The global market cap has lost 10% of its value overnight. This is all because the SEC have delayed their decision regarding the VanEck ETF. The judgement is now going to happen at the end of September and this is going to be the third rejection for it if they don’t try and get a positive result. The ETF decision has really been responsible for a lot of the market trends over the last few months and the speed of last night’s decision is really responsible for the failing market. The losses from last night resulted in a 23% fallout and this has happened over the course of the week. Today, the majority of the coins are in the top 100 and they have been marked down by double-digit figures. You have IOTA, EOS, XRP and more in the top 10 and they seem to have taken the worst of the damages. Each of them have lost well over 16% and this has happened in the last 18 hours. ETH has also shed 10% of its own value and Bitcoin is now closing in on the 10% mark. It sunk 9.5% and it did have a slight rebound. That being said, not much looks to be happening and this could be seen as being bad news. The XRP coin is trading at the levels that it did in 2017 and this is after it fell to $0.345. This is a valuation that it has not encountered since December. This shows that it has lost 16% of its value overnight and this means that XRP is experiencing 23% losses in 7 days. The highest concentration of trades are coming from XRP and JPY but so far it’s hard to tell how the whole thing is going to end up.
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Even though XRP have experienced some losses, it isn’t actually the worst performer. EOS is down by 17.5% from last night and this is a huge drop but the lowest it actually dipped to was $5.91. This happened around 06:00 UTC and it did make a return to $6.01 by the time this article was written. Over 48% of trades have been put against Tether and this suggests that investors are not yet ready to cash out. It has stated however that Tether is going to be a friendly port for the duration of this chaos. When you look at today’s losses you will see that it takes EOS back to the April valuation. This is just before the ramp up to the ICO took place. IOTA has nursed 10% day on day losses and this has happened over the last two days. This happened on August 6th and now the coin is starting to return to somewhat normal levels. Last night however it did take a dip again but that is to be expected when you look at the bigger picture.
So in the last 24 hours, it looks like the sacred support levels have been somewhat breached. IOTA have floated quite comfortably in the last 24 hours and it has been around the $0.90 mark for a good month or so now.