Bitcoin is falling, altcoins getting hit hardest l

That ongoing sideways ranging market has finally ended a few hours ago when a flash crash wiped $15 billion out of crypto in a couple of hours. The markets have slid over 6% over the past day and the bears are selling with a fury. Currently at a total capitalization of $324 billion markets have fallen fast from yesterday’s level of $345 billion.

Bitcoin led the downward charge when it shed $300 in just over an hour starting at 06.45 UTC. It has lost 4.5% on the day and is currently trading at $7,330. Volume has remained a steady $4.2 billion and market cap for BTC is currently $125 billion, down $6 billion from the same time yesterday.

What has caused the Flash Crash?
There is some speculation as to what caused this flash crash. Some are fingering the US Commodity Futures Trading Commission which has subpoenaed several large exchanges including Coinbase, Kraken, and Bitstamp in an ongoing price manipulation investigation.

News is also emerging that South Korean crypto exchange CoinRail has just been hacked though this exchange is currently ranked 90th in the world with just $2.6 million in daily trade volume according to Coinmarketcap.

What we have seen time and time again is that when key support levels are broken markets fall fast. Whether these two developments have directly caused this selloff remains to be seen, the news has generally been positive over the past week or so.