The cryptocurrency market have suffered an unexpected drop: Bitcoin [BTC], followed by the rest of Altcoins, have experienced a significant decrease on its price.
At the very moment in which this article was published, Bitcoin [BTC] has lost around an 8% (falling its value below $ 5800), Ethereum [ETH] is close to $180 with a fall of 10%, XRP $ 0.45 accumulates a 10% crash and Bitcoin Cash [BCH] 15% that puts it at $ 442. The same has happened with most cryptocurrencies that registered losses between 10% and 20%
The reason for this abrupt fall is not known with certainty yet, however, there are indications that large capitals could be manipulating the market with the aim of opening positions at a lower price. These price changes usually cause a domino effect, in which the stop loss orders activate and where the less experienced investors panic and begin to sell their assets to see how the value plummets, thus magnifying the overall decline.
All started around 5pm (Time zone UTC + 1), when the price of Bitcoin, Ethereum, Ripple and the rest of cryptocurrencies has started to fall, the drop in market cap had been noticed a few hours before. At 8AM (Time zone UTC + 1) the market accumulated more than 210 billion dollars, and a few hours later at 180 this figure had fallen to 187 billion, losing nothing more and nothing less than 27 billion on the road.
This fall has occurred just 24 hours before the Bitcoin Cash Hardfork, an event that can bring new surprises to the market.
The situation for this 2018 is very different from that experienced in the cryptocurrency market at this time last year 2017, when we were at the beginning of the year.