The cryptocurrency market took a nosedive overnight, knocking over $400 off of BitcoinBitcoin’s price. Why? In the world of crypto, it’s anyone’s guess.
So what’s the damage this time? In the past 24 hours, and at the time of writing, Bitcoin dropped $432, from a peak of $9,163 USD to lows of $8,731; Ethereum dropped $21, from $249,98 to $229; and XRP dropped $0.01, from $0.24 to $0.23, according to data from metrics site CoinMarketCap.
Top coins tied to Bitcoin didn’t do much better. Bitcoin Cash lost 7.4% of its value; Litecoin shed $6.18; and Bitcoin SV lost 6.25%. And other coins did even worse: the value of Tezos fell by 9.65%; and Binance’s crypto, BNB, fell by 8.69%.
But according to Whale Alert, a Twitter account that tracks large trades, there hasn't been any significant movements in the past 24 hours to explain the sudden lull.
Queue for the Vatican, normally winding waaay back and lasting at least an hour, now just a faint trickle. Lucky for the few who risked turning up pic.twitter.com/9MRCdWlFpD
This week, Chinese exports fell by 17%, the Fed cut interest rates by half a percentage point, and last week, the US stock market fell the most in a single day since the 2008 financial crisis. In summary, the financial outlook worldwide looks bleak.
In recent weeks some commentators have argued that Bitcoin et al is a safe haven to weather the storm in global markets.
Bitcoin is a high risk safe haven hedging asset you can't afford to miss.
“Bitcoin is a store of value to rival gold in the digital age,” concludes a new Medium post by the cryptocurrency exchange Coinbase, making both gold and Bitcoin “safe havens from fiat currency devaluation, which historically tends to be incited by surging government debt.”
The post, “Digital Scarcity, and Bitcoin Halvings,” promises that Bitcoin’s place in the world economy is secured by its scarcity. “Gold’s predictable supply, elemental scarcity, and global market has allowed it to become a s...
Whichever way you look at it, the markets, be they fiat or crypto appear to be struggling. In the past month Bitcoin's price has been trending downwards, taking other currencies with it.
Hold on to your hats, it's going to be a bumpy ride.
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The share prices of crypto-focused companies jumped this week amid the wider market upturn that sent Bitcoin to multiple all-time highs and despite a lull on Friday in equity indexes.
Coinbase and Strategy both rose about 9% and 12%, respectively, over the past five days, according to Yahoo Finance data. Stock and crypto trading platform Robinhood climbed 5%. The stock prices of major Bitcoin miners also spiked with MARA Holdings soaring about 12%.
Those gains have come as Bitcoin rose above $11...
Consumer products company Upexi is bolstering its Solana treasury, raising $200 million to fund business operations as well as further SOL purchases, it announced on Friday.
The funds will come from two separate financing vehicles, with $50 million in net proceeds expected via an equity offering and $150 million from the sale of convertible notes. Each offering is expected to close next week.
“Today, we announced a blockbuster deal with a $150 million in kind convertible note led by Big Brain...
Public Keys is a weekly roundup from Decrypt that tracks the key publicly traded crypto companies.
This week: CoreWeave and Core Scientific plan to make it official, Bitcoin ETFs are booming, a BTC and Dogecoin miner embraces Solana, and Bitcoin's biggest treasury holder takes a week off from the buying grind.
Core fusion dance
Bitcoin miner Core Scientific and newly public AI powerhouse CoreWeave have decided to do the fusion dance in a staggering $9 billion all-stock transaction.
Unfortunately...