Bear market alert; major cryptocurrencies plunge except Tether [USDT]
The crypto market seems to be in a bear trend today as major cryptocurrencies are losing in the market, with major coins like Ethereum and EOS exhibiting losses of over 5%. Bitcoin is down by 3% and the bears can be seen tightening the noose around the market causing prices to fall further. Bitcoin is trading below $6500 and is exchanging hands in red while Tether [USDT] remains the sole winner of the battle featuring 0.08% gain among the major cryptos.
Ethereum [ETH] which seemed to be holding its ground until yesterday started exhibiting a steep decline and began trading in the bearish trendline. Ethereum which was trading above $300 started declining after a series of negative news and plunged to $260 in a span of 12 hours. Some speculate that this steep fall in prices happened due to ICOs dumping large amounts of Ether on the cryptocurrency market.
Ripple’s XRP prices are also battling a bearish trend. Ripple’s bank partners from the Middle East and the imminent xRapid launch doesn’t seem to have affected its prices. XRP is losing by 2.26% against USD. The cryptocurrency showcasing major loss among the top ten cryptocurrencies is EOS [EOS]. EOS has plummeted by 8% in the past 24 hours and is trading below $5.
Tether [USDT] is the only coin among the top ten coins gaining in the market. Tether, unlike the other cryptos, has been facing pressure from its newly invented rivals like TrueUSD and Gemini dollar. Digifinex, a crypto exchange has even replaced Tether with TrueUSD. Tether is allegedly embroiled in murky dealings regarding price manipulation among other things.
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