$35 Bln Wiped Off Crypto Markets As BTC Tests $10k, Only To Retreat

May 7: more than $35 bln dollars were wiped off the crypto markets this weekend, as Bitcoin tantalizingly tested the $10,000 resistance, only to retrace Sunday, May 6.

Total market capitalization, which came close to half a trln on Saturday, is now down to $429 bln as of press time, as per Coinmarketcap data.

All but one of the top ten coins are in the red, as data from Coin360 shows.

Bitcoin is trading at $9,226 as of press time, down about 3 percent over the 24 hour period.

Ethereum is trading at $703, down almost 8 percent over the 24 hour period.

Bitcoin Cash has also seen a correction today, after impressive gains earlier this week.

The coin is trading at $1,617 to press time, down more than 5 percent over the 24 hour period, and down 3 percent against BTC, as data from Coinmarketcap shows.

Yesterday, Coinmarketcap quietly removed the pro-BCH website Bitcoin.com from its Bitcoin page, apparently in the wake of a recent campaign waged by BTC supporters who were angered by the site's alleged misrepresentation of the distinction between the two coins.

Overall the markets appear skittish, despite the fair share of bullish news this week, from Goldman Sachs's announcement that the bank plans to open a crypto trading desk, to news that the South Korean ICO market may soon be reopened.

A pro-Bitcoin Wall St analyst warned late last week that signs of wider crypto adoption currently appear weak, pointing to public interest indicators, including fewer Bitcoin Google searches and low crypto wallet growth.