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Cryptos mixed after weekend meltdown

James Mickleboro

The crypto market has bounced back from a heavy decline on Sunday and is mostly flat on Monday morning.

Just a few hours ago the value of the entire market dropped a further 7.3% to US$237.1 billion according to Coin Market Cap. At that point the market had shed over 17% of its value since Friday morning.

Also read: 7 things you need to know about Crypto exchanges

What happened?

As I explained on Saturday, cryptocurrencies have been in freefall after Japan’s financial regulator ordered six cryptocurrency exchanges to do more to prevent money laundering.

One of those impacted was Japan’s leading crypto exchange, bitFlyer. It has been forced to suspend new sign ups until it has made appropriate improvements to its practices to stop money laundering and terrorist financing.

As this is arguably a positive move, it is a bit of a surprise to see the market tumble so drastically. This could be a sign that money laundering activities were far more widespread than first thought and led to a panic selloff from money launderers.

Also read: Don't forget to claim Cryptocurrency gains in your tax return

Here is the state of play on Monday morning:

The Bitcoin (BTC) price has recovered and is up 1.2% over the last 24 hours to US$6,218.13 per coin, leaving it with a market capitalisation of US$106.4 billion.

The Ethereum (ETH) price has tumbled 3% since this time yesterday to US$460.29 per token, reducing its market capitalisation to US$46.15 billion.

The Ripple (XRP) price has lost 1.2% of its value over the last 24 hours and is down to 48.2 U.S. cents. This means Ripple’s market capitalisation is down to US$18.9 billion.

The BitcoinCash (BCH) price has risen 0.6% during the period to US$763.13 per token. The Bitcoin offshoot now has a market capitalisation of US$13.1 billion.

The EOS (EOS) price has edged 0.3% lower during the last 24 hours to US$8.33, reducing its market capitalisation to just under US$7.5 billion.

Outside the top five it was a similar story with Litecoin (LTC) rising 0.3%, but Stellar (XLM), Cardano (ADA), and TRON (TRX) all falling around 2% during the period. The IOTA (MIOTA) price has performed especially poorly and is down 5.1% to 98.36 U.S. cents.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.