The month started with all the cryptocurrencies showing signs of resistance to the bear’s control over the market. However, this was shattered yesterday as the coins failed to resist the bear’s attack, with most of them breaking through their support level and entering a free fall. Additionally, a majority of the coins in the top ten were seen bleeding in double digits including Bitcoin [BTC], Ethereum [ETH], and XRP.
Ethereum [ETH], the third-largest cryptocurrency by market cap, continues to be one of the most affected coins in the market. The coin, which is being crushed by the bear, has settled below the $100 mark.
According to CoinMarketCap, at press time, Ethereum was trading at $86.90 with a market cap of $8.88 billion. The coin records a trading volume of $2.28 billion and has witnessed a significant downfall of more than 14% in the past 24 hours.
The majority of the trade volume for the coin is pouring in from OEX with ETH/BTC. The second highest is recorded on RightBTC with Bitcoin pairing and the third place is occupied by LBank. The other exchanges on the top 5 list include OKEx and Bitfinex.
Along with this massive fall, the cryptocurrency witnessed a flash crash to almost $12 dollars on Coinbase Pro with USDC pairing. Nonetheless, the coin quickly jumped back to its old position.
Moreover, this is not the first time Ethereum’s price crashed on Coinbase. Earlier this year, the coin briefly crashed to $0.1 from trading above $300 on Coinbase GDAX. This resulted in the exchange refunding the customers who incurred a loss due to this and also allowed those customers, who made a profit because of the crash, to keep their funds.
The exchange was quick to act on the flash crash this time as well. They stated on Twitter:
“We’re aware of price movement on one of our order books that happened over the course of regular trading activity. Over the past 24 hours, all Coinbase platforms have operated as planned and no system-wide incidents have been identified.”
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