Crypto market daily report – June 4, 2019

The cryptocurrency markets saw a general flash crash on Monday night and Tuesday morning as the vast majority of coins experienced double-digit losses with Bitcoin Core (BTC) dipping below the psychologically significant $8,000 mark, or an 8% loss. The only bright spot in this carnage was Bitcoin SV (BSV), which dropped by a meager 3% to retain the $217 level, and was actually up over a 48-hour period.

The same could not be said for other coins with larger market caps, including Ethereum (ETH) which was down by around 8% to the $245 level although here again the decline was not so pronounced. Another considerable loser was BCHABC, which was down by a spectacular 11% after having remained above the $420 level for most of Monday but slid to the low $390s on Tuesday morning at press time. Litecoin (LTC) also experienced a not inconsiderable 10% drop and was trading at the $102 level at press time. Ripple (XRP) also lost around 7% to the $0.41 level after having a relatively good Monday, although the coin could be poised for further losses as selling pressure hits the markets.

NEO also careened downwards by around 10% to just over the $12 mark and this currency seems to continue losing support at this level. Stellar (XLM) was also down by 10% to the $0.12 level, whilst EOS continued the downward trend established on Monday with a further 10% drop to the $6.70 level. Other coins such as DASH and ZEC were also down by around 8% each, whilst IOTA and ADA lost rather more heavily with both down by well over 11% each.

Coins with smaller market caps also experienced heavy losses with TRON down by 9% and BTT experiencing an even steeper 15% drop. Binance Coin (BNB) continued losing from its all time high and was down by a further 7% to below the $30 level, whilst Ethereum Classic (ETC) pared back some of its recent gains and traded at the $8.90 level at press time, or a 6% decrease.

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