As we came in reported in the night from Saturday to Sunday from 01:45 PM German time to a first Flash Crash of Bitcoin and all Altocins on the market. After Bitcoin moved to the Sunday on back sideways, it came from about 19 o’clock to a new hour Crash.
In this context, the price of Bitcoin fell on Sunday on Sunday evening of 6.139 Euro to around 6.793, $ 91. Throughout the day, Bitcoin fell yesterday by almost 11 percent, while the prices of most Altcoins have had to 12 percent or even more bleeding.
The total market capitalization has fallen within the aforesaid time, on Sunday evening from 318 to 299 billion dollars. At the start of Sunday, this is still about 340 billion US dollars. In the course of the Evening, and the Sunday night total market capitalization has fallen, at times, even up to 291 billion dollars. Since then, there is a small upward trend. The market capitalization was able to climb to the reaction time up to almost 299 billion US dollars, up.
In addition to Bitcoin, the Altcoins have suffered partially more Rate reductions. Ripple, EOS, IOTA and TRON were among the biggest losers of yesterday’s Sunday. Their losses amounted to between 15 % to 20 %.
Over the past 24 hours, the following picture emerges for the Top 10. Bitcoin and Ethereum are about the last 24 hours with around 7% in Minus, Ripple with 8 %. EOS is the biggest loser with about 16 percent, IOTA loses about 10 percent.
As we already reported yesterday, there was some speculation about what might have caused the “crypto-bloodbath”. A presumption was, that the summons of the major stock exchanges Coinbase, Kraken and Bitstamp by the U.S. Commodity Futures Trading Commission could have led to the clarification of possible price manipulation.
The summons of the four major crypto-currency exchanges Coinbase, Kraken, Bitstamp by the CFTC in order to obtain comprehensive trade data, may not result from our point of view, although a certain degree of nervousness on the market, but no Crash in the extent of how it happened yesterday, cause, at least from a purely rational reasons.
If indeed, price manipulation by anonymous whales, may have caused yesterday’s Crash, remains beyond speculation.
As another possible reason for the Hack of the South Korean crypto-currency exchange CoinRail was discussed. Since Coinrail is, however, a small Korean stock exchange, whose trading volume is only just in the Top 90 of the largest stock exchanges, may be excluded from this theory probably.
A rational reason could be the fact that the decline is correlated with a significant decrease in the volume of trade in the last two months. This decline signaled to investors only in the short term uncertainty, but also the sideways trend of the past few weeks in question. The Crash could, therefore, be merely a manifestation of this trend.
How to do it for the crypto currency market is now more, can only show the next few days. In the long term, however, we see a positive Trend. The news of the last weeks has been very positive. In this article, we have discussed in detail that the difficulties of Entry for institutional investors are still large, and that’s why many companies, such as Coinbase, LMAX, Digital or Goldman Sachs.
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