Crypto market is crashing hard, here's why

The cryptocurrency market is bleeding for the second consecutive day, with prices of most popular coins down double digits in the last 24 hours.

Bitcoin, the largest cryptocurrency by market cap, is down 12.4% in this period according to CoinMarketCap and is currently trading at $6,426. Other coins are having it even worse: Ethereum is down 20.5%, Ripple is down 13.3%, Bitcoin Cash is down 20.1% and EOS is down 22.3%.