Crypto markets have taken a sharp downturn, today, July 27, with all of the top ten coins by market cap hit by hefty losses and Bitcoin (BTC) dipping back below the $8,000 psychological price point, as data from Coin360 shows.
The grim market picture is likely due to yesterday’s breaking news that the Winklevoss Twins’ application for a Bitcoin exchange-traded fund (ETF) has now been rejected for a second time by the U.S. Securities and Exchange Commission (SEC).

Market visualization from Coin360
Bitcoin (BTC) is trading around $7,915 to press time, down about 4 percent on the day. After leading last week’s impressive market uptick and hitting as high as $8,431 July 25, the coin tumbled over $400 within the space of 3 hours earlier today.
Bitcoin has since slightly recovered from its intraday low at around $7,874 — and its weekly and monthly price performance remains in the green, up around 6 and 30 percent respectively.

Bitcoin’s 24-hour price chart. Source: Cointelegraph Bitcoin Price Index
Ethereum (ETH) is trading around $462 at press time, down about 3 percent on the day. The altcoin took a similarly sharp plunge to Bitcoin, losing roughly $20 in value within 3 hours, and later dipping yet further to see a 24-hour low of around $459. Ethereum’s weekly price performance is now just shy of half a percent in the negative, but it’s monthly gains remain at a firm 6 percent.

Ethereum’s 24-hour price chart. Source: Cointelegraph Ethereum Price Index
On CoinMarketCap’s listings, all of the top 10 coins by market cap are down between 3 and 7 percent on the day.
Stellar (XLM) has seen the steepest loss of the top ten, 6.5 percent in the negative and trading around $0.305 to press time. Cardano (ADA) is down almost 7 percent, trading around $0.16 per coin, with IOTA(MIOTA) down around 5.4 percent at $0.98and Bitcoin Cash (BCH) down almost 5 percent to trade at $802 to press time.
Of the top 20 coins on CoinMarketCap, VeChain — ranked 18th by market cap — has somehow been immunized from the declining fortunes of most crypto assets on the day. After a major surge yesterday to hit as high as $2.66, the token is still up around 13.5 percent today and is trading at around $2.36 to press time.

VeChain 7-day chart. Source: CoinMarketCap
Crypto exchange Binance’s native token Binance Coin (BNB) — ranked 17th on CoinMarketCap — is also up a solid 6 percent on the day, trading around $13.81 to press time — its highest price point yet during its bullish run this week.

Binance Coin 7-day chart. Source: CoinMarketCap
Over $12 billion has been wiped from the total market capitalization of all cryptocurrencies on the day. After yesterday’s peak at $303.7 billion, total market cap is now around $290 billion.

Total market capitalization of all cryptocurrencies from CoinMarketCap
Of the top 100 cryptocurrencies by market cap, just seven coins are in the green on the day to press time, according to CoinMarketCap.
