(05 FEBRUARY 2018)DAILY MARKET BRIEF 1:Cryptos tumble further as equities tank
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(05 FEBRUARY 2018)DAILY MARKET BRIEF 1:Cryptos tumble further as equities tank

5 February 2018, 12:49
Jiming Huang
Jiming Huang
0
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After a rough weekend, the sell-off in crypto-assets has resumed on Monday as the equity market tumbled. The total market capitalization of crypto-assets slid to $380 billion this morning, erasing more than half its value since early January when it reached $830 billion. It seems that the risk-off sentiment has spread into the equity market. Equity indices are blinking across the screen with European equities following Asian ones in negative territory.

Bitcoin slid as low as $7,614 during the weekend before stabilising at around $7,890. Ethereum also tanked as it fell 11% over the last 24h, while ripple extended losses below the $1 threshold. It has been a rough month for Ripple as its price has been divided in almost 5 (from $3.8 to $0.8). The Bitfinex/Tether situation has spread panic selling in the crypto space as investors have been deprived of the main safe-haven crypto asset.

The recent price action of Bitcoin suggests that the $8,000 threshold remains a solid support. Bitcoin price fell more than 45% this year, we believe it is time for a consolidation, at least.

By Arnaud Masset

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