After cryptocurrency prices skyrocketed this week, amid publicity that reached as far as Coinbase direct listing, the market had a sting over the weekend. Bitcoin prices closed about 14% in 24 hours, from $ 61,530 to $ 52,829, the biggest one-day drop since February, before bouncing slightly, according to the cryptocurrency’s price monitoring site CoinMarketCap.
Prices of other popular cryptocurrencies also fell. Ether, which is only second to Bitcoin, saw their prices go down inside 24 hours bapproximately 17%, from $ 2,417 to $ 2,011. On Sunday evening, these tokens had recovered somewhat from their losses, with Bitcoin and Ether falling by about 9% and 8% respectively in the last 24 hours. During this so-called flash lock, cryptocurrency settlements added up approximately $ 10 billion, according to data from the cryptographic industry tracker Bybt.
Interestingly, of the ten most popular cryptocurrencies, the only currency that gained value over the weekend was Dogecoin, a meme-based testimonial that began as a joke but has recently risen in popularity. Last week, the price of Dogecoin shot up more than 400%, exceeding 40 cents for the first time. And while it’s not likely to enrich anyone anytime soon, witness demand has exploded, prompting Robinhood to crash several times this week as eager investors flooded the platform, the stock market said. a blog post on Friday.
This fall comes just days after Bitcoin prices arrived a record of nearly $ 65,000. The exact cause is not yet clear, but so far analysts have put forward some theories. The value of Bitcoin had already weakened somewhat on Friday after Turkey’s central bank banned the use of digital assets for purchases, citing risks of damage and “irreparable” transactions. Reuters reported.
In the meantime, Xinjian Chinese region, home to much of the world’s bitcoin mining operations, it also darkened this weekend blackouts issued by the government to address security issues and flood damage, causing a decrease of almost 50% in the Bitcoin hash rate, according to Forbes. At the same time, unfounded rumors spread Twitter stating that the U.S. Treasury plans to crack down on money laundering schemes that use digital assets.
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Of course, this could also be the cryptocurrency market that fell from its peak after a week of furious trading that pushed the value of all currencies to over $ 2.25 trillion, Bloomberg reports. With Coinbase, a cryptocurrency exchange platform, which will go public on Wednesday, fueled a higher demand for all cryptocurrencies.
“The crypto world is waking up with a bit of a sore head today,” Antoni Trenchev, co-founder of cryptocurrency lender Nexo, said in an interview with Bloomberg turned on Sunday. “Dogecoin’s 100% concentration on Friday was the ‘maximum party,’ after the Bitcoin record and Coinbase listing earlier in the week. The euphoria was in the air. And usually in the world of cryptography. , there is a price to pay when this happens ”.