Crypto update: Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, and Litecoin smashed

Unfortunately for crypto traders, the market has had a disappointing 24 hours of trade and heavy declines are being seen across the board.

This has reduced the value of the entire market by US$10.2 billion or 3.2% to US$292.3 billion according to Coin Market Cap.

The market appears to have responded negatively to news that the Winklevoss twins’ Bitcoin ETF has been rejected by the U.S. Securities and Exchange Commission.

The potential approval of a Bitcoin ETF had been a catalyst for the market’s recent rally, so traders are understandably on edge now and taking profit off the table.

According to CNBC, the U.S. Securities and Exchange Commission’s release on Thursday highlighted issues with security, market manipulation, and investor protection issues.

Here is the state of play on Friday morning:

The Bitcoin (BTC) price is down 3.2% over the last 24 hours to US$7,971.76 per coin, reducing the crypto behemoth’s market capitalisation down to US$136.9 billion.

The Ethereum (ETH) price has fallen 2.3% over the period to US$465.02 per token. This leaves ETH with a market capitalisation of US$46.9 billion.

The Ripple (XRP) price has dropped 2.6% since this time yesterday to 45.1 U.S. cents, leaving the alt coin with a market capitalisation of US$17.7 billion.

The Bitcoin Cash (BCH) price is down 4% over the last 24 hours to US$806.21, reducing the Bitcoin spin off’s market capitalisation to US$13.9 billion.

The EOS (EOS) price has fallen 3.8% since this time yesterday to US$8.30. This has left the fledgling alt coin with a market capitalisation of US$7.4 billion.

Outside the top five the declines were more severe over the period. The Stellar (XLM) price has fallen almost 10%, Litecoin (LTC) is down 3.8%, Cardano (ADA) has dropped 4.9%, and Tether (USDT) is down 0.1%.

The only coin in the top ten in positive territory is IOTA (MIOTA), which is up 2.1%. A partnership with the Audi think tank appears to have been the driver of this gain.

I suspect things could remain volatile for the next few days, which could make it a good time to look at other investment opportunities such as this one.

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