Cryptocurrency market News – Crypto markets lose $14 billion in market cap in just 12 hours

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After rebounding from the lower levels in the last month, it seems like crypto markets are finally in for some consolidation. Bitcoin (BTC) was consistently trading above $ 3800. However, the last 12 hours have changed all of that. Cryptocurrency markets are bleeding once again. The price movement in cryptocurrency markets has been akin to a flash crash.

Crypto markets lose $ 14 billion in market cap in just 12 hours:

When you look at the cryptocurrency market cap 12 hours back, it was around $ 138 billion. Currently, it is around $ 124 billion. Thus, in a matter of just 12 hours, it has fallen by approximately $ 14 billion. The amount in percentage is higher than 10%. It indicates that there might be some underlying factors due to which, the crypto markets have fallen so significantly. The fall in the overall cryptocurrency market cap has reflected in the intraday performance of cryptocurrencies.

Bitcoin (BTC), the dominant cryptocurrency is down by 8.84% today. It is trading around $ 3670. Similarly, Ripple (XRP) is down by 10.3%. It is trading around $ .32. Ethereum (ETH) is down by over 15%. It is trading around $ 128. The top 3 cryptocurrencies have fallen by a significant amount. It indicates that there is pressure on not just the broader markets but also the mainstream cryptocurrencies. The mainstream cryptocurrencies have lost the majority of the market cap.

When you look at some of the cryptocurrencies which have fallen the most, Pundi X leads the list. It has declined by 22%. Similarly, Repo is also down by 22%. It indicates that the pressure on the broader markets is much higher. Up until now, there is no significant employing factor which might trigger such a crash. The market is anticipating something negative to come up in the next few days. It is widely anticipated that in the New Year, there might be some recovery or at least consolidation in the cryptocurrency prices.

With the flash crash, now the hopes are slim that markets might bounce back once again. Many traders are anticipating a slight recovery from the losses on an intraday basis. However, with this flash crash, questions are once again arising regarding the validity of the most improvement in the mainstream cryptocurrencies like Bitcoin (BTC) which went from $ 3200 to around $ 4000 earlier. When the dominant cryptocurrency is under pressure, it will be tough for the other cryptocurrencies to gain any ground.

About Manish 352 Articles
I am an avid crypto lover and a electronics & telecommunications engineer by qualification. I follow the cryptocurrency & blockchain industry closely to focus on the latest news & developments.

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