Forbes just published an article at 7:16 am this morning about Bitcoin hitting $10,000 by end of “Blockchain week” in New York. This sentiment has been echoed by many news outlets over the past few days. One has to wonder, when it comes to big media, is it actually one big echo chamber? Perhaps the editor(s) should have been paying attention? I don’t necessarily question the thesis of the article, but the timing couldn’t have been worse.
As I write this, the entire cryptocurrency market is experiencing what we can only hope is a small meltdown. All the major players, all the legit companies and currencies, seem to be in free-fall (even ones that tend to move in opposite directions from each other). At the time of this writing, the entire crypto market is worth US$384.3 billion according to Coin Market Cap, down about 9% or US$38.7 billion over the last 12 hours.
Here are some of the stats… it isn’t pretty
Bitcoin (BTC) is down 8% over the last 24 hours to US$8,59.19 per coin, reducing its market capitalization to US$146 billion.
Ethereum (ETH) is off 10% since this time yesterday to US$680.80 per token. This has cut Ethereum’s market capitalization to US$67 billion.
Ripple (XRP) price has crashed 14% to US $0.69 per token, leaving it with a market capitalization of US$27 billion.
EOS (EOS) is also down 18% during the last 24 hours to US$15.08 per token. EOS now has a market capitalization of US$12.8 billion.
Litecoin (LTC) fell over 10% to US$140.12 per coin and now has a market cap of US$ 7.9 million.
Even fan favorite Cardano (ADA) has taken a beating, losing 17.33% bringing it down to US$0.26 and a market cap of US$6.6 billion.
Some other tumblers include:
Stellar (XLM) has fallen 17%, IOTA (MIOTA) has tumbled 17.5%, and TRON (TRX) has dropped almost 17%.
One potential catalyst for this decline appears to be speculation that South Korea’s largest cryptocurrency exchange, UPbit, has been targeted by regulator on charges of fraud.
According to Coin Patrol, prosecutors are believed to be alleging that UPbit has been transferring funds from customer accounts to a separate account belonging to an executive of the company. UPbit has not yet responded to the speculation.
Considering how big the South Korean market is, it comes as little surprise to see the market selloff in a panic today. Traders will be hoping for a rebound in U.S. trade later, one that everyone hopes will only be strengthened by the Consensus event in New York next week.