Bitcoin Plunges $700 in 10 Minutes To $9400, Altcoins Struggle: Crypto Market Watch

Fibo Quantum

Crypto traders are in a panic today after a radical bearish movement sent Bitcoin to drop over $700 within less than ten minutes, pushing down the price from above the $10,100 region to below $9400. 

Spectators are yet to understand the cause of the volatility as the cryptocurrency started today’s trading session with high energy moving up to the $10,000 support within an hour. At the time of writing, bitcoin is trading at $9,400. What can be the caused is the typical volatility surrounding Bitcoin’s weekend trading, as mentioned on CryptoPotato’s yesterday’s BTC analysis.

The rest of the crypto market is also in red, with significant altcoins suffering significant losses between 2% to 6% on the daily. 

The total market cap is $261 billion | Bitcoin’s market cap is $168 billion | BTC dominance at 64.4%

Bitcoin 1-hour chart (Bitstamp)

Major Crypto Headlines

Bitcoin & Soccer: The Rise of Cryptocurrency Sponsorships and Partnerships. Digital currencies are on the spotlight of mainstream media as famous soccer teams in different leagues around the world continue to partner with crypto projects for sponsorship. 

Binance Exchange’s Charity Falls Short of Transparency Goals. The transparency of Binance Charity Foundation (BCD) is being questioned following the face that the organization only accounted for $6 million donations. The last number is a lot less than half of the $13 million donations raised in the previous year.

Huawei CEO Calls on China to Create a Rival to Facebook’s Libra Crypto. The Chinese telecommunication giant noted that it is time for China’s government to create its cryptocurrency instead of waiting for the launch of Facebook’s Libra.

Most Significant Winners and Losers

Dexter G (256.17%)

DXG holders are probably in a euphoric mood, unlike the market sentiment. The altcoin, which traded around the $0.14 mark earlier today, saw a massive surge of over 250% within the last couple of hours. What caused the sudden price upbeat is still not clear. The token, at the time of writing, trades at $0.519 with a daily trading volume of $492,225.

Qwertycoin (47.64%)

A 47.64% rise against the USD placed Qwertycoin (QWC) as the second most significant winner in the market within the last 24 hours. The coin has been on a gradual increase over the previous 30 days, and today is just another green day for traders. At the time of writing, the coin is exchanging hands at $0.000054 with a daily volume of $105,103 across all exchanges. 

GINcoin (-70.51%)

The most significant loser in the market today is GINcoin (GIN). The coin is down by over 70% against the USD with its current price hovering around $0.054. GIN lost 60.3% of its value over the last seven days, and 74.6% on the monthly chart. The coin has a 24-hour trading volume of $71,838 and a market cap of $356,246.

* data according to CoinMarketCap

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