Crypto Market Reels From Tether And Bitfinex Drama, Bitcoin Bulls Prevent Further Dumps

The crypto market was shaken during the early hours of the Asian trading session this Friday after the New York Attorney Generals office accused Bitfinex of manipulating its Tether asset to cover an $850 million loss. Coming from the heels of a market correction this Wednesday, the FUD and speculations regarding the Tether manipulation affected the market and brought it to a sudden sell-off affecting most coins in the Top 100. At the time of this writing, the crypto-board is still bloody red although it is being mitigated by the bulls coming back easily.

The market capitalization lost more than 3% as it dropped from $176.5 Billion to its current total at $170.9 Billion. The trading volume is suddenly inflated by $10 Billion with a rise to $57.5 Billion as the short-term traders scramble to protect their gains by cashing out. Meanwhile, the BTC dominance remains strong and is now back to its yearly high at 54.7%.

The Bitcoin dramatically fell by 5+% minutes after the announcement but was caught by the bulls at the support at $5200. At the time of this writing, it is now on recovery and trading above the support at $5296 and has lost -3.12% on the day. The first coin is now backed with $93.5 Billion capitalization, down from yesterday’s $96.3 Billion. Despite the sell-off, the 24-hour trading volume is still on the rise from yesterday’s $14.7 Billion to this day’s $17 Billion.

Ethereum lost by $10 on the day as the bears slashed its recent gains and brought it down some more. From $165, it dropped to as low as $151 before recovering at its current price at $155.44. It has lost a staggering -5.31% on the day. At the moment, it is still not completely out of the woods and could be susceptible to more losses. The nearest support is at $152 while on the upside, the resistance is at $162 and $168. XRP, trading at $0.299 yesterday, lost -2.18% on the day to trade at $0.294. XRP has consistently been following the general market behavior in the past weeks. Its gap with Ethereum capitalization is currently at $4 Billion.

The rest of the Top 10 drew strong losses on the day. The only bright spot in the board is Binance Coin, which is up at 1.98% gain on the day. It may have subbed for Tether as analysts are beginning to point a recent trend that Binance Coin goes up when the market is down. The rest are at 1-5% losses led by Bitcoin Cash with a -5.33% loss on the day. EOS, Stellar and Cardano have lost 2-4% between them. Tether, the center of attention today, lost -1.69% to trade at a low $0.989. After a strong performance yesterday, Litecoin is the slowest to react to the market with a minimal loss of -1.53% but lost a dollar to trade at $72.62.

The Top 25 have a shining beacon as well. Rising back into the 23rd spot in the market cap list, Chain has earned 3.92% on the day despite the market drama. But the rest fell heavier than the Top 10 with Basic Attention Token finally brought to heel after several days of green. It has fallen from $0.428 to $0.383 -a deep -10.21% cut from its recent gains. Maker and Tezos have lost 9% and Zcash dumped -8.50% from its yesterdays’ price.

Down the Top 100, there’s no stopping pump as Maximine Coin rallies 11.49% on the day. The rest are dumps led by Revain on the 100th position to lose -11.63%. NULS, Nano, and OmiseGo have all lost 10+%. The rest are still in the dumps and remains coupled with the market sentiment.

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