After cryptocurrency prices rose this week amid advertising Direct listing of Coinbase, the market got bored over the weekend. Bitcoin prices booked up about 14% in 24 hours, from $ 61,530 to $ 52,829, the biggest one-day fall in February since returning slightly, according to the cryptocurrency tracking site CoinMarketCap.
Prices of other popular cryptocurrencies have also fallen. Ether, which is second only to Bitcoin, has seen its prices are falling into the 24 hours babout 17%, from $ 2,417 to $ 2,011. By Sunday night, these chips had recovered somewhat, Bitcoin and Ether had fallen by about 9% and 8% respectively in the last 24 hours. During this so-called flash crash, cryptocurrency liquidations totaled approximately $ 10 billion, according to data from the cryptographic industry tracker Bybt.
Funny enough, among the top 10 most popular cryptocurrencies, the only currency that gained value over the weekend was Dogecoin, a meme-based token that started as a joke, but has recently grown in popularity. In the last week, the price of Dogecoin shot up over 400%, exceeding 40 cents for the first time. And while it’s unlikely to enrich anyone any time soon, demand for the chip has exploded, prompting Robinhood to collapse several times this week as eager investors flood the platform, the stock exchange said. a blog post on Friday.
This flash crash comes just days after Bitcoin prices hit a record memory of almost $ 65,000. The exact cause remains unclear, but analysts have formulated several theories so far. The value of Bitcoin has already fallen slightly on Friday, after Turkey’s central bank banned the use of digital assets for acquisitions, citing “irreparable” risks of damage and transactions, Reuters reported.
In the meantime, Xinjian Region of China, hosts much of the world’s bitcoin mining operations also seems to have darkened this weekend due to interruptions issued by the government to address security issues and flood damage, causing a nearly 50% drop in bitcoin hash rate, according to Forbes. At the same time, unsubstantiated rumors spread Twitter arguing that the US Treasury is planning a crackdown on money laundering schemes using digital assets.
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Of course, this could also be the cryptocurrency market coming to a head after a week of furious trading that pushed the value of all currencies to over $ 2.25 trillion, Bloomberg reports. With Coinbase, a cryptocurrency trading platform, which went public on Wednesday, fueled a growing demand for all cryptocurrencies.
“The cryptographic world is waking up with a bit of a painful headache today,” Antoni Trenchev, co-founder of cryptographer Nexo, said in an interview with Bloomberg on Sunday. Dogecoin’s 100% rally on Friday was a “top party” after registering Bitcoin and listing Coinbase earlier this week. The euphoria was in the air. And usually in the cryptographic world, there is a price to pay when this happens. ”