Plenty More Where That Came From: Asian Markets Ramp Up Widespread Sell-Off; Outdo American-Led Selling Hours Beforehand
If Tuesday afternoon’s (EST) market-wide selling led by the United States wasn’t enough to stomach for cryptocurrency investors, then the Asian-led onslaught that ensued in the following hours would surely have tested the mental fortitude of many.
Indeed, such is the perpetual nature of the cryptocurrency market – which has no daily trading window unlike Wall Street’s NYSE or Frankfurt’s DAX – that market momentum is allowed to circumnavigate the globe, causing investors to often wake up in a state of panic or elation.
The reasons behind the widespread sell-off were many, including breaking news stories such as Facebook prohibiting ads that promote ICOs and cryptocurrency, an SEC-enforced shut down of the $600m AriseBank ICO, and the issuance of subpoenas by U.S regulators to a world-leading crypto exchange – Bitfinex – as well as Tether.
It was almost inevitable, then, that as Asian crypto enthusiasts awoke on Wednesday morning (KST) to the dismal state of the market, that a secondary barrage of sell orders would ignite courtesy of the South Koreans, Japanese, Australians, and the like.
So powerful was this second wave of selling that the cryptocurrency market actually plummeted past the low that was recorded just hours earlier – which itself had marked just the second time this year that the market cap had fallen back under $500 billion (USD).
At the time of writing, the total market cap is $493.7 – according to data from LiveCoinWatch.com. So pervasive was the Asian-led selling, that only 9 of the top 300 virtual currencies had increased in price over the past 24 hours.
Focusing on the top 50 cryptocurrencies, 30 of them have recorded double-digit price dips over the past 24 hours. Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) managed to avoid making the demeaning list, yet still incurred sizeable price declines of -9.0%, -5.1%, and -8.2%, respectively, at the time of writing.
Speaking of Bitcoin, the premier digital currency which many look to as the barometer for the entire market, fell below the psychologically significant barrier of $10,000 today; continuing its drawn out correction that is now into its fourth week.
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