Continued Sell Off in the Crypto Markets as Ethereum Trades Below $200

Photo Credit: Buybitcoinworld

Following Mondays sell-off in the Crypto markets, the market is now trading sideways. And while the top twenty cryptocurrencies by market cap are seeing mixed signals saddled with insufficient fluctuations, total market capitalization is capped around $203 billion.

Having dipped below $6,400 on Monday, the leading cryptocurrency, Bitcoin has further slipped in the last twenty-four hours and currently trades at $6. 273. As at the time of writing this report, the major cryptocurrency is down by 0.23%.

Ethereum (ETH) isn’t left out of the happenings in the crypto markets as it is down around 0.27 percent in the last 24 hours and currently exchanges for $195. The second leading cryptocurrency by market cap went below the $200 price level and had since been trading below that level over the last 24 hours.

In a twist, Ripple (XRP), the third major cryptocurrency has experienced a slight rebound after Monday’s sell-off. As at the time of putting this report together, the third major crypto assets by market cap is up 0.6 percent and currently trades at $0.45. On a weekly outlook, Ripple is down around 1.4 percent.

After Monday sell-off which saw the total market cap dropping to as low as $201 billion, the total market cap is now up and hovering around $203 billion.

VeChain (VET), another one of the top 20 cryptocurrencies is down more than 3 percent in the last 24 hours and currently trading at $0.01. Reports suggest that this crypto asset is down over 10 percent in the last 7 days.

It is important to note that the recent sell-off been experienced in the crypto markets has been attributed to a number of industry related events that occurred in the last couple of days. At a recent interview in the just concluded 2018 Canada FinTech Forum, former U.S. Federal Reserve chair Janet Yellen noted that the leading cryptocurrency, Bitcoin is “anything but” a useful store of value. Reiterating her position, she noted that low volumes of transactions, slow capacity in “handling payments,” as well as “difficulty” caused by Bitcoin’s “very decentralized nature.” proves her right.

Also, reports are suggesting that the U.K.’s Financial Conduct Authority (FCA) is planning to ban sales of crypto-based derivatives, including contracts for different (CFDs), options, and futures. The announcement follows a report by the U.K’s Crypto assets Taskforce, which suggested changes to current cryptocurrency regulations.