Crypto Markets See a Double-Digit Crash, Asian Stock Markets Soaring as Trump Delay In Raising Tariffs

According to Bitpush data on February 25, major cryptocurrencies are seeing a crash today, with the top 20 cryptocurrencies all losing between 5 percent and 13 percent.

Top cryptocurrency Bitcoin (BTC) falls 5% on the day and is now trading at $3,848. Today's plunge was the second day that bitcoin - and the broader cryptocurrency market - reports losses. Bitcoin is down from an intraday high of $4,210 to about $3,800 yesterday, giving it a gain of just over 2 percent for the  past week.

ETH suffered an even severe downturn, falling 9.9 percent on the day and trading at $140. Like Bitcoin, the leading altcoin dropped yesterday from near $150 to below $140. Earlier in the day, it began a modest recovery from an intraday low of $135. ETH is almost breaking even this week, up 0.2%.

Ripple (XRP), the third-largest cryptocurrency, has seen 5.72 percent losses on the day and is trading around $0.305 at press time. The market downturn pushed XRP's 7-day loss to 2.2%.

Among the top 20 cryptocurrencies, EOS suffers the most, falling 12.9% in 24 hours to trade at $3.59. Litecoin (LTC), Bitcoin Cash (BCH) and Stellar (XLM) are all down around 8%.

As of press time, the total market value of all cryptocurrencies was about $129.2 billion, significantly lower than the intraweek high of $143.9 billion on Feb. 24.

Major Asian stock markets are seeing big gains today as US President Donald Trump announced he would delay a planned increase in tariffs on Chinese goods that had been due to take effect on March 1.

In mainland China, the Shanghai composite index is up a strong 5.6 percent, and the Shenzhen composite gained 5.2 percent, both at multi-month highs. Hong Kong’s Hang Seng index is up 0.5 percent and Japan's Nikkei 225 index adds 0.5 percent.

Image: pexels.com

Author: Max Li

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