{"id":3609,"date":"2021-05-20T00:03:33","date_gmt":"2021-05-19T23:03:33","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=3609"},"modified":"2021-05-20T00:03:38","modified_gmt":"2021-05-19T23:03:38","slug":"crypto-market-loses-460b-as-ether-altcoins-follow-bitcoins-deep-dive","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/crypto-market-loses-460b-as-ether-altcoins-follow-bitcoins-deep-dive\/","title":{"rendered":"Crypto Market Loses $460B as Ether, Altcoins Follow Bitcoin\u2019s Deep Dive"},"content":{"rendered":"\n<h5 class=\"wp-block-heading\">The crypto market has lost more than $400 billion in a day.<\/h5>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/05\/Screen-Shot-2021-05-19-at-09.43.43-1156x628-1-1024x556.png\" alt=\"Crypto Market Loses $460B as Ether, Altcoins Follow Bitcoin\u2019s Deep Div\" class=\"wp-image-3610\" width=\"436\" height=\"237\" srcset=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/05\/Screen-Shot-2021-05-19-at-09.43.43-1156x628-1-1024x556.png 1024w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/05\/Screen-Shot-2021-05-19-at-09.43.43-1156x628-1-300x163.png 300w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/05\/Screen-Shot-2021-05-19-at-09.43.43-1156x628-1-768x417.png 768w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/05\/Screen-Shot-2021-05-19-at-09.43.43-1156x628-1-150x81.png 150w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/05\/Screen-Shot-2021-05-19-at-09.43.43-1156x628-1.png 1156w\" sizes=\"(max-width: 436px) 100vw, 436px\" \/><\/figure>\n\n\n\n<p>Prices for\u00a0ether\u00a0(ETH), the second-largest cryptocurrency by market capitalization, traded in deep red along with other alternative cryptocurrencies (altcoins), tumbling by more than\u00a0bitcoin\u00a0(BTC) in the biggest sell-off in digital asset markets since the \u201cBlack Thursday\u201d of March 2020.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>At press time, ether was trading at around $2,469.50, down 26.36% in the past 24 hours, according to FTX and TradingView, marking the biggest daily loss for ether since March 12, 2020.<\/li><li>There has also been a huge market dump in the decentralized finance sector, with DeFi-related tokens among the biggest losers, according to Messari. They included\u00a0maker\u00a0(MKR),\u00a0yearn.finance\u00a0(YFI), compound (COMP),\u00a0uniswap\u00a0(UNI), and\u00a0chainlink\u00a0(LINK).<\/li><li>&#8220;They are all dumping today and all correlating,&#8221; said Joel Kruger, currency strategist at LMAX Digital.<\/li><li>Notably, the price for\u00a0dogecoin\u00a0(DOGE), the popular meme-centered cryptocurrency, also followed the broader market sell-off and was down by more than 20% in the past 24 hours to about $0.379, according to\u00a0CoinDesk 20.<\/li><li>&#8220;Without significant mainstream adoption, recognition and utility, alts are, and have always been, more speculative in nature than bitcoin,&#8221; said Hunain Naseer, senior editor at OKEx Insights. &#8220;This means they rise faster during bull runs and drop sharper during declines.&#8221;<\/li><li>The correction across digital assets has caused a loss of more than $460 billion in the past 24 hours for the crypto's total market capitalization.<\/li><li>According to TradingView, the total market capitalization for crypto assets now stands at around $1.565 trillion, down 21.96% in the past 24 hours.<\/li><li>&#8220;The catalyst is a market that had been deeply at risk for a pullback following a parabolic run up and a market that is feeling a little more pressure from global macro forces that are weighing on risk correlated assets,&#8221; Kruger said.<\/li><li>&#8220;The biggest risk to crypto now, at least over the coming weeks, is risk that we see downside pressure in U.S. equities,&#8221; he added.<\/li><li>Also on Wednesday, U.S. stocks started\u00a0<a rel=\"noreferrer noopener\" class=\"rank-math-link\" href=\"https:\/\/www.wsj.com\/articles\/global-stock-markets-dow-update-05-19-2021-11621410072?mod=hp_lead_pos1\" target=\"_blank\">falling<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><g id=\"wpil-svg-outbound-7-icon-path\" fill=\"none\" clip-path=\"url(#clip0_31_188)\">\r\n                            <path d=\"M9.16724 14.8891L20.1672 3.88908\" stroke-linecap=\"round\"\/>\r\n                            <path d=\"M13.4497 3.53554L20.5208 3.53554L20.5208 10.6066\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\r\n                            <path d=\"M17.5 13.5L17.5 16.26C17.5 17.4179 17.5 17.9968 17.2675 18.4359C17.0799 18.7902 16.7902 19.0799 16.4359 19.2675C15.9968 19.5 15.4179 19.5 14.26 19.5L7.74 19.5C6.58213 19.5 6.0032 19.5 5.56414 19.2675C5.20983 19.0799 4.92007 18.7902 4.73247 18.4359C4.5 17.9968 4.5 17.4179 4.5 16.26L4.5 9.74C4.5 8.58213 4.5 8.0032 4.73247 7.56414C4.92007 7.20983 5.20982 6.92007 5.56414 6.73247C6.0032 6.5 6.58213 6.5 7.74 6.5L11 6.5\" stroke-linecap=\"round\"\/>\r\n                        <\/g>\r\n                        <defs>\r\n                            <clipPath id=\"clip0_31_188\">\r\n                                <rect fill=\"white\" height=\"24\" width=\"24\"\/>\r\n                            <\/clipPath>\r\n                        <\/defs><\/svg><\/span><\/a>, led by major losses on shares of tech stocks, according to the Wall Street Journal.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The crypto market has lost more than $400 billion in a day. Prices for\u00a0ether\u00a0(ETH), the second-largest cryptocurrency by market capitalization, traded in deep red along with other alternative cryptocurrencies (altcoins), tumbling by more than\u00a0bitcoin\u00a0(BTC) in the biggest sell-off in digital asset markets since the \u201cBlack Thursday\u201d of March 2020. At press time, ether was trading [&hellip;]<\/p>\n","protected":false},"author":63,"featured_media":3610,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83,21],"tags":[152,132,231],"class_list":["post-3609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","category-news","tag-bitcoin","tag-crypto","tag-market"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/05\/Screen-Shot-2021-05-19-at-09.43.43-1156x628-1.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/3609","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/63"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=3609"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/3609\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/3610"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=3609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=3609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=3609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}