Selloff in Asian Exchanges Caused a Crypto Market Bloodbath

Oct 12, 2018 at 0:30

The entire crypto market experienced a bloodbath led by Bitcoin’s 4.54 percent decline to $6,197.50 with a market cap of $108.6 billion.

Yuji Nakamura, a tech expert from Tokyo, expressed that the drop could have been triggered by selloff from markets in South Korea and in Japan.

“Crypto getting spanked this morning in Asia. Hearing that Japanese day traders are leading the move lower, selling crypto to pay for unexpectedly big margin calls in stocks,” he expressed.

He cited that the volume of major cryptocurrency exchanges in Asia including Bithumb, Bitflyer, and Upbit have increased by a large margin in the past few days.

Despite the drop, he noted that as long as the coin remains above the $6,000 territory, chances are high that it will not sink to the $5,000 mark.

Meanwhile, Ethereum suffered worse as it retreat by 11.88 percent to $200.21 with a market cap of $20.4 billion.

Among the top 10 coins, XRP, the third largest cryptocurrency suffered the largest plunge as it went down 13.65 percent to $0.41 and a market cap of $16.2 billion.

The said drop was said to be caused by concerned traders for the coin’s high risk due to Ripple’s various partnerships as of late including the deal with Banco Santander to utilize the coin for the bank’s mobile application.

Likewise, other top coins such as Bitcoin Cash, EOS and Stellar went down to $450.52, $5.29 and $0.21, respectively.

Litecoin, Cardano and Monero were also pulled down to $52.34, $0.07 and $103.17, respectively.