Most major cryptocurrencies are now in the red today following a major sell-off last night.

Currently, every cryptocurrency in the top ten by market capitalization is down at least 3% in the last 24 hours. Among these, Bitcoin (BTC) and XRP have suffered the least damage after losing almost 3.5% apiece, while Binance Coin (BNB) and Tezos (XTZ) have both taken losses of more than 5%. Despite this loss, Bitcoin is still trading at above its 50-day simple moving average (SMA), indicating the trend is still bullish for the medium term.

Cryptocurrency total market cap (Source: Trading View)

Overall, more than $14 billion was wiped off the total market capitalization of all cryptocurrencies in the last 24 hours (when measured peak to trough). This bearish momentum marks the second straight day of losses for the crypto market, seemingly putting a full stop to the month-long period of the growth that just passed.

It isn't just the crypto market that has taken a beating either. Practically all major stock indices including the Dow Jones and S&P 500 are also in poor shape today, after US President Donald Trump announced that he plans to temporarily suspend immigration.

Unlike many market sell-offs, there appears to be an obvious cause behind today's bearish activity. As Decrypt previously reported, West Texas Intermediate (WTI) oil futures due for expiry in May fell to below $0 per barrel for the first time in history yesterday—reaching a record low of -$40.32 per barrel. The situation has now improved somewhat, and the May 2020 WTI Crude Oil Futures contract is now trading at -$6.25 on CME Globex—up 33% compared to this time yesterday.

As oil production now massively outstrips demand as a result of the current coronavirus pandemic, producers are now paying consumers to take oil off their hands due to insufficient storage facilities. This unprecedented event appears to have been interpreted as a sign of a serious market dump on the way, having a knock-on effect on other financial markets as a result.