Over the past couple of days, the digital currency markets have been under the influence of the bears. This week has been quite bearish on the crypto market. A lot of digital currencies have lost a significant fraction of their values to the bears. The crypto market saw a massive sell-off on Thursday, and this affected almost all coins in the market.
The entire market cap of the crypto market was also affected. The market cap of all cryptos declined by about $25 billion in a matter of hours, reducing the overall market cap to $200 billion.
The Possible Cause of the Selloffs
Recently, there was a decline in global equities. Some analysts have associated the recent selloff in the digital currency market to the decline seen by global equities. Nevertheless, Thejas Naval said that the recent declines in the crypto market have nothing to with the stock market.
Thejas Naval is an analyst at Element Digital Asset Management. He said “There is a narrative that the digital currency market was declining alongside the equity markets, which are gradually entering into correction zones. Adding that there is no correlation between the move in the crypto market and the stock market.” However, he said evidence shows that the price of Bitcoin (BTC) and global stock indexes have a little correlation between them.
The recent trend in the crypto market also affected the most dominant coin in the world – Bitcoin (BTC). Bitcoin (BTC) declined heavily and traded close to the $6,200 mark. Nevertheless, the digital currency is now recovering and it is now trading slightly over the $6,300 mark.
Ethereum (ETH) Short Positions Hit New Highs on Bitfinex
Even the second largest digital currency by market cap suffered the consequences of the selloff. The performance of Ethereum (ETH) over the past months has not been really impressive. This has also resulted in an increase in its short positions on Bitfinex. At the moment, more than 300,000 short positions are opened for Ethereum (ETH).
These open positions are attributed to the massive ICO selloffs. A lot of ICOs have sold their Ethereum (ETH) positions to make up for future losses and carry on with their projects. Ethereum (ETH) tested its all-time high back in January when it was trading at $1,500. However, the digital currency has lost more than 90 percent of its value since then.
Cobinhood Adds New Trading Options for Ethereum (ETH) and Bitcoin (BTC)
Recently, Cobinhood Trading Exchange announced the addition of XRP (XRP) and NEM (XEM) to its platform. The trading platform also announced the addition of Bitcoin (BTC) and Ethereum (ETH) margin trading. Cobinhood is a digital currency trading platform that charge zero fees for trading on its platform.
The platform offers multiple digital currencies and tokens for deposits, withdrawals, and trading. The platform now has margin funding for Bitcoin (BTC), Cobinhood Coin (COB), Ethereum (ETH), and Tether (USDT).
Ethereum (ETH) Price Today – ETH / USD
Ethereum (ETH) is currently changing hands at $201 after an increase of about 1.5 percent over the past twenty-four hours. The current market cap of Ethereum (ETH) is $20.64 billion and its trading volume over the past twenty-four hours is $1.16 billion.