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The cryptocurrency market collapsed with over $30 billion wiped out from the market in a matter of minutes. Bitcoin touched the low under 5,700 before recovering to $6,300 by the time of writing. ETH/USD slumped to $136, losing 30% of its value in recent 24 hours. Ripple’s XRP is changing hands at $0.1578, down 25% on a day-to-day basis.

The unprecedented collapse took the market players by surpize. While it is still unclear what might have caused the massive sell-off across the board, a cascading stop orders increased the downside pressure and caused a domino effect. 

Considering the sharp move, one may expect a short-term correction from deeply over-sold levels; however, it is still hard to make some longer-term forecasts until the dust settles.

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