Crypto markets pull back sharply; Litecoin, EOS, Bitcoin Cash and SV are destroyed, Crypto.com becomes fomo.
As expected, crypto markets are finally dumping as we end the week. Over $ 16 billion has been lost as markets fall from 2019 high back to $ 170 billion or so. Bitcoin initiated the dump, but so far has remained above the main levels of support. These are altars that bleed today.
Bitcoin fell below $ 5,000 for the first time in a week and settled on $ 4,950 before it was a little left. The frequency of breaking the $ 5,400 resistance has sent the BTC back, as it drops around 4% a day. Many had predicted this withdrawal and predicted further losses back to $ 4,600, with 200 days of moving averages.
Ethereum has fallen harder than expected with a drop of 5% back below $ 1
Top ten is a sea of red during today's Asian trading session. Altcoins become hammered, some with two digits. Litecoin loses 9% today as it falls back to $ 77, EOS and Bitcoin Cash do not do much better with 24 hours losing 6 – 7 percent. Stellar and Cardano have both dumped 5% as Tether moves up the chart.
The top twenty is flooded with the same pain as Bitcoin SV, Ontology and Maker dumps ten percent a piece. Close behind are Tron, NEO and Ethereum Classic with losses of over 6% per day.
FOMO: Crypto.com Crushing It
Despite the massive market correction, Crypto.com's chain today runs with a 25% fomo pump for $ 0.093 (1860 satoshis). There doesn't seem to be much to do fomo, the only news is that the company donated $ 500k to Binance's charity. South Korean markets dominate trade with CRO with Upbit and take 40% of the total volume.
TrueChain also gets fomo today with a 20% pump and Lambda is the third alcoin in two digits of 17%. KuCoin shares are still being dumped by a further 11% lost today. ABBC Coin and Revain, the usual suspects, also dumps 10% each for new pumps.
Total crypto terminal capitalization has lost 5.5% for 24 hours, from $ 180 to just under $ 170 billion. Markets reached a new 2019 high on Thursday with a brief rise of $ 186 billion, but since then, $ 16 billion has been wiped out. This can be a short-term withdrawal or the beginning of a final surrender that so many analysts have talked about.
Market Wrap is a section that takes a daily look at the best cryptic courses in today's trading session and analyzes the most effective, looking for trends and possible basics.