Unfortunately for traders the crypto selloff has continued overnight and heavy declines are being seen across the board again.
This has led to the value of the entire market falling 3.5% over the last 24 hours to US$241.4 billion according to Coin Market cap.
It also means that the market has now lost approximately 20% of its value in the space of just two weeks.
The rejection of a cryptocurrency ETF was the initial trigger for the sell off two weeks ago and since then there has been a series of negative news items. This included Goldman Sachs and UBS dismissing Bitcoin’s use as a currency and tipping further declines.
Then last night the market hit the sell button after the U.S. SEC delayed a decision on a VanEck Bitcoin ETF until September. Prior to the decision the crypto market had been pushing higher, but all those gains and more were wiped out almost instantly when the news emerged.
Here is the state of play this morning:
The Bitcoin (BTC) price has fallen 2.3% over the last 24 hours to US$6,765.92 per coin, reducing the crypto giant’s market capitalisation to US$116.3 billion.
The Ethereum (ETH) price has plunged 6.4% lower since this time yesterday to US$378.98. This leaves Ethereum with a market capitalisation of US$38.3 billion.
The Ripple (XRP) price has shed 8.6% of its value over the period and is down to 38.1 U.S. cents. This has reduced the popular alt coin’s market capitalisation to just under US$15 billion.
The Bitcoin Cash (BCH) price has fallen 4% over the last 24 hours to US$660.31 per token. The Bitcoin spin off now has a market capitalisation of US$11.4 billion.
The EOS (EOS) price is down 5.3% since this time yesterday to US$6.63, leaving it with a market capitalisation of just a touch over US$6 billion.
Outside the top five the declines were equally severe, with only one coin in the top 30 in positive territory.
Stellar (XLM) fell 1.7%, Litecoin (LTC) dropped 6.1%, Cardano (ADA) is down 3%, and IOTA (MIOTA) plunged 12.3%. U.S. dollar-pegged Tether (USDT) was the only positive coin in the top 30 and edged slightly higher.