Crypto Markets See Major Correction, BTC Below $7,350 as US Stock Futures Trade Lower

Friday, May 17 - after a week of deep green and bullish price performance, crypto markets today are seeing a major correction, with bitcoin dropping below the $7,350 mark, as Coin360 data shows.

Bitcoin has taken a steep price hit, dropping 8% on the day to trade at $7,346 to press time.

Largest altcoin by market cap ether has seen a slightly milder drop, and is down 6.3% on the day to press time to trade at $240. The dip follows an intra-week high of above $270 yesterday.

XRP has taken a double digit percentage tumble, dropping 10.9% on the day to trade at $0.38 by press time.

The market-wide price downturn includes an 11.8% loss on the day for stellar, an 11% loss for cardano and a 10.2% loss for bitcoin cash.

Red market action spans an 11.2% loss for tron, a 10.6% loss for dash and a 12.3% loss for bitcoin SV. Tezos has seen the mildest price hit, losing just 1.15% on the day to trade at $1.66 to press time.

The total market capitalization of all cryptocurrencies is currently around $230.15 billion - down from over $262 billion on May 16.Total market capitalization of all cryptocurrencies.

In crypto regulatory news, leading cryptocurrency exchange Poloniex yesterday announced it will stop offering nine coins to United States-based customers due to uncertain regulations, citing a lack of clarity over their interaction with federal securities laws.

In traditional markets, United States stock index futures opened lower this morning, as a mark of ongoing trade tensions between the US and China, as CNBC reports.

As of 3:00 a.m. ET, Dow futures reportedly fell 62 points, CNBC notes, with futures on the S&P 500 Index and Nasdaq also slightly down.