Panic as Bitcoin nosedives in value, swallowing millions of pounds in cryptocurrency markets
The price of bitcoin has crashed yet again, wiping out hundreds of millions of pounds from cryptocurrency markets and throwing traders into a panic.
Following the "flash collapse," the world's most popular cryptocurrency fell below $59,000.
This is a massive collapse from only a few days ago, when it was trading at over $5,000.
It comes only a week after the cryptocurrency reached a new height of $67,000.
Bitcoin's price drop has harmed a number of other cryptocurrencies, including Ethereum, Binance Coin, Cardano, Solana, and Ripple, all of which have seen their value plummet.
In the same time span, Cardano's value has dropped nearly 9% to less than $2, while Solana's value has dropped 8.05 percent to $190.
Long-term Bitcoin holders selling at a high price in order to earn a substantial profit are contributing to Wednesday's drop.
This is something that happens regularly when the price of cryptocurrency rises sharply.
However, the recent price reduction will undoubtedly inspire a slew of new customers to invest in Bitcoin, enticed by the rapid drop in price.
Analysts believe that the decrease was long overdue, and that the price will soon rise above $60,000 once more.
Cryptocurrency values have soared this year, with Bitcoin alone increasing by about 400% in value in the last year.
Experts cautioned earlier this year that cryptocurrency ownership remains concentrated among a limited number of people.
The top 10,000 Bitcoin holders accounted for more than a quarter (27%) of the total 18.6 million coins in circulation at the end of last year (2020).
Post a Comment