Crypto Markets Continue to See Red, XRP and ETH Tumble

On the week, Ethereum's gains remain up by 6.9 percent; monthly losses are at around 25.2 percent.

The asset is today down around 13.8 percent over the 24 hour period, and is trading around $0.45 at press time.

On the week, Ripple is still up 68 percent, with its monthly gains at around 39 percent.

The top crypto is down around 2.6 percent to trade around $6,426 as of press time.

On the month Bitcoin is down slightly over 4 percent.

Among the top ten coins listed on CoinMarketCap, Stellar has again been hit with the most severe losses on the day, barring ETH and XRP, down 9.35 percent to trade at $0.24 at press time.

Still among the top ten, Cardano, is also down 10 percent and is trading around $0.076.Tron is down 9.2 percent on the day at around $0.02, and Tezos is down 5.3 percent at $1.48.

IOTA is faring better than its double-digit loss yesterday, losing around 5.4 percent on the day to trade around $0.53 - a similar percentage loss to alts such as NEM and Ethereum Classic.

Total market capitalization is around $207.6 billion as of press time, down around $25 billion from its intraweek high of close to $229 billion.

BIS' empirical research found that the markets responded most noticeably to news events regarding the legal status of crypto - with strong adverse reactions to news that pertains to bans, the possible applicability of securities market law to crypto assets, or to announcements that crypto will not be recognized as a currency.