Cryptocurrency: Bitcoin Crashed a Week Gains
TECH DIGEST- Global cryptocurrency markets were rocked as Bitcoin, the pioneer cryptocurrency, experienced a sudden and sharp 6.5% plummet, wiping out nearly a week’s worth of gains in just 20 minutes. Bitcoin tumbled from $43,357 to as low as $40,659, sparking concerns and market turbulence.
The unexpected drop saw Bitcoin briefly slipping below the $41,000 mark, causing a stir among investors and enthusiasts. The cryptocurrency, which had been on an upward trajectory, shedding nearly 5 days’ worth of gains, left the market on edge.
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As of the latest data on TradingView, Bitcoin has shown signs of recovery, trading slightly up from its local low at $41,960. However, the rapid and unpredictable nature of the drop has left analysts and traders on high alert, with the market now closely monitoring for further developments.
The shockwave from Bitcoin’s decline reverberated across the cryptocurrency landscape, affecting other major assets. Ether (ETH), the second-largest cryptocurrency by market cap, experienced an abrupt 8.9% decline during the same time frame. While ETH has since stabilized, trading at $2,233, it remains down by 5.3% for the day.
