Crypto Markets Tumble: Losses As High As 10%, Bitcoin Price Dips Below $8k

Crypto markets are seeing significant losses across the board, with all top ten coins by market cap in the red, as Coin360 data shows.

Bitcoin is trading around $7,846 as of press time, down more than 4 percent over the 24 hour period.

Ethereum has seen a loss of almost 10 percent over the 24 hour period, trading at $618 to press time.

The dip brings the altcoin's monthly value change into the negative, threatening to reverse what had been astonishing monthly gains of over 100 percent in early May.Ethereum price chart.

Other major altcoins - including Cardano, IOTA, TRON, and EOS - are all seeing 24 hour period losses of between 8 and 11 percent, as data from Coinmarketcap shows.

Having rallied as high as $1800 in early May, Bitcoin Cash has failed to sustain higher valuations, falling almost 9 percent in the 24 hour period and trading around $1039 to press time.

The markets' negative performance suggest that despite increasing provisions to facilitate mainstream investment in the crypto space, notably with a recent trend to provide custodian solutions for institutional holders, more robust regulatory guidelines and clarity are still needed for traditional financial sector capital to come in.

At the beginning of this week, the US Commodity Futures Trading Commission announced it plans to provide tighter guidance for the crypto market.

Futures on CBOE and CME are both in the red this morning, May 23, with CBOE's June contract XBTM8 down 3.79 percent to $7,865.

00, and CME's May contract BTCK8 down 4.10 percent at $7,845.