Did the crypto markets just dump $18 billion?

Did the crypto markets just dump $18 billion?

The crypto markets are deep in the red this Friday following a massive dump that resulted in the loss of US$18 billion [AU$26 billion] from the space.

The total capitalization of crypto markets topped $280 billion for the first time in ten days. However, gains could not be held and markets plunged by 6.4% in a matter of hours.

Bitcoin is leading the route as it failed to break resistance at the five-figure barrier.  The fall took the world’s premier cryptocurrency down to a monthly low of $9,100, according to TradingView.

Analysts had been expecting further losses as BTC failed to make a new higher high during the last rally which has effectively reconfirmed the long term downtrend.

Analyst Josh Rager is eyeing the mid-$8,000 zone if Bitcoin fails so close above $9,400. He added that bias remains down at the moment so this scenario could well play out.

As usual, all of the other cryptocurrencies have shadowed their big brother and the charts are a sea of red as we round out the week.

Ethereum, which has been bullish, recently dumped six percent back to the $230 level, and XRP has made similar losses, falling back to $0.19.

There are no high cap altcoins in the green and heavier losses have been suffered from EOS, Cardano, Stellar, Chainlink, Monero, Tron, and NEO.

Featured image courtesy of Jason Briscoe/Unsplash

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