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:
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.
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.