Bitcoin and Ripple’s broader cryptocurrency market, including ethereum, XRP and cardano, were hit by a sudden flash crash early Sunday morning, lowering prices (although Elon’s “fav” Dogeco crypto Musk remains constant).
The price of bitcoin, which this week had a downward trend toward $ 60,000 per bitcoin, fell more than 10% to just over $ 50,000. Since then, the price of bitcoin has risen slightly to trade around $ 55,000, but remains at some distance from its recent highs near $ 65,000.
Prior to the fall of the cryptocurrency, wiping out $ 300 billion from the combined bitcoin, ethereum, XRP, cardano and broader $ 2 trillion cryptocurrency market, bitcoin bull and Galaxy Digital CEO Mike Novogratz warned of ‘a’ wash ‘ahead.
An instant cryptocurrency drop has sent the price of bitcoin, etheruem, Ripple XRP and cardano … [+]
SOPA Images / LightRocket using Getty Images
“Next week, we could certainly have some volatility due to the excitement around Coinbase,” Novogratz said. MarketWatch this week, pointing to the much-exaggerated Nasdaq
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The price of bitcoin rose to nearly $ 65,000 per bitcoin this week, 800% more than at this time last year, before falling again on Sunday morning. The exact cause of falling bitcoin and cryptocurrency prices was not immediately clear, however, some have noted that power outages in China affected those who maintain the bitcoin network, known as miners, reports out of line and unconfirmed of a regulatory repression of bitcoins and cryptocurrencies.
The long-awaited Coinbase list also sent the price of major cryptocurrencies ethereum, Ripple’s XRP, binance coin and much higher cardano, with dogecoin, a meme-based cryptocurrency created as a “joke,” adding an impressive 400%.
“I’ve seen a lot of weird currencies like dogecoin and even XRP have huge retail picks, which means there’s a big frenzy now,” Novogratz said. “That never ends well, so we’ll probably have a wash at some point.”
Dogecoin, a memecoin that has seen its value increase as retailers spurred Tesla
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Meanwhile, XRP, a cryptocurrency controlled by Ripple, has skyrocketed 500% in the past six months despite an ongoing lawsuit filed by the U.S. Securities and Exchange Commission (SEC) accusing the company and the its top executives of misleading investors.
The price of bitcoin rose sharply in the early hours of Sunday morning, which fell after advancing … [+]
Coinbase
The price of bitcoin, still almost double what it started in the year, has skyrocketed as expected institutional investors finally save on bitcoins and bitcoin strengthens its reputation as a store of value due to that Musk’s Tesla gave Bitcoin its surprise support.
Ethereum, cardano and similar cryptocurrencies rose last year before the 2021 crypto bull amid growing interest in decentralized finance (DeFi). The price of ether has risen to all-time highs in recent weeks as the race has risen, adding up to more than 1,000% over the past 12 months.
This week’s IPO of Coinbase, based in San Francisco, one of the largest bitcoin and cryptocurrency exchanges in the world, has been called the “Netscape moment” of cryptography, with some bitcoin market observers predicting that the IPO will herald the beginning of a “blockchain boom” the burst of internet businesses in the late 1990s.