After cryptocurrency prices soared this week amid hype that led to Coinbase’s direct listing, the market took a nap over the weekend. Bitcoin prices rose 24% in 24 hours, from $ 61,530 to $ 52,829, the sign’s biggest one-day drop since February, before rebounding slightly, according to cryptoasset CoinMarketCap.
The prices of other popular cryptocurrencies have also fallen. Ether, which is the second only of Bitcoin, has seen its prices are falling in 24 hours by about 17%, from $ 2,417 to $ 2,011. By Sunday night, these signs had recovered somewhat from their losses, with Bitcoin and Ether up about 9% and 8% respectively in the last 24 hours. During this so-called flash accident, the liquidation of cryptocurrencies amounted to approximately $ 10 billion, according to crypto-industry data Bybt.
Funny enough, some of the top 10 most popular cryptocurrencies were the only currency to gain value over the weekend Dogecoin, a meme-based token that started out as a joke but has recently grown in popularity. Last week, the price of Dogecoin shot up more than 400%, which is on top of 40 cents for the first time. And while it probably won’t make anyone rich anytime soon, demand for the sign has exploded, prompting Robinhood to crash several times this week as eager investors flood the platform, the online exchange said. a blog post Friday.
This flash collision comes a few days after the Bitcoin prices reached a record high of almost $ 65,000. The exact cause remains unclear, but analysts have so far put forward some theories. Bitcoin’s value weakened slightly on Friday after Turkey’s central bank banned the use of digital assets for purchases, citing ‘irreparable’ damage and transaction risks. Reuters report.
Meanwhile, it Xinjian Region in China, home to a large part of the world’s bitcoin mining operations, apparently also got dark over the weekend due to government-issued eclipses to address security issues and flood damage, causing a nearly 50% decrease in the hash rate of bitcoin Forbes. Around the same time, unfounded rumors spread Twitter claims that the US Treasury is planning to fight money laundering schemes that use digital assets.
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Of course, it could also be the cryptocurrency market coming off its peak after a week of furious trading that pushed the value of all currencies past $ 2.25 billion, Bloomberg reported. With Coinbase, an exchange platform for cryptocurrencies, announced on Wednesday, it has fueled increased demand for all cryptocurrencies.
“The crypto world is waking up today with a sore head,” said Antoni Trenchev, co-founder of crypto lender Nexo, in an interview with Bloomberg on Sunday. “Dogecoin’s 100% Friday rally was a peak,” according to the Bitcoin record and Coinbase listing earlier this week. Euphoria was in the air. And usually there is a price to pay in the crypto world if that happens. ‘