Crypto Market Plummets Following Week of Coinbase-fueled Hype

Crypto Market Plummets Following Week of Coinbase-fueled Hype

Saeid US

By Saeid US


Bitcoin prices tanked by roughly 14% in 24 hours, from $61,530 to $52,829, the token’s biggest one-day drop since February, before rebounding slightly, according to the cryptoasset price-tracking site CoinMarketCap.

Ether, which is second only to Bitcoin, saw its prices fall in 24 hours by about 17%, from $2,417 to $2,011.
By Sunday evening, these tokens had somewhat recouped their losses, with Bitcoin and Ether down by roughly 9% and 8% respectively in the last 24 hours.
Funnily enough, of the top 10 most popular cryptocurrencies, the only coin that gained value over the weekend was Dogecoin, a meme-based token that started out as a joke but has recently surged in popularity.
And though it isn’t likely to make anyone rich anytime soon, demand for the token has exploded, leading Robinhood to crash several times this week as eager investors flooded the platform, the online stock exchange said in a blog post-Friday.
Bitcoin’s value had already weakened a bit on Friday after Turkey’s central bank banned the use of digital assets for purchases, citing “irreparable” damage and transaction risks, Reuters reported. Meanwhile, China’s Xinjian region, home to a huge chunk of the world’s bitcoin mining operations, also reportedly went dark this weekend due to government-issued blackouts to address safety issues and flood damage, causing a nearly 50% decline in bitcoin’s hash rate, according to Forbes.
Of course, this could also be the cryptocurrency market coming down from its high after a week of furious trading that pushed the value of all coins past $2.25 trillion, Bloomberg reports.
“The crypto world is waking up with a bit of a sore head today,” said Antoni Trenchev, co-founder of crypto lender Nexo, in an interview with Bloomberg on Sunday.


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