In the past night from Saturday to Sunday has taken place once again a Flash-Crash on the crypto currency market. Within an hour, the entire market has lost around 13.5 billion dollars in market capital. The Top 3, Bitcoin, Ethereum and Ripple have to be recorded uniformly around 5 per cent losses.
The total market capitalisation has fallen from 340 billion dollars, to 326.5 billion dollars.
Bitcoin led to the Crash, as the course has lost 01.45 PM German time in a little more than an hour, around 220 euros. Within this hour, around 3.6 billion US dollars in the market invested capital from the market. In the last 24 hours, Bitcoin is recorded so that a loss Rate of 4.5 % and is currently trading at 6.185 Euro. The market capitalization for BTC is currently dropped to 105.6 billion USD.
The Altcoins follow here (as almost always) very often the top dog of Bitcoin in the course of development. Ethereum reflected this Trend again and lost 5% in the same hour, and fell to 20 euros. Within this 60 minutes, around 2 billion of US have given way to dollars market capital of Ethereum from the market. The ETH exchange rate has fallen to around 480 Euro.
Ripple, as the third largest Cryptocurrency by market capitalization, fell in the vacant time period of around 5%. XRP has lost 1.5 billion USD of market capitalization. The price of XRP is at the time of writing in 0,5375 Euro.
The biggest loser of the Flash crash IOTA with 11 %, Bitcoin to Cash with 7 %, EOS with 9 %, as well as Ontology and Siacoin, each with 11% loss Rate.
Despite the decline in the Numbers due to the development of the last few weeks are not particularly surprising. So Bitcoin had at the beginning of January of this year, the trade volume of over $ 14 billion in one day. The Bitcoin trading volume this morning amounted to just 3.6 billion dollars was much lower.
What caused the Flash Crash?
There are some speculations about what could have caused this Flash Crash. A guess is that the summons of the major stock exchanges Coinbase, Kraken and Bitstamp by the U.S. Commodity Futures Trading Commission, to clarify the possible price manipulations led to that.
As another possible reason is a Hack of the South Korean crypto-currency exchange CoinRail will be discussed, which have given the Hack already.
The Bitcoin whale, of which we have reported yesterday, seems to be responsible. The Wallet address of the unknown giant (1KAt6STtisWMMVo5XGdos9P7DBNNsFfjx7) shows the crucial time of any transactions.
Whether any of these alleged messages from the Flash Crash is responsible, is at least very questionable. In the past, the rumor mill, as well as the subject of FUD (Fear, Uncertainty and Doubt) in our opinion, a more important role, which should not be disregarded, as the crypto currency market is very strongly influenced by expectations of certain rates developments. In addition, it was observed in the past that as soon as major support lines have been broken, severe price drops followed.
The news in the last week generally positive. In this respect, the price movement could be just another example of the volatility of the cryptocurrency market. How to do it for the crypto currency market, can only show the next few hours.
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