What USD 13K? Bitcoin Crashes Below USD 11.5K, Crypto Market Dives

The most popular cryptocurrency, bitcoin, just erased all its gains this week after its price crashed by almost USD 2,000 suddenly, while the whole crypto market dropped by 13%. Only two coins from the top 100 are in green now.

At pixel time (05:18 UTC), bitcoin trades at c. USD 11,360 and is down by more than 12% in the past 24 hours and by 3% in the past week. Among the top 10 coins by market capitalization only binance coin performed better, dropping 7%, while other major tokens lost 13%-22% of their value.

Bitcoin price chart:

The whole market capitalization dropped by almost 13%, to USD 311 billion. However, bitcoin dominance, or the percentage of the total market capitalization, stayed above 65%.

Among the top 100 coins only XMX and CRO are up in the past 24 hours (23% and 14% respectively.)

While some claim that the market crashed after U.S. Federal Reserve Chairman Jerome Powell criticized Facebook’s Libra, majority of traders say that it’s a coincidence and the recent sharp move is nothing unusual in this volatile market.

Yesterday, when bitcoin was still trading closer to USD 13,000 than USD 12,000, Mati Greenspan, a senior market analyst at the eToro trading platform, said that a fresh high would be taken by the market as a confirmation that momentum is starting to build up again and could “certainly create more FOMO [fear of missing out] as we trek toward the all-time high.” It seems that the confirmation and FOMO have been postponed for the time being.

Top 10 coins by market capitalization: