Altcoins Chainsaw Massacre: Ethereum, BCH, BSV Falling 18 Percent, Crypto Market Bathing in Red

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Mon, 07/15/2019 - 08:48
Yuri Molchan
Top ten altcoins – LTC, BCH, BSV are experiencing a terrible sell-off, all the recent gains are gone
Altcoins Chainsaw Massacre: Ethereum, BCH, BSV Falling 18 Percent, Crypto Market Bathing in Red
Cover image via U.Today
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On July 14, as traders and investors were relaxing, drinking their ‘shaken, not stirred’, the crypto market suffered a sudden blow from sellers that made the whole top 100 coins plunge, some to as much as minus 22 percent.

Some of the top ten coins have lost as much as 20 percent of their value.

Some of the top ten coins have lost as much as 20 percent of their value
Image by CoinMarketCap

Bitcoin doing its best to hold above $10,000

This morning, Bitcoin was floating below the psychological level of $10,000, however, at press time BTC has managed to get over that mark.

All major coins are suffering from a heavy sellers’ pressure. Ethereum is tanking 15.08 percent. Bitcoin Cash has lost almost 16 percent. Litecoin’s loss of 11.21 seems like a walk in a part next to Bitcoin SV’s 18.99-percent drop.

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Fake Tether news, a push against Libra

It seems some fake news has been spread recently, saying that over the weekend the USDT issuer, Tether Ltd, emitted another 50 bln USDT. 

A crypto trader Alex Krüger, posted an opinion that the news was helpful in providing some momentum to the market but it did not last long since the actual amount of the emission has proved to be 50 mln.

Besides, Reuters reports that the US Congress has proposed a bill which if passed would not allow tech giants launch their own crypto and work as financial institutions. The blow is targeted first of all at the Facebook’s Libra currency and, as per Krüger, was also a reason for the current deep downward reversal of the market.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.