The Bitcoin sell-off was on its way after the market consolidated and corrected in today’s trading. The Bitcoin sell-off pushed the market capitalization lower by $10 billion within just 24 hours. The market in general felt the downward pressure of the Bitcoin sell-off, pushing the entire crypto market lower.
Antomy of a Bitcoin Sell-Off
The bitcoin enjoyed a nice surge the last few days moving above $8200 for a new high. Yesterday, the bitcoin saw itself consolidating giving way for other coins to catch up. However, with the large sell orders that came in today, panic set in and created a bit of a Bitcoin Sell-off.
The Bitcoin sell offs came across many exchanges and they were significant. One such sell-off saw 3645 BTC sold in the Bitstamp Exchange. This is equivalent to a sell off worth $26.8 million in one transaction.
After the massive sell-off that pushed it as low as the $6600. The main coin recovered and saw it bounce back above $7000 before the end of trading today. As of this writing the value of the bitcoin was stabilizing around $7300.
As a result of the Bitcoin sell-off, market capitalization took a hit for the Bitcoin pushing it $10 billion lower. Despite the shrinking cap, the bitcoin capitalization still gained $14 billion for the week.
Bitcoin Sell-Off Puts Pressure on The Crypto Market
As the bitcoin moves, the altcoins follow. In this case it is true. The altcoins in the top 100 based on market capitalization saw losses averaging around 18%. The Bitcoin cash was hit hard as it fell to below $370 for an 11% loss within a 24 hour period. Ethereum also fell significantly, falling to below $240 for the day, though it still has positive outlook with analyst seeing a surge in the future. XLM, XRP and ADA all took a hit dropping more than 16% lower.
The bitcoin sell off pushed total crypto market $29 billion lower. Investors now take a closer at look at the bitcoin and how it moves next before they act on the other parts of the market.