/https://specials-images.forbesimg.com/imageserve/60585d3d60d1b3bd4a7ca8ff/0x0.jpg "Serious Crypto ‘Washout’ Warning as $ 300 Billion Massive Flash Accident Suddenly Tanks Bitcoin, Ethereum, Ripple’s XRP and Cardano")
Bitcoin and the broader crypto-currency market, including etherum, Ripple’s XRP and cardano, were hit by a sudden collapse early Sunday morning, and prices are tanker (although Elon Musk’s ‘fav’ crypto dogecoin is steady).
The bitcoin price, which this week had a downward trend to $ 60,000 per bitcoin, fell by more than 10% to just over $ 50,000. The bitcoin price has since fallen slightly to trading around $ 55,000, but remains a distance from the recent highs of $ 65,000.
Before the flash crash of the cryptocurrency, which wiped out $ 300 billion of the combined bitcoin, ethereum, XRP, cardano and a wider $ 2 billion crypto market, bitcoin bull and CEO of Galaxy Digital Mike Novogratz warned about a “washout” ahead.
The price of bitcoin, etheruem, Ripple’s XRP and cardano was sent by a sudden fall in the crypto-currency … [+]
SOPA Images / LightRocket via Getty Images
“In the next week, we can definitely be volatile due to the excitement surrounding Coinbase,” Novogratz said. MarketWatch shown this week on the bustling Nasdaq
NDAQ
The bitcoin price rose this week to nearly $ 65,000 per bitcoin, about 800% higher than last year before falling back early Sunday morning. The exact cause of the bitcoin and crypto price crash was not immediately clear. However, some have pointed to power outages in China known to those who maintain the bitcoin network as miners, offline and unconfirmed reports of a regulatory suppression of bitcoin and cryptocurrencies.
The long-awaited Coinbase listing also sent the price of major cryptocurrencies ethereum, Ripple’s XRP, binance currency and cardano sharply higher, with dogecoin, a meme-based cryptocurrency created as a ‘joke’, which added a staggering 400%.
“I’ve seen a lot of foreign currencies like dogecoin and even XRP have huge retail spikes, which means there’s a lot of madness right now,” Novogratz said. “It never ends well, so we’ll probably have a flush out at some point.”
Dogecoin, a memecoin that is seeing its value increase as Tesla encourages retailers
TSLA
Meanwhile, XRP, a cryptocurrency controlled by the company Ripple, has risen 500% over the past six months, despite an ongoing lawsuit by the US Securities and Exchange Commission (SEC) that deceived the company and its senior executives. investors accused.
The bitcoin price had a sharp sell-out early Sunday morning and fell back after climbing ahead … [+]
Coinbase
The bitcoin price, which is almost twice as high as at the beginning of the year, has risen as long-awaited institutional investors are finally hot for bitcoin and bitcoin is strengthening its reputation as a value bath due to Musk’s Tesla giving bitcoin its surprising support.
Ethereum, cardano and similar cryptocurrencies rose before the 2021 cryptocurrency last year amid growing interest in decentralized finance (DeFi). The ethereal price has climbed to fresh everyday highs in recent weeks, while the bull run has accelerated and added more than 1,000% over the past twelve months.
This week’s invitation to Coinbase, based in San Francisco, one of the largest bitcoin and cryptocurrency exchanges in the world, is called Crypto’s “Netscape moment”, with some bitcoin market viewers predicting the IPO the beginning of a ‘ blockchain boom ‘, similar to the explosion of internet companies in the late 1990s.