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.
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.
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.
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.
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.