RATE Group | Major cryptos turn red as bears dominate
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Major cryptos turn red as bears dominate

27 Jul Major cryptos turn red as bears dominate

Posted at 13:28h in Cryptocurrency News by

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  • Major cryptocurrencies are under heavy selling pressure on Saturday.
  • Bitcoin drops below critical $10,000 handle, Ripple and Ethereum fall nearly 5%.
  • More than $10 billion is erased from total market cap of all cryptos.

Major cryptocurrencies lost their traction on Saturday after a new selling wave hit the market. Although the lack of an obvious catalyst confused market participants, the broad-based selloff points out to a shift in the sentiment surrounding cryptocurrencies. Reports of the Internal Revenue Services sending out letters to more than 10,000 cryptocurrency holders in the US for failing to report income on crypto investments seem to be hurting the sentiment as well. With today’s drop, the total market cap of all cryptocurrencies fell to $263 billion from $277 billion.

Top-3 coins price overview

After spending the first half of the day moving sideways a little above the $10000 mark, Bitcoin (BTC/USD) lost more than $600 in a matter of minutes and…

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