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

It certainly has been a bleak 24 hours of trade for the cryptocurrency market.

Traders have been hitting the sell button in such a hurry that just one coin in the top 100 is currently in positive territory.

Unsurprisingly this has weighed heavily on the value of the market. At present it is down almost 8% since this time yesterday to US$222.7 billion according to Coin Market Cap.

The main catalyst for this decline was news that the U.S. SEC has delayed a decision on whether to approve a Bitcoin ETF from VanEck.

Here is the state of play on Thursday morning:

The Bitcoin (BTC) price is down a sizeable 7.1% over the last 24 hours to US$6,338.16 per coin, reducing its market capitalisation to US$109 billion. If Bitcoin doesn’t stop the rot soon it is in danger of sliding through the symbolic US$100 billion mark.

The Ethereum (ETH) price has fallen 6.1% since this time yesterday to US$360.14, reducing its market capitalisation to US$36.5 billion.

The Ripple (XRP) price is down a massive 13.7% over the period to 33.3 U.S. cents. The XRP market capitalisation has now dropped to under US$13.1 billion.

The Bitcoin Cash (BCH) price is down 11.2% during the last 24 hours to US$593.05. This leaves the Bitcoin spin off with a market capitalisation of US$10.25 billion.

The EOS (EOS) price has been the worst performing major coin during the period with a 15.6% decline to US$5.63. This decline has reduced the EOS market capitalisation to US$5.1 billion.

Outside the top five the declines were just as severe. Stellar (XLM) has fallen 14.2%, Litecoin (LTC) is down 9%, Cardano (ADA) is off 8.8%, Tether (USDT) is down 0.5%, and IOTA (MIOTA) has lost 17% of its value.

I would suggest investors stay clear of the crypto market until the dust settles on this latest hammer blow.

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