Bitcoin paralyzed at $3,400 as the cryptocurrency market is back in red

  • All major coins are nursing losses on Monday.
  • Mixed market fundamentals add pressure on traders sentiments.

Cryptocurrency market starts the week with a bearish touch. Bitcoin and all major altcoins are nursing losses ranging from 1% to 5%. The total value of digital assets in circulation is registered at $113.5 against $112.5 on Friday. 

Bitcoin (BTC)is down about 1% on a day to trade at $3,413 at the time of writing. The first digital coin lost 2% of its value since the previous Monday and finished the second consecutive bearish week with lower lows.

Ripple’s XRP is hovering above $0.30 handle, unchanged since this time on Sunday. The second largest coin with a market value of $12.4B retraced from January 31 high at $0.3382 and formed another doji on a weekly chart. 

Ethereum (ETH) has lost over 2% of its value in recent 24 hours to trade at $107.64 at the time of writing. The coin retraced from the early Asian high at $11.89 and failed to settle above $110.00 handle once again.

NEM is the biggest loser of the day out of top-10 coins. NEM has lost nearly 5% of its value and dropped below $0.04 handle. The coin has been under pressure recently due to the news that NEM foundation may be on the verge of bankruptcy.

What’s gaining on on the market

Ethereum developers delayed the update of their mining algorithm for auditing purposes and deployed the difficulty bomb on the network, which will eventually result in the reduction of daily rewards for blocks and the number of new coins mined on a regular basis.
Cryptocurrency exchanges feel a shallow breath of crypto winter. Canadian QuadrigaCX filed for bankruptcy and claimed that it lost access to customer funds to the tune of $190M.

Crypto Destroyer

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