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Just hours after traders reported a shift in strategy, the global cryptocurrency markets appear to be correcting – and fast.
At press time, the top 10 cryptocurrencies by market capitalization were all in steep periods of decline, with eight seeing declines of more than 10%. Even bitcoin, heralded as the 'safe haven' among available alternatives wasn't immune, dropping 15% at press time as its price retreated to its lowest total since 31st May.
Overall, the market shed roughly $6bn in a span of hours, declining from a combined total of $106bn to a press time total of $99.3bn, according to data from Coinmarketcap.
Taking an even broader look, more than 80 of the top 100 cryptocurrencies had seen more than double-digit declines, with some seeing declines of more than 30%.
Among those most impacted was IOTA, which began listing on exchanges this week and debuted at a $1bn market cap, only to fall more than 40% today. Lesser-known assets including I/O Coin, E-Currency Coin and Vericoin saw over 30% declines.
It wasn't just tokens on so-called infrastructure blockchains, running on their own unique networks, that were affected either.