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In the last hour, practically the entire cryptocurrency market witnessed a sudden crash, wiping more than $5 billion of the total market capitalization of all cryptocurrencies. As it stands, the global market cap currently sits at $209.2 billion, down from over $222 billion this time yesterday.
Looking at the top 30 cryptocurrencies by market capitalization (barring stablecoins), all except a single outlier are experiencing significant losses. As it stands, Tezos (XTZ) is the only cryptocurrency that has resisted the trend, gaining almost 4%—though this might not be for long.
Among the top 10 cryptocurrencies, Ethereum (ETH), Litecoin (LTC), EOS and Binance Coin (BNB) are all down more than 8%, whereas Bitcoin (BTC) and XRP are down 5.8% and 4% respectively. The value of Bitcoin is rapidly changing, but currently sits at around $7,600—after briefly dropping to under $7,500 following a flash dump.
This continues a week of almost incessant decline from most major cryptocurrencies, with the entire market shrinking by more than 10% in this time. As for the exact cause behind the move, this remains uncertain but is likely linked to Bitcoin breaking below the $8,000 threshold yesterday. After a period of uncertainty owed to recent hacks, Bitcoin and the rest of the market could have either recovered or dropped further—however, it appears to be the latter.