Bitcoin (BTC) remains stable, altcoins collapse following Binance news

  • All major coins are sold off on Wednesday morning. 
  • Binance Coin is the worst performing asset out of top-20. 

Bitcoin stays unchanged, while the majority of top-20 altcoins are nursing losses. The total market capitalization has reduced to $184 billion, down from $189 billion at its peak on Tuesday. The average daily trading volumes settled at $54 billion.

Binance confirmed a security breach, which led to the loss of 7000 BTC to the tune of $40.7 million. This news put the market under pressure, though the reaction is less severe than one might have expected. At least so far.

Top-3 coins price overview:

  • Bitcoin is hovering at $5,800 handle at the time of writing, mostly unchanged in recent 24 hours. However, following the Binance news the coin dropped from the intraday high of $5,947 to as low as $5,664.
  • Ethereum staged an impressive sell-off after a strong rally on Tuesday. The second largest virtual coin has lost nearly 5% in recent 24 hours, to trade at $170.00, off the intraday low touched at $164.95.
  • Ripple’s XRP remains relatively stable, marginally above $0.3000. The third largest coin has been trading with bearish bias during early Asian hours in sync with the rest of the market.

The biggest market-movers:

  • Binance Coin (BNB) has lost nearly 7% of its value to trade at $20.91 by the time of writing. The sell-off may gain traction later during the day, when the European and American players learn the news.
  • Cosmos (ATOM) is also under pressure with 7% of losses. The coin jumped the 15th place in the global cryptocurrency rating, following the Binance listing news.
  • Monero (XMR) and Cardano (ADA) are down over 5%. Other coins are also vulnerable to new losses.

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