In three days, the crypto market loses $42 billion of capitalization

[Nikola282828]

Over the past three days, the cryptocurrency market has depreciated by more than $ 42 billion - from $ 412 billion to $ 370 billion. The daily trading volume of the market also decreased by about $ 3 billion (from 22 to 19 billion).

Bad conditions

Today, may 18, the Bitcoin price fell below the $ 8,000 mark, visiting the 7,000 th price region for the first time since mid-April. Traders were looking forward to Blockchain Week and Consensus 2018 in new York city in the hope that the cryptocurrency markets will start to recover throughout may. However, the downward trend of Bitcoin after falling below the key resistance level ($8,200) was too strong, Bitcoin did not find the strength to recover or rebound from this level.

Throughout this week, various media reports have revealed that the resistance level of $ 8,200 and the support level of about $ 8,800 are two important values that traders need to keep a close eye on. It was assumed that the breakdown of one of these levels will determine the further dynamics of Bitcoin – either the crypto-currency will again trade above 9,000 dollars, or fall into the 7,000 region.

May 18 daily low Bicton reached 7 925$. Both simple and exponential moving averages gave strong sell signals even at $ 7 925. However, the relative strength index (RSI) of BTC testified to the oversold conditions of the leading cryptocurrency, which allowed Bitcoin to temporarily rise to the level of 8 100 dollars.

At the time of this writing, BTC is holding a position above $ 8,100. If during the day Bitcoin is not able to recover and rise above the level of 8 200 dollars, it can lead to the fact that the cryptocurrency will test the next level of resistance – 7 800 dollars, which could potentially lead to a fall in the lower part of the 7 thousandth price region.

What caused the market to fall?

As Brian Kelly said earlier, prices in the cryptocurrency market did not reflect properly the success of the crypto industry over the past weeks.

In may, the new York stock exchange (NYSE), Goldman Sachs, JPMorgan and Morgan Stanley confirmed their plans to develop bitcoin and cryptocurrency related platforms that customers can use to invest in the cryptocurrency market.

And when the cryptocurrency market did not respond to the announcement of the NYSE plans to develop a proper Bitcoin exchange, Kelly noted:

I'm actually a little shocked that the market didn't catch it. Dominic Chu said investors will be able to physically receive Bitcoin. This doesn't sound so interesting, except that it means that ICE Exchange has a cryptocurrency storage solution. Previously, it was a big obstacle. This is a huge breakthrough, they came up with a custodial solution for institutional investors.
ICON (ICX) and 0x, which this week announced the conclusion of major partnership agreements and launch of the product, also did not get the proper return on this positive news. During the period of bullish growth or just a favorable period, such announcements lead to an increase in the cost by 10-30%.

The cryptocurrency market is showing extreme volatility and instability has led to the fact that all the leading crypto-currencies have depreciated in may.

Source hyipstat.top

[kevinpeck]

$42 billion of capitalization is huge man, this makes me sad. need some positive news please, i believe things will get better soon.

[MoonIsBlue]

$42 billion of capitalization is huge man, this makes me sad. need some positive news please, i believe things will get better soon.

There's positive news all over the market, altcoins getting into partnerships and more talks about regulation inviting bigger players is becoming more real everyday. I think we could slump for a while though. My technical analysis says we could go up for the next few weeks orso, maybe into 9k. We'll have to see what goes on from there, though some bigger picture analysis also points in the direction of revisiting 6k.

[Gogochen]

I think it's because of the bear market, so any drop is normal.
People are always trying to find out why, but most of the time it doesn't.

[Gekkoo]

We should not worry about the level of incoming and outgoing money is gigantic after all, we are dealing with more than 360 Billion, any moment of withdrawal can affect the positive indices. I believe in the good activity of the market and at the moment it is stabilizing for a possible moment of bull.

[andyward]

Such a big post with lots of negetivity on it. I think it's a spam and there's no valid link given on it. There're a lot of scammers who want to spread the negetive news which affect the crypto market in a very bad way.

[mktpromp]

Its really a shocking and heart breaking news that in three days crypto market has loses $42billion capitalization. There is always an ups and downs of crypto market.Today is the down situation but in few days later it will be a upward situation for crypto market. Lets hope for the best.

[samarabtc]

You are correct. The prices of coins in cryptomarket are frequently flactuating right now. The volatility and scalability are one of the main reasons behind this flactutation.

[manoj6233]

 The cryptocurrency market has dropped by more than $42 billion in the last three days, from $412 billion to $370 billion. The daily trading volume of the market also declined by around $3 billion, from $22 billion to $19 billion. Poor Conditions. Earlier today, on May 18, the bitcoin price dipped below the .

[jrrsparkles]

The price fluctuations are very normal in the crypto currencies earlier in this year the capital value dropped from $600+B into under $400B but now the conditions getting normal so this drops is just like a correction of the market which will always occur.

[asriloni]

The cryptocurrency market has dropped by more than $42 billion in the last three days, from $412 billion to $370 billion. The daily trading volume of the market also declined by around $3 billion, from $22 billion to $19 billion. Poor Conditions. Earlier today, on May 18, the bitcoin price dipped below the .

I will tell you about Q1 of this year. That's the worst moment of the cryptocurrency. I remember in two months and the market capitalization of cryptocurrency has dropped more than 500 billions to the below 290 billions from 800 billions. And in this 3 days drop of marketcapitalization still nothing compared with first quarter of this year.

[Fahim]

I think that the biggest players haven't yet entered the market. They expect some sort of decisions from governments. They need some form of guarantee.
Unfortunately, the conference in New York didn't produce the desired effect. And in my opinion was one of the most useless for all the years. But it doesn't mean anything. Many projects show frenzied development. We will see a lot of new solutions in the summer and autumn.
I think this all can make a decisive difference in the cryptocurrency world.

[bct9t]

A very bad news undoubtedly. Thank you for explaining this to all. Hope many could find the reason behind such loss and they will learn from their mistakes. But I will request all not to spread FUD for this. Then the situation will get worse and prices may fall further.

[Zagitta]

This is the reason for the price dropping so much in the past couple of days and now it is just on a downward spiral. People keep dumping so much coins and taking so much money out of the market and it affects the prices negatively. $42billion leaving the market in a couple of days is not small money and it will really affect the prices for a long while before we can start seeing any increase in prices again