Blood on the streets of #Crypto....
There is blood on the streets with the market falling back hard to just over $252B (4th June 8am BST) in the last 24 hours.
#Bitcoin (#BTC) is now just under $8000 with over 7% wiped off in the last 24 hours.
Most top ten coins have suffered large drops with some such as #EOS in the double digits and now is trading at $6.66.
Is this the beginning of a supposed 'much expected pullback' , or simply consolidation of the market before it starts to climb again? Only time will tell.
Todays news stories of interest:
Last week, while most crypto traders witnessed a sideways market with Bitcoin price consolidating in the mid-$8,000s, on the CAD/BTC pair on the cryptocurrency exchange Kraken, there was a flash crash, wiping out 99% of its value in seconds before rocketing back into its trading range.
Bitcoin has once again fallen beneath $8,000 amid a sharp sell-off that saw prices drop to as low as $7,778 according to Coindesk data. At 23:00 UTC late Monday evening, the world’s largest cryptocurrency by market cap began to fall sharply, enduring over a $700 loss in value on the back of strong volume.
Bitcoin price analysts say now is a pivotal time for the world's largest cryptocurrency. Equity markets are jittery and capital inflows into crypto are strong as investors try to figure out where to put their money.