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

Bitcoin [BTC] dropped by more than 3.7% on 25th April 2019, as it dropped below $5k support. On a daily scale, the price fell by 8.76% from $5450 level. The negative movement in the market has been attributed to another Exchange related fraud this time involving Bitfinex.

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

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

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 fell below $170 billion as well. 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 that the news brought extreme FUD (Fear, Uncertainty, and Doubt) in the markets.

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. 

Summary

Crypto-Market Update: Bitcoin [BTC] Plummets On Bitfinex News; Altcoin, ETH, XRP, and XMR Traders Panic Too

Article Name

Crypto-Market Update: Bitcoin [BTC] Plummets On Bitfinex News; Altcoin, ETH, XRP, and XMR Traders Panic Too

Description

Bitcoin [BTC] dropped by more than 3.7% on 25th April 2019, as it dropped below $5k support. On a daily scale, the price fell by 8.76% from $5450 level. The negative movement in the market has been attributed to another Exchange related fraud this time involving Bitfinex. 

Author

Nivesh Rustgi

Publisher Name

CoinGape

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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