Crypto Markets Hammered With New ETF Rejection, $10 Billion Lost On Market Capitalization


The crypto market found itself in a new slump after a rally that brought the total market capitalization higher yesterday. The dump was supposedly a market reaction to the new rejection of the Bitcoin ETF proposals. It was a predicted rejection so the market reaction is questionable at best and might have been just really a correction after yesterday’s “manipulated’ prices. More than $10 Billion was lost from the market capitalization as it hit $207 Billion and the 24-hour trade volume dropped to $11 Billion.

Bitcoin, whose dominance has risen to 53.4%, has dropped -3.51% gains on the day and is back to $6421. This is the same price it has been on on the same day last Thursday. The current trade volume is down at $3.9 Billion.

Yesterday, the Bitcoin price surged to the $6550 level and went as high as $6900 before going back down. It dropped like a rock, breaking supports at $6600 and $6550. It retested lows at $6200 before coming back up at $6400. The resistance is back at $6550 and the support level is at $6200.

Ethereum, the next coin on the top 10 and the second cryptocurrency with the largest market capitalization have fallen even harder at -4.55% and the current price at $268. It has now fallen more than 70% of its value and is now back below the $300, an important level. The price may go up but might have a hard time crossing over the barrier at the $280 levels. Current support level is at $265.

All of the Top 10 is in the red with some getting more blood than others. Stellar is slipping away with -6.93% and now back at $0.20. Monero is still hurt badly at down even more at -6.06%. At 5% loss level are Cardano, EOS, and XRP. Most of these coins are still at their lowest this year.

The Top 25 is in a similar condition with VeChain leading the top losers of the day. It has lost -10.27% on the day and selling at $0.01. Not far behind are Ontology, IOTA, and NEO in between 7-9% losses.

For the Top 100, there are only 2 on the green which is Bitcoin Diamond in a pump at 49.00% and Cybermiles at 6.59%. Bitcoin Diamond is pumping on a supposed news about an e-commerce store powered by BCDPay.

The rest of the drops in the TOp 100 are mostly below the double-digit level with the exception of Nebulas, Cortex, MOAC, Hshare, and PIVX.

This post first appeared at CoinDNA – Crypto Markets Hammered With New ETF Rejection, $10 Billion Lost On Market Capitalization 

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