More than $ 20 billion was withdrawn from the crypto industry in the last 24 hours. The digital asset market has set off into a free fall, and with each new hour it continues to set new minimum records for the current year.
Yesterday’s market collapse continues to continuously lower cryptocurrency prices below the minimum annual support levels. The total market capitalization of digital currencies has returned to the values of August 2017, depriving crypto-enthusiasts of the hope of restoring coin rates by the end of this year.
The cost of bitcoin fell by more than 14% in the last 24 hours, setting a new minimum of around $ 4,485 for the first time since October 2017. The only difference in the current situation with the one that was in October last year is that at the moment the market is dominated by bears, not bulls.
Ethereum is dying a slow death, and the SEC’s decision on the illegitimacy of the two ICOs, which classified utility projects tokens as securities, aggravated the state of panic. The rate of ETH declined by 20%, dropping below $ 150 – the lowest level of the coin price since May 2017. Even before the ICO boom began, things were going much better with eithirium than they are now.
The overall market capitalization also plunged to dangerously low levels, reaching $ 152 billion and losing more than $ 20 billion a day. Can we say that the market has reached the bottom, or the abyss into which the cryptocurrency began to dive – much deeper?