10% Wiped Off Cryptocurrency Market Cap as ETF Decision Delays
The global cryptocurrency market cap lost 10% of its value overnight as the SEC further delayed their decision on the VanEck ETF. The judgement has been pushed forward to September 30th, in what could possibly end up being the third rejection of a VenEck ETF proposal. The ETF decision has been responsible for much of the crypto markets trends over the past month, and the speed of last night’s plunge mirrors the speed of its rise in anticipation of the ETF proposal from earlier last month.
Global Cap Loses 10% Overnight
Last night’s losses compound a 23% fallout over the course of the week, and today the majority of coins in the top one-hundred have been marked down by double-figure percentages.
Within the top ten, XRP, EOS and IOTA have taken the worst of the damage, each losing over 16% within the last 18 hours or so. Ethereum has shed over 10% of its value, while Bitcoin is closing in on the 10% mark, having sunk by 9.5% before a slight rebound and consolidation.
The XRP coin is now trading at 2017 levels, after falling to a price of $0.345 – a valuation not encountered since early December. That amounts to 16% losses overnight, and leaves XRP on 23% losses over seven days. The highest concentration of trades come from XRP/JPY (Japanese Yen) trades on Bitbank.
Despite XRP’s losses and reversion to last year’s valuation, it isn’t even the worst performer in the top ten.
EOS is down 17.5% from last night’s price of $7.17. The lowest it dipped was to $5.91 at around 06:00 UTC this morning, before a return to $6.01 at the time of writing. Over 48% of EOS trades have come against Tether (USDT) today, suggesting investors aren’t necessarily cashing out, but rather using Tether as a friendly port for the duration of the storm.
Today’s losses take EOS back to the early April valuation, just before the ramp up to the completion of the ICO took place.
IOTA has nursed 10% day-on-day losses for the last two days starting August 6th, and now the coin price has returned to early November levels. Last night’s price of $0.805 gave way to the tune of 18.8% and the coin plunged to a value of $0.653.
In the last 24 hours many seemingly sacred support levels have been breached. IOTA had floated comfortably above the $0.90 mark for the last month or so, but the preceding seven days have seen all of that perceived security disappear.
Featured image courtesy of Shutterstock.