Crypto Markets Turn Red, Indian Stock Markets Post Record Highs Amid Election Results

You have a red bag Bonus For You ~ Click And Find Tokens

Thursday, May 23 —  following a mild correction which began yesterday, crypto markets have today tipped into deeper red with bitcoin (BTC) dropping below the $7,600 mark, as Coin360 data shows.

Market visualization

Market visualization courtesy of Coin360

Bitcoin has sustained a 4.25% correction and is trading at $7,590 by press time. The top coin has seen considerable volatility this week, posting an intra-week low of under $7,100 on May 17 before surging to the $8,250 mark on May 20.

Today’s renewed correction has brought bitcoin a 5.24% loss on its 7-day chart.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

Largest altcoin by market cap ether (ETH) has seen a heftier loss, down 7.9% on the day to press time to trade at $235.85. Ether has seen a jaggedly downward trend on its 7-day chart, having peaked at $273 on May 16. The top alt is now trading 8.66% down on the week.

Ether 7-day price chart

Ether 7-day price chart. Source: CoinMarketCap

XRP has seen a 7.2% price dip on the day to trade at $0.37 by press time. Like ether, the asset saw its weekly peak on May 16, followed by a second recovery on May 20. With today’s accelerated downturn, XRP is reporting a 15.2% loss on the week.

XRP 7-day price chart

XRP 7-day price chart. Source: CoinMarketCap

Among the top ten cryptocurrencies, all are red. The market-wide price downturn includes a 10.8% loss for 10th largest crypto cardano (ADA), a 9% loss for fourth ranked coin bitcoin cash (BCH), and an 8.8% loss on the day for stellar (XLM), ranked 9th.

The seventh-largest crypto, native exchange token binance coin (BNB), is showing relative resilience — down a mild 2.29% on the day..

Widening out to the top twenty, all coins are again unanimously red, with several posting double digit losses. These include nem (XEM) — ranked 20th and down 13.15% on the day — 15th largest coin iota (MIOTA), which is down 11.8% on the day, and dash (DASH), ranked 14th and down 10.7%.

Other hefty losses have been reported by tron (TRX) — down 9.47% — and neo (NEO), down 9.9% to press time.

The total market capitalization of all cryptocurrencies is currently around $234.77 billion — remaining roughly $10 billion higher than its intra-week lows — with bitcoin dominance at 57.2%.

Total market capitalization of all cryptocurrencies

Total market capitalization of all cryptocurrencies. Source: CoinMarketCap

In an interview yesterday, crypto trader Anthony Grisanti of NYMEX anticipated that bitcoin would likely correct back to $7,000 and consolidate recent gains.

Earlier this week, crypto fund manager Brian Kelly gave his short-term forecast, telling CNBC that an upcoming supply cut — or the “halvening,” next due to take place in 2020 —  could boost bitcoin prices rise further in the coming months.

In traditional markets, Indian stock markets soared following news of incumbent Prime Minister Narendra Modi’s anticipated landslide victory, before swiftly correcting downwards, as the Economic Times of India reports live.

Earlier in the day, the Sensex — a stock market index of 30 companies listed on the Bombay Stock Exchange — soared 1,000 points to break past the 40,000 mark for the first time ever, with the Nifty 50 — the National Stock Exchange of India's stock index for the equity market— crossing the 12,000 mark, setting a new record high. To press time, the Sensex has scaled back down and is trading at 39,103 levels, with the Nifty 50 at around 11,750.

  • 42
Block
Add Reply
Feedback |

support

Add Reply
expand

Nice sharing

Add Reply
expand

Support you            

Add Reply
expand

Great sharing

Add Reply
expand

Good day

Add Reply
expand

Thank you

Add Reply
expand

Come and support

Add Reply
expand

Come and mining

Add Reply
expand

support

Add Reply
expand

mine

Add Reply
expand

Mining is good

Add Reply
expand

Supporting is good

Add Reply
expand

Come and support

Add Reply
expand

Great sharing. 

Add Reply
expand

support

Add Reply
expand

Mining  

Add Reply
expand

support~

Add Reply
expand

thanks for sharing.

Add Reply
expand

Mining support 

Add Reply
expand

Thank you  for sharing. 

Add Reply
expand

Support Landlord           

Add Reply
expand

Great  sharing

Add Reply
expand

Support and  mining          

Add Reply
expand

Nice sharing       

Add Reply
expand

Support you!          

Add Reply
expand

Good sharing

Add Reply
expand

Support~~~~~~              

Add Reply
expand

mine~~~~~~

Add Reply
expand

Good morning.

Add Reply
expand
You should login to reply
You will reward to {{ username }}

Available Balance: {{balance}}

≈ $ {{usdtAmount.toFixed(2)}} (The reward commission rate is 10.0%)

New Favorite Bag

Add To Favorite You can create multiple favorites and classify the topics. Please select the favorites you want to add.
{{ favoriteBag.title }} {{ favoriteBag.favorites_count }}Topics

{{ text }} OK
fa-bars fa-arrow-up