Coinbase CEO tweet sparks market-wide crypto bloodbath

Today’s edition of OKEx Insights’ Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.

The cryptocurrency market is experiencing a broad sell-off this morning as the price of Bitcoin ( BTC) is collapsing. The first and foremost cryptocurrency has dropped 12.4% over the past 24 hours across global cryptocurrency exchanges, as per the time of this writing. At the same time, major altcoins have seen worse declines — many over 20%.

Unsurprisingly, the total cryptocurrency market capitalization has collapsed more than 13% to just over $500 billion, as of the time of this writing.

Despite the market being overly euphoric and extremely greedy, as we covered in yesterday’s Crypto Market Daily, this current sell-off may be almost entirely news-driven. Coinbase CEO Brian Armstrong took to Twitter roughly 10 hours ago and explained that his exchange is disabling margin trading following rumors that regulators in the United States are preparing to clamp down on the industry by forcing companies to verify the owners of self-hosted wallets. Though these claims have yet to be made official from U.S. authorities, the cryptocurrency market has clearly been spooked, nonetheless.

Meanwhile, traditional markets have also cooled off — though far less dramatically — ahead of the Thanksgiving holiday in the U.S.

Top altcoin gainers and losers

  • PMA/USDT +32.14%
  • SFG/USDT +25.91%
  • WXT/USDT +24.40%
  • KCASH/USDT -30.07%
  • DHT/USDT -30.51%
  • ZIL/USDT -29.95%

Despite the proverbial streets of the cryptocurrency market being filled with blood, some altcoins on OKEx have still performed quite well. S.Finance ( SFG) and WXT are both up more than 24%, while PMA is up more than 32%.

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Coinbase CEO tweet sparks market-wide crypto bloodbath was originally published in OKEx Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Publication date: 
11/26/2020 - 12:31

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