A heavy sell-off saw bids disappear and sent markets sharply lower in mid-morning trade with little on the wires to explain the crash. Tokens that had been gradually nudging higher over the past two-to three-weeks saw their gains wiped out in a one-hour timeframe as trading sentiment turned sharply bearish in the short-term. Theories behind the sell-off include an exchange liquidating a position/s, trading difficulties at one exchange (unsubstaniated) and a story circulating that US investment powerhouse Goldman Sachs had ditched plans to open a cryptocurrency trading desk for now.
Market leader Bitcoin (BTC) was the least affected in the sell-off, but still dropped nearly 5% and now hovers either side of $7,000, down $400 in the session.
Ethereum (ETH) came close to touching a near one-year low during the crash and needs support at $258 to hold or $200 comes into view.
We look at Bitcoin, Ethereum, Ripple, Litecoin and Bitcoin Cash at our Weekly Cryptocurrency Webinar every Wednesday.
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IG Sentiment Data show how retail are positioned in various cryptocurrencies and how changes in holdings can affect market sentiment.
What's your opinion on the latest market crash ? Share your thoughts and ideas with us using the comments section at the end of the article or you can contact me on Twitter @nickcawley1 or via email at email@example.com.
--- Written by Nick Cawley , Analyst .
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Positive market sentiment washed away as sellers run riot.
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