Crypto Market Wrap: $16 Billion Dumped in a Day

Market WrapHuge crypto market purge dumps 11% in a day; all altcoins in a world of pain, all 2019 gains obliterated.Another dump followed yesterday’s initial 60 minute crypto purge eight hours later. This has exacerbated daily losses and resulted in an outflow of $16 billion over 24 hours. Total crypto market cap is now just over $120 billion and further losses could be imminent.Bitcoin led the downward charge once again when it bounced off resistance at $4,050 and plummeted back to $3,850 where it held for a while. The second wave sent BTC sliding back down to $3,650 resulting in an overall loss of 9.5% on the day. The $3,600 level is a key support zone and falling through this could spell bigger losses for Bitcoin.Ethereum has been smashed with a loss of over 14% dropping it back below $130. This has enabled XRP to retake second spot with a…

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