcoin Cash SV: Unlikely Survivor of a Rabid Bear Attack?

Surprising as it may be to some readers today, the only winner has been Bitcoin Cash SV, which was previously trading under $100 but was at one point trading over $200 on Poloniex, one of the few exchanges engaging in with it the day before the scheduled Bitcoin Cash hard fork.

Time of writing prices on SV looked like this at Polo and HitBTC:

Where’s the Fire? Bitcoin and Major Cryptocurrencies Take Massive Beating 5
Souce: CoinMarketCap.com

While trading at Bitfinex seemed to be going swimmingly, with a 24-hour high for the BSVUSD futures market hitting nearly $250.

Where’s the Fire? Bitcoin and Major Cryptocurrencies Take Massive Beating 6
BSVUSD @ Bitfinex
Source: Bitfinex.com

This particular bear assault seems to be on the market as a whole, as the price fluctuations in Bitcoin Cash SV actually correspond to the losses in Bitcoin Cash ABC, meaning that they can be seen as more of an “economic vote” than a market performance metric. Only once both chains are independently operating will we have sure metrics which we can use to analyze the factors of both Bitcoin Cash prices.

It is unclear at this time what is driving the marked downturn across the crypto market, which presently has dipped under $200 billion as a whole. However, CCN and Hacked.com analysts are hard at work researching potential answers and strategies, so stay tuned.

Featured image from Shutterstock.

Follow us on Telegram or subscribe to our newsletter here.

Who is Buying Bitcoin? Take the survey here and help us with our study.

Advertisement



About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 62,249.00
ethereum
Ethereum (ETH) $ 4,300.88
binance-coin
Binance Coin (BNB) $ 496.27
tether
Tether (USDT) $ 1.01
cardano
Cardano (ADA) $ 2.03
solana
Solana (SOL) $ 200.70
xrp
XRP (XRP) $ 1.08
polkadot
Polkadot (DOT) $ 42.92
dogecoin
Dogecoin (DOGE) $ 0.306245
shiba-inu
Shiba Inu (SHIB) $ 0.000067
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 62,249.00
ethereumEthereum (ETH)
$ 4,300.88
tetherTether (USDT)
$ 1.01
bitcoin-cashBitcoin Cash (BCH)
$ 591.14
litecoinLitecoin (LTC)
$ 194.22
bitcoinBitcoin (BTC)
53.647,12
ethereumEthereum (ETH)
3.706,56
tetherTether (USDT)
0,870433
bitcoin-cashBitcoin Cash (BCH)
509,45
litecoinLitecoin (LTC)
167,38
bitcoinBitcoin (BTC)
45,264.36
ethereumEthereum (ETH)
3,127.38
tetherTether (USDT)
0.734422
bitcoin-cashBitcoin Cash (BCH)
429.85
litecoinLitecoin (LTC)
141.23

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021

Blockchain/Cryptocurrency Questions and Answers

Bitcoin's Popularity
Top Reasons Why Bitcoin’s Popularity is Growing
October 28, 2021
Ethereum
Everything You Ever Wanted To Know About Ethereum
October 28, 2021
Top 5 Crypto Funds You Should Definitely Follow Too
October 28, 2021
ICo Presale
The Science Behind ICO Presales…
October 14, 2021
Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin61,736 0.18 % 4.56 % 6.80 %
Ethereum4,265.9 0.64 % 6.87 % 2.30 %
Binance Coin492.33 0.46 % 8.79 % 2.15 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Cardano2.010 0.68 % 3.52 % 8.26 %
Solana199.23 0.22 % 5.55 % 13.46 %
XRP1.070 0.64 % 5.54 % 6.70 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.3026 3.22 % 25.02 % 18.90 %
Shiba Inu0.00006457 4.96 % 18.77 % 120.82 %

bitcoin
Bitcoin (BTC) $ 62,249.00
ethereum
Ethereum (ETH) $ 4,300.88
binance-coin
Binance Coin (BNB) $ 496.27
tether
Tether (USDT) $ 1.01
cardano
Cardano (ADA) $ 2.03
solana
Solana (SOL) $ 200.70
xrp
XRP (XRP) $ 1.08
polkadot
Polkadot (DOT) $ 42.92
dogecoin
Dogecoin (DOGE) $ 0.306245
shiba-inu
Shiba Inu (SHIB) $ 0.000067