Bitcoin and the cryptocurrency market did not have a very happy Easter.
The most valuable crypto by market cap has shed about $500 off its price since last Friday. At the time, Bitcoin was trading for more than $7,200 per coin.
Bitcoin has since dropped more than 6%, now trading for around $6,780.
On the plus side, Bitcoin’s current price is still a significant improvement from where it stood in mid-March. At that time, the price of Bitcoin crashed into the low $4,000 range. And the price crash has had effects on the market beyond just investors.
Why did the Bitcoin price crash twice in two days?
The price of Bitcoin has dropped 20% for the past two days running, falling from $9,000 to as low as $4,100. It’s currently back up to $5,400 but it’s changing rapidly. Such declines are not unheard of in the crypto industry but these large back-to-back losses are fairly rare, even for Bitcoin. So, what caused them? The wider market decline The main cause appears to be the crash of the traditional markets. US stocks fell into a bear market on Thursday, as all major indexes fell a further 10%. “...
Many BTC miners had begun thinking twice about their operations, given how much profitability had dropped since Bitcoin was last priced over $10,000 per coin in February. Over the last few weeks, however, as the price has recovered, Bitcoin’s hash rate was on the incline as well.
But today marks a shift in momentum. And Bitcoin isn’t alone in its present losses.
The entire market has suffered, with digital assets such as Ethereum, Litecoin, and XRP all dropping by between 5% and 7%.
Bitcoin Cash is the biggest loser in the top 10 coins by market cap today. Fresh off its halving last week, the crypto is currently trading for $221, down nearly 10% from where it stood yesterday.
All in all, the crypto market has shed roughly $10 billion from its overall market cap in just the past 24 hours, slipping from about $202 billion on Sunday to $192 billion this morning.
