After cryptocurrency prices soared this week during a hype that preceded it Coinbase’s direct offer, the market took a nosedive over the weekend. Bitcoin prices tanked at about 14% in 24 hours, from $ 61,530 to $ 52,829, the token’s biggest one-day drop since February, before recovering somewhat, according to cryptoasset price tracking site CoinMarketCap
Prices of other popular cryptocurrencies also fell. Ether, which is second after Bitcoin, saw his prices are falling in 24 hours by about 17%, from $ 2,417 to $ 2,011. By Sunday night, these tokens had recouped their losses somewhat, with Bitcoin and Ether dropping about 9% and 8% respectively in the past 24 hours. During this so-called flash crash, cryptocurrency liquidations amounted to approx $ 10 billion, according to crypto industry tracker data Bybt
Funnily enough, of the top 10 most popular cryptocurrencies, the only coin to gain value this weekend Dogecoin, a meme-based token that started out as a joke but has recently grown in popularity. Last week, the price of Dogecoin went up shot up more than 400%, for the first time more than 40 cents. And while it probably won’t make anyone rich anytime soon, demand for the token has exploded, causing Robinhood to crash several times this week as eager investors flooded the platform, the online exchange said. a blog post Friday
This flash crash comes just days after Bitcoin prices hit a record high of nearly $ 65,000The exact cause remains unclear, but analysts have put forward a few theories so far. Bitcoin’s value had already weakened a bit on Friday after Turkey’s central bank banned the use of digital assets for purchases, citing ‘irreparable’ damage and transaction risks, Reuters reported.
Meanwhile, China’s Xinjian Region home to much of the world’s bitcoin mining operations, also reportedly went dark this weekend due to government-issued blackouts to address security concerns and flood damage, reducing bitcoin’s hash rate by nearly 50%, said ForbesAround the same time, unfounded rumors spread Twitter claim that the US Treasury is cracking down on money laundering programs that use digital assets.
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Of course, this could also be the cryptocurrency market that is rocketing from its peak after a week of furious trading, pushing the value of all coins above $ 2.25 trillion. Bloomberg reportsWith Coinbase, a cryptocurrency exchange platform, which went public on Wednesday, the demand for all things crypto grew.
“The crypto world is waking up today with a little sore head,” said Antoni Trenchev, co-founder of crypto lender Nexo, in an interview with Bloomberg On Sunday. Dogecoin’s 100% Friday rally was ‘peak party’, following the Bitcoin record and Coinbase listing earlier in the week. Euphoria was in the air. And usually in the crypto world, there is a price to pay when that happens. “