Cryptocurrency markets are suffering from deep losses today, on June 10, 2018, as most digital assets are seeing 24-hour declines between 9 and 25 percent. The number one position, held by Bitcoin Core (BTC), dropped more than a $1,000 just a few hours ago, from $7,600 to $6,600, but prices have rebounded back to $6,787 per BTC. The fourth highest valued market, held by Bitcoin Cash (BCH), dropped around $225 in value after hovering around $1,150 for a while. The currency is now averaging $933 per BCH. It’s safe to say market participants are shaken and many are curious about why the market keeps sliding.
Also Read: CFTC Subpoenas Leading Exchanges for Trading Data
Crypto Markets Take a Jab to the Gut This Weekend
A dump took place today that hit markets below the belt, as most cryptocurrencies lost significant values. Last week, towards the beginning of the weekend, markets were pretty stable and consolidating tightly into a triangular formation. Then, on Saturday, the United States Commodity Futures Trading Commission (CFTC) and the U.S. Justice Department revealed they had subpoenaed four major exchanges while looking into their cryptocurrency price manipulation investigation. Just before that moment on June 9, just like last time when U.S. regulators initially announced the manipulation probe, markets slid about 1-hour before the announcement. Today’s drop was harder to put the blame on as it could have been an after effect from yesterday’s announcement, the fact that market volumes are extremely thin, or some blamed it on the small exchange from South Korea Coinrail being hacked this weekend for $40Mn worth of ICO tokens.
BTC Market Action
On Sunday, June 10, Bitcoin Core (BTC) markets are down 9.8 percent and over the past seven
