Bitcoin touches $9,500 as $31 billion wiped off cryptocurrency markets

In the last three days, the cryptocurrency market has experienced a minor reversal of sorts, with more than $31 billion wiped from the total market capitalization of all cryptocurrencies in the last three days.

Much of this loss can be attributed to the recent bearish momentum seen by Bitcoin (BTC), which fell from over $10,300 on February 15 down to briefly touch below $9,500 today as more than $14 billion was wiped off its market cap. Bitcoin has since recovered slightly and currently sits at just south of $9,600.

Other major cryptocurrencies are also experiencing similar, if not greater losses. As it stands, every cryptocurrency in the top ten by market capitalization is in the red today, with Bitcoin Cash (BCH) and XRP currently performing the worst after losing between 7-8% apiece. Likewise, Ethereum (ETH) and EOS are down around 4% each.

Although it is currently unclear why the market has taken a bearish turn, recent performance issues seen by Binance may have contributed to a change in investor sentiment. Nonetheless, despite its recent losses, the global cryptocurrency market is still up by almost 14% in the last month, and almost 17% in the last three months. As such, there is still some leeway before this adverse market movement can be considered a long-term change in market dynamics.