Crypto Markets Under Pressure

After days of sideways trading, crypto markets suffered broad declines on Wednesday, with altcoins and tokens shouldering the heaviest losses. The combined cryptocurrency market cap reached a low of around $213.9 billion as XRP, Ethereum and NEM sold off. By the late afternoon, the market was valued at $215.1 billion.

Bitcoin reached lows near $6,400 before staging a modest relief rally later in the day. BTC is currently valued just north of $6,473.

While there was no immediate catalyst for the sudden breakdown, which amounted to a loss of more than $7 billion at the lowest point, broad declines usually follow prolonged stretches of lateral moves. Digital assets remain in a protracted bear market amid declining retail interest and reluctance on the part of institutions to enter the market. Although the latter is certainly changing, concerns over regulation have kept institutions largely on the sidelines.