Crypto Market Wrap: Did Binance Just Cause a $6 Billion Dump?

Crypto markets cooling off again; Only Bitcoin Cash surviving as Bitcoin SV drowns.

Market Wrap

There has been no further momentum on crypto markets and the pullback appears to be decelerating. The Binance BSV debacle seems to have sent markets into a temporary tailspin as $6 billion left the space a few hours after the announcement. Volumes and total capitalization is thinning out again as it approaches $170 billion but no major decline has ensued.

Bitcoin dumped to an intraday low of $5,025 a few hours after Binance delisted its smaller sibling. It has slowly clawed back to just below $5,100 today though and appears to be comfortable holding this position for now. There is still a lot of resistance looming above this level though.

Ethereum has plunged almost 4 percent on the day as it fell back to $160. Markets have been generally bearish over the past 24 hours but ETH has taken a harder hit this time. XRP which has moved very little in recent days has receded 2.5% overnight…

Read Full Story : NewsBTC

2019-04-16 07:00:46

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