The crypto market has fallen by a further $16 billion today, as investor confidence continues to deteriorate and Bitcoin’s price struggles to hold above $5,200. Tether’s efforts to increase BTC trading over the weekend by injecting 50 million USDT tokens back into the market failed to slow the asset’s steep decline; even breaking news about the newly approved Bitcoin ETP in Switzerland did little to stem the crashing price action.
A vast majority of altcoins have also suffered significant double-digit losses in the wake of today’s bear market, including most of the top 10 traded cryptocurrencies. Ripple (XRP) however, has managed to find new bullish support in the last 24 hours and has recently overtaken Ethereum on the Coinmarketcap listing.
This week we’ve seen a huge community-driven effort on social media to persuade Binance CEO, Changpeng Zhao, to use XRP as its new base trading pair, as well as new RippleNet partnerships with Malaysia’s CIMB and Thailand’s SCB banking groups.
BTC/USD
On the 4hr BTC/USD, we can see that Bitcoin was starting to make a reasonable return above $5,600 over the weekend, after ending last week on a fairly strong support at $5,570.
