Red Tide: Double-Digit Losses Sweep Crypto Asset Market

The cryptocurrency markets are a sea of red today, with all the top 10 cryptocurrencies by market cap reporting double-digit percentage losses for the last 24 hours.

Bitcoin (BTC) has dropped 16 percent over the same period to 10-week lows below $8,000 and could suffer its worst weekly loss (more than 25 percent) since April 2013. The cryptocurrency suffered a 30-percent drop in January and is down 45 percent on a year-to-date basis.

24-hour Performance of Top 10 Cryptocurrencies (Source: CoinMarketCap)

Cardano (ADA) is the biggest loser in the top 10, and is down 37 percent.

Ethereum’s ether (ETH) token is down by 28 percent. The cryptocurrency had looked relatively resilient earlier this week, reportedly due to institutional capital flows and Venezuela’s decision to presale petro cryptocurrency on the ethereum platform. However, the bull grip looks to have weakened and ETH was last seen trading around $785…

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