The Motley Fool

Crypto meltdown: Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, and Stellar have been smashed

After a few days in a holding pattern the crypto market has broken out during overnight trade. But unfortunately for traders it hasn’t gone in the direction that they would have hoped.

Over the last 24 hours the value of the entire market has plunged lower by a sizeable 8.5% or approximately US$21 billion to be worth just US$218.9 billion this morning according to Coin Market Cap.

The catalyst for this selloff appears to have been reports suggesting that investment bank Goldman Sachs has postponed plans to open a trading desk for cryptocurrencies. Goldman has not confirmed the speculation, but if it is true it would be a bit of a blow to the market.

Crypto expert Brian Kelly told CNBC that: “They were not a part of the ecosystem yet, but to the extent that they represent the institutional herd, this is a negative.”

And I agree. In my opinion, the only way Bitcoin and its peers are ever going to hit the lofty levels they reached at the start of the year will be if institutional money pours into the market. But this isn’t looking likely to happen any time soon judging by this latest news and the rejection of several ETFs.

Here is the state of play on Thursday morning:

The Bitcoin (BTC) price has tumbled 5.5% over the last 24 hours to US$6,958.92 per coin, reducing its market capitalisation to US$120 billion.

The Ethereum (ETH) price has plunged 13.7% since this time yesterday to US$246.67 per token. This leaves ETH with a market capitalisation of US$25.1 billion.

The Ripple (XRP) price has tumbled 10.4% over the period to 29.80 U.S. cents. The XRP market capitalisation now stands at US$11.8 billion.

The Bitcoin Cash (BCH) price has sunk 13% lower over the last 24 hours to US$545.82, reducing the Bitcoin spin off’s market capitalisation to just under US$9.5 billion.

The EOS (EOS) price has sunk 15.8% lower since this time yesterday to US$5.47, leaving EOS with a market capitalisation of US$4.9 billion.

Outside the top five the declines were just as severe, except for U.S. dollar-pegged Tether (USDT) which rose 0.1% in line with the greenback. It was one of just four coins in the top 100 in positive territory during the period.

Elsewhere in the top 10, Stellar (XLM) has fallen 8.3%, Litecoin (LTC) is down 10.9%, Cardano (ADA) is off 13.6%, and Monero (XMR) is 11.6% lower.

Top Tech Share – The Real Winner from the World Cup

Earlier this year, millions of Australians set alarms and watched the world's biggest sporting event, the World Cup, play out. But did you know there was another Australian representative quietly succeeding as the world watched?

It's the start-up who have positioned themselves as the global leader in sports analytics. Motley Fool's resident tech expert has already upgraded the recommendation of this company's stock to a rating of simply "Buy More".

Click here to access this share. It's completely FREE!

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

5 ASX Stocks for Building Wealth After 50

I just read that Warren Buffett, the world’s best investor, made over 99% of his massive fortune after his 50th birthday.

It just goes to show you… it’s never too late to start securing your financial future.

And Motley Fool Chief Investment Advisor Scott Phillips just released a brand-new report that reveals five of our favourite ASX stocks for building wealth after 50.

– Each company boasts strong growth prospects over the next 3 to 5 years…

– Most importantly each pays a generous dividend, fully franked.

Simply click here to find out how you can claim your FREE copy of “5 ASX Stocks for Building Wealth After 50.”

See the stocks now