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Crypto storm is brewing; will we see new lows soon?

  • All major altcoins are in a red zone, breaking below key technical levels.
  • Zcash is the best performer of the day so far.

It seems that crypto bears have finally had an upper hand as all major digital assets are moving to the South. The market capitalization dropped to $203.5B from $209B the day before. This is the lowest level in a year.  

Bitcoin broke free from its narrow range and tested $6,208 low on Monday. Currently, the digital coin No. 1 is changing hands at $6,262, losing nearly 2.4% on a day-on-day basis. Once $6,200 handle is broken, the downside will gain traction.

Ethereum lost $200 ground, which added lots of bearish colors to the technical picture of the second largest coin with a market cap at $20.3B at the time of writing. ETH/USD is changing hands at $196, down 3.6% in recent 24 hours, as October 11 low at $186 looms large.

Ripple’s XRP sell-off is snowballing. XRP/USD lost nearly 3.5% on a daily basis to trade at $0.4459 at the time of writing. The price dropped below DMA50, which is an ominous sign for XRP’s bulls.

TOP-20 leaders and outsiders of the recent 24 hours

  • Litecoin and IOTA are the worst performers of top-20 cryptocurrencies with 5.7% and 6% of losses respectively.
  • No coin is in green today, though Binance Coin losses seem to be the smallest (-2.2%).

What’s going in the crypto universe

The UK financial regulator wants to ban crypto-based derivatives trading.

The head of Fidelity Digital Assets announced that the company won’t launch cryptocurrency exchange but focus on cold storage services for digital assets. This news along with hack attacks might have triggered the sell-off on the market.

Another hack attack and a possible exit scam hit the industry: Canadian MapleChange fell victim to crypto hackers and abruptly stopped all activities.

Belgium regulator published another fraud alert; the blacklist now consists of 99 suspicious crypto websites.



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