Not many people like waking up to Monday mornings and today, members of the global crypto community will be wanting to hit the snooze button a few more times.
In a span of less than two hours, the cryptoverse saw more than $12 billion being wiped off from its global investment market and even the week ahead looks particularly grim as virtual currencies across the board are showcasing bearish trends.
With speculation over whether the SEC would declare Ethereum as a security as well as the DoJ initiating various probes into illicit crypto trading within the US, investors have been sent into a tailspin.
As always, everyone is nervously eyeing the top three players in this sector. Bitcoin, Ethereum, and Ripple are all desperately licking their wounds from this latest savage bear attack as no immediate sign of recovery lay in sight.
Here’s what’s happening right now:
Just recently, experts had declared that the world’s largest cryptocurrency would need to hold strong and not go below the $8,000 threshold. But today, Bitcoin is rushing faster towards piercing the $7,000 mark.
Faring even worse than Bitcoin, Ethereum was down by almost 10 percent already at its lowest so far today, bouncing up a little and currently trading at $539 at time of writing. However, the misery for the markets will most likely continue and it’s probable that Ethereum will go drop below $500 in the coming few days.
Trading at $0.584696 at time of writing, Ripple is also bleeding and down by almost 4 percent.
In fact, out of the top 30 major cryptocurrencies, the only one that was in the green today was Bytom, which was up by a meager 1.23 percent.
What’s Behind This Sudden Downward Spiral?
With cryptocurrency markets being so sensitive to outside pressures, one can always speculate as to the reasons behind the falls and gigantic sell-offs.
FUD floods the market, and the US DoJ opening up an investigation into Bitcoin price manipulation with Bitfinex at its center could be the cause of this latest bear trap.
Analysis? Crypto traders may want to head right back to bed and pull up the covers. This Monday morning is going to go down like a kick in the head.