Binance Hack Brings Crypto Market Down But Is Now Bouncing Back, Binance Coin Battered

The news of Binance hack broke the rhythm of the crypto market and brought the Top 100 crypto assets to the reds. The total market capitalization lost almost $5 Billion from a high of $189 Billion yesterday. While most rushed to cover the expected dump, the market did not really lose a lot and was protected by strong supports and is still at the range of 2019 high.

Bitcoin dropped -1.03% to trade at $5880 at the time of this writing. During its peak, it reached as high as $5900. Its dominance, currently at 56.3%, is at a new 2019 high as the coin’s capitalization remains steady at $105 Billion. Should push comes to shove, Bitcoin can drop towards the $5630 support level. On the other end, there is strong resistance at $5930. A push above that level can finally bring it to the $6k psychological level.

Meanwhile, Ethereum experienced a major letdown with a loss below $170. There was a small recovery as it traded back to $170.38 and a smaller loss of -3.84% but it remains under pressure. Its support level lies at $165 while the resistance is strongly placed at $172. The second coin is placed at $18 Billion capitalization as its nearest rival, XRP drops to $12.6 Billion. XRP is once again down below $0.30 with a loss of -1.58% on the day. It is now weak with no strong support to cover should the crypto market becomes indeterminate.

The rest of the Top 10 is hugely diverging from the Bitcoin path and is in a major pain at the moment.While Bitcoin is covered by a huge support, the rest of the assets looks like it is ready for another drop. As expected, Binance Coin had a huge fallout even as Binance CEO, Changpeng Zhao, announces that funds are “safu” and they arent short on funds. It has lost -7.34% on the day, to bring it to $20.57, its lowest in the recent months. Bitcoin Cash, Litecoin, and Stellar have lost 3-4% each.

Top 100 Crypto Market Movers

The Top 25 is being led by a single green asset. Tron, which had entered the Top 10 for a bit in the Asian trading session, earned 2.89% on the day. Unfortunately, the rest are taking a dive as it pulls back from the recent rally and is also railroaded by the Binance hack. Tezos has lost -7.79% on the day, followed by NEM, maker, Basic Attention Token, and Cosmos with 5-6% loss each.

Down the Top 100, ABBC Coin is still pumping, with a listing at Bitmax.io pushing its momentum. It has gained 26.64% on the day to trade at $0.291 (from $0.235 yesterday). DigixDAO, Aurora, and NEXT are all double-digit gainers today (between 11-16% gains)despite overly red crypto streets. Yesterday’s freak pump for Japan Content Token is today’s dump at -19.60%.

Anyhow, this is today’s market recap to give you a glimpse of what happened on the crypto markets while you were sleeping. Trade safe, and have a great Friday!

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