Technology
Bitcoin price: Cryptocurrencies drop suddenly with no explanation
The price of cryptocurrencies plunged across the board suddenly
and sharply Wednesday morning, seemingly with no clear reason to
do so.
Having been steady at around $7,350 per coin during most of
trading during both Asian and European morning hours, around 5:50
a.m. ET (10:50 a.m. BST) bitcoin
lost more than $200 in mere minutes. It took another leg
down an hour later, falling below the psychologically significant
$7,000 mark.
By midday in London (7:00 a.m. ET) the largest cryprto by market
value was trading at $6,984 per coin, a fall of 5.1% on the day.
Bitcoin was the most obvious casualty of the sudden sharp fall,
but other major cryptocurrencies including ether, Ripple’s XRP
and bitcoin cash fell even more steeply. Here’s the scoreboard:
Although the drop seems unexplained,
Tanya Abrosimova of FX Street speculates that the
introduction of a registration process for popular instant
bitcoin exchange ShapeShift may have spooked some users and
triggered at least part of the drop seen on Wednesday.
Wednesday’s selling comes after several days of strong gains for
cryptocurrencies, despite the recent rejection by the US
Securities and Exchanges Commission of several bitcoin-based
ETFs.
Get the latest Bitcoin price here.>>
-
Entertainment6 days ago
Summer Movie Preview: From ‘Alien’ and ‘Furiosa’ to ‘Deadpool and Wolverine’
-
Entertainment5 days ago
What’s on the far side of the moon? Not darkness.
-
Business6 days ago
Thoma Bravo to take UK cybersecurity company Darktrace private in $5B deal
-
Business6 days ago
How Rubrik’s IPO paid off big for Greylock VC Asheem Chandna
-
Business5 days ago
TikTok faces a ban in the US, Tesla profits drop and healthcare data leaks
-
Business4 days ago
London’s first defense tech hackathon brings Ukraine war closer to the city’s startups
-
Business7 days ago
Zomato’s quick commerce unit Blinkit eclipses core food business in value, says Goldman Sachs
-
Entertainment7 days ago
Monsta X’s I.M on making music, gaming, and being called ‘zaddy’