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$35 billion wiped off crypto markets as BTC tests $10 thousand, only to retreat

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Over 35 billion dollars were wiped off the cryptocurrency markets this weekend, as Bitcoin (BTC) teased users by hitting the resistance level of $10,000, only to backtrack on Sunday, May 6.

According to Coinmarketcap data, the total market cap, which came close to half a trillion on Saturday, is now reduced to 429 billion dollars as of the time of writing. As data from Coin360 reveals, all except one of the top ten tokens are in the red.

As of the time of writing, Bitcoin (BTC) is trading at $9,226, down nearly 3 percent over the time frame of 24 hours. The digital currency had hit as high as 9,900 dollars on Saturday, and backtracked to the support level of 9,500 dollars on Saturday, only to drop further today.

Ethereum (ETH) is selling at 703 dollars, down nearly 8 percent over the 24 hours time frame. Senior CFTC and SEC officials are set to talk about a likely security classification for ethereum later in the day, but it remains unclear whether or not a decision or indeed a public comment will be made.

Bitcoin Cash (BCH) has also witnessed a change today, after dramatic gains earlier in the week. At press time, the cryptocurrency is trading at 1,617 dollars, far below 5 percent over the 24 hours time frame, and down 3 percent against bitcoin, as Coinmarketcap data reveals.

Yesterday, Coinmarketcap unostentatiously expelled Bitcoin.com, a pro-bitcoin cash website from its Bitcoin page, possibly in the wake of a new campaign waged by Bitcoin fans who were offended by the site’s alleged misrepresentation of the difference between the two cryptocurrencies.

Overall the markets look skittish, despite the reasonable share of bullish reports this week, from Goldman Sachs’s statement that the bank intends to open a cryptocurrency trading desk, to the news that the ban on the South Korean ICO market may soon be lifted. A pro-Bitcoin Wall Street critic suggested late last week that signs of broader cryptocurrency approval currently seem weak, citing public interest signs, including fewer Bitcoin Google searches and low cryptocurrency wallet growth.

Jacob Lucas

Jacob Lucas

Jacob has been active in the cryptocurrency markets since 2010, specializing in Bitcoin. He received education as Certified public accountant, specializing in taxes and cost management. Looking for alternative sources of income due to some personal struggles Jacob discovered Bitcoin 2010, showing some commitment and first to learn and get all the basics. Jacob made his fists investment in bitcoin in 2011 and has been successful in the field. Writing in the field is part of Jacob’s commitment to share knowledge with others.

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