Crypto Markets Lose $2 Billion After Brief Recovery Attempt, US Stock Market Is Down

Tuesday, Feb. 26: after a brief recovery attempt yesterday, crypto markets have lost more than $2 billion in terms of total market capitalization today, with the top 20 cryptocurrencies seeing mixed signals.

While the market is overall trading sideways, most of top 20 coins are in the red at press time.

Market visualization from Coin360

The largest cryptocurrency, Bitcoin (BTC), is down around 1 percent over the past 24 hours, trading at $3,847 at press time. Following major losses on Feb. 24, the top cryptocurrency is down over 3 percent over the past 7 days.

Bitcoin 24-hour price chart. Source: CoinMarketCap

Top altcoin Ethereum (ETH) is down around 3 over the day, also seeing a significant decline over the past 7 days. Trading at about $137 by press time, Ethereum is down more than 7 percent over the past 7 days, after the coin hit $165 on Feb. 23.

Ethereum 7-day price chart. Source: CoinMarketCap

In contrast, Ripple (XRP), the third top cryptocurrency by market cap, is seeing slight gains of less than one percent over the past 24 hours, trading at $0.32 at press time. However, Ripple is also seeing a decline over the past 7 days, down about 4 percent after peaking at $0.342 earlier this week, hitting as high as $0.338 just yesterday, Feb. 25.

Ripple 7-day price chart. Source: CoinMarketCap

Bitcoin SV (BSV), the Craig Wright-supported hard fork of Bitcoin Cash (BCH), is seeing the most growth over the past 24 hours among the top 20 coins by market cap. BSV jumped almost 7 percent on the day, while weekly gains amount to almost 8 percent at press time.

On the other hand, the fourth top coin Eos (EOS) is seeing the biggest losses among the top 20 cryptos, down around 6.5 percent over the past 24 hours, which is almost equal to the coin’s losses over the past 7 days.

Yesterday, Cointelegraph reported that anonymous hackers managed to move 2.09 million EOS (about $7.7 million) from a hacked account due to an allegedly failed update by an EOS block producer.

After hitting $132.7 billion yesterday, total market capitalization of all cryptos has declined to $130.3 billion at press time, while daily trade volume has also fallen to around $28 billion from yesterday’s almost $33 billion.

Total market capitalization 24-hour chart. Source: CoinMarketCap

Earlier today, one of the largest Swiss banking institutions, Julius Baer Group, revealed plans to allow its customers to access digital asset services, following a partnership with crypto bank startup Seba Crypto. After the partnership comes into effect, Julius Baer will start offering digital asset storage, transactions and investment solutions.

Also today, Nasdaq launched live listings of two cryptocurrency price indices from United States blockchain and crypto market data company Brave New Coin (BNC), namely BNC’s Bitcoin Liquid Index (BLX) and Ethereum Liquid Index (ELX). The company is also planning to launch a separate index for tracking the price of Ripple.

The U.S. stock market has dropped today, following the release of lower-than-expected Home Depot earnings and a drop in housing starts, as CNBC reports. The Dow Jones Industrial Average tumbled 100 points earlier today, while the S&P 500 declined 0.1 percent, and Nasdaq Composite dipped 0.15 percent.

Meanwhile, oil prices are mostly down today as Saudi Arabia and the rest of the OPEC participants were expected to keep their policy of cutting production, in spite of renewed pressure from U.S. President Donald Trump, according to CNBC. Among the exceptions, after a price decline on Monday, Brent crude rose 0.5 percent, while the Canadian Crude Index is also seeing gains of 1.65 percent.

On Tuesday, spot gold was down 0.05 percent, while gold futures declined 0.11 percent today. With that, spot palladium, which hit a new high yesterday due to a worsening supply scenario, is up 1.17 percent on the day, growing to $1,559 from $1,551 per ounce.