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.
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Bitcoin is a high risk safe haven hedging asset you can't afford to miss.
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