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Crypto-Market Update: Bitcoin [BTC] Drops Below $5k; Altcoin, ETH, XRP, and XMR Traders Panic on Bitfinex News

crypto-market-update-bitcoin-btc-drops-below-5k-altcoin-eth-xrp-and-xmr-traders-panic-on-bitfinex-news

Bitcoin [BTC] dropped by more than 8% on 25th April 2019, as it plunged below $5k support. On a daily scale, the candle-stick recorded a loss of 8.76% from $5450 level. The negative movement in the market has been attributed to another Exchange related fraud this time involving Bitfinex.

BTC/USD 1-Day Chart on Coinbase (TradingView)

However, the market has apparently corrected from the sudden crash as it traded only 1.72% lower on a daily scale. The price of Bitcoin at 3: 00 UTC on 26th April 2019 is $5235.

Before Binance, Bitfinex was the leading Cryptocurrency Exchange in terms of volume. USD-Tether stablecoin was also first made popular on this Exchange. Recently, the New-York’s Attorney General’s office has accused the Exchange of covering up to $850 million using USDT.

The news broke late on 25th April 2019 and it caused a temporary frenzy in the markets. Moreover, the altcoins bore the maximum brunt of the fall as the total market capitalization of altcoins (excluding Bitcoin) lost about $5.8 billion dollars.

total market cap
Market Capitalization of Altcoins Only (Coinmarketcap)

The total market capitalization of the cryptocurrency markets including Bitcoin also fell below $170 billion. Furthermore, the dominance of Bitcoin over the cryptocurrency markets gained another percent; Currently, Bitcoin’s dominance is 54.8%.

Litecoin (LTC) Traders Not Moved

The Exchange-related scam was reported on the illicit use of USD-Tether. Moreover, the Bitcoin traders were too vulnerable and apprehensive of a drop as the news brought extreme FUD (Fear, Uncertainty, and Doubt) in the markets acting as a catalyst.

LTCUSD
LTC/USD 1-Day Chart on Coinbase (TradingView)

However, Litecoin traders remained unhinged, the losses it incurred due to Bitcoin’s fall were moderate and covered in a matter of hours nonetheless. The price of Litecoin [LTC] at 3: 15 hours UTC on 26th April is $74.17. It is trading 1.07% higher on a daily scale.

Ethereum (ETH), Monero (XMR) and Dash (Dash) and XRP

Ether (ETH), Monero (XMR) and Dash (DASH) fell by around or more than 5% on a daily scale registering highest losses amongst the top cryptocurrencies. Ethereum broke the $160 support line during the crash. The price of ETH at 3: 20 hours UTC on 26th April is $155.9. It is trading 5.42% lower on a daily scale.

Monero (XMR) and Dash (Dash) also broke key support levels. They are trading 7.45% and 5.02% lower on a daily scale respectively.

Also read: Ethereum, Monero and XRP Bullish, Peter Brandt Lists Stop Loss Levels To Watch-Out For

While XRP lost less in terms of percentage on a daily scale it also broke a key support level of $0.3. The price of XRP at 3: 30 hours UTC on 26th April is $0.293.

The top losers in the top 20 cryptocurrencies by market capitalization were Tezos (XTZ) and IOTA with 12.52% and 10.86% loss respectively. The price of Tezos at 3: 30 hours UTC on 26th April 2019 is $1.10. It wiped out most of the gains of the month, it touched a high of $1.47 in April.

Do you think that the market would correct on the daily or bears would grab hold of the opportunity? Please share your views with us. 

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