Bitcoin, Ethereum Crash: $100 Billion Wiped in Mere Minutes
06 Mai 2022 - 09:22PM
NEWSBTC
Today the cryptocurrency market experienced a sudden crash, with
Bitcoin and Ethereum prices falling. Other major coins also saw a
significant fall. Around $100 billion was wiped from the combined
value of all cryptocurrencies in just minutes. In the last 24
hours, Bitcoin experienced a 5% decrease. At the same time, the
price of the second-largest cryptocurrency Ethereum has decreased
by a similar amount. In addition, Ethereum’s rivals Solana,
Cardano, and Avalanche, have reduced by around 3%, while Ripple’s
XRP and Terra’s luna lead the significant crypto markets lower.
Related Reading | Bitcoin Collapses By Most In Nearly A Month – Its
Golden Days Are Over? The markets were thrown into chaos on
Wednesday after the Federal Reserve announced that they would be
hiking their interest rates. The sudden crash came amidst a tech
company-led sell-off of stocks in response to this news, which has
since spilled over onto other sectors as investors escape towards
safer assets. The U.S. economy could go into recession because of
the interest rate hikes and the tightening of monetary policy.
Yesterday, Wall Street had a bad day. The Dow Jones Industrial
Average lost over 1,000 points, and the tech-heavy Nasdaq fell 5%.
Yesterday’s losses preceded big rallies in the previous session.
Bitcoin, which usually moves along with the stock market, has been
stuck in a narrow range all year. It has struggled to get back to
its high prices from late 2021 amid a broader market sell-off.
Bitcoin Following U.S. Stocks Bitcoin is not the only thing that is
struggling–the S&P 500 has also fallen to a new record low for
the year. Sam Kopelman, the U.K. manager for bitcoin and crypto
exchange Luno, warned that bitcoin could “slip back into the
previously found $36,000-$37,000 support range.” Kopelman’s outlook
on the major coins like Ethereum, Solana, Cardano, XRP, Avalanche,
and Luna is less than optimistic, but he does have some hope for
bitcoin. Kopelman said; Overall, 2022 has generally seen crypto
market participants climbing down the risk ladder. Selling their
smaller coins for blue-chip coins like bitcoin. The market has had
a delayed response to the Federal Reserve’s biggest rate hike since
2000, first spiking on Wednesday’s news and leading market watchers
to believe the potentially “bearish event” to have been “priced
in.” Related Reading | Over 110,000 Traders Rekt As Crypto Market
Sees $120B Shaved Off On May 3, veteran trader Peter Brandt warned
the bitcoin price could fall as low as $28,000. The completion of a
bear channel typically results in a decline equal to the width of
the channel, or in this case a hard test of 32,000 or so — my guess
is 28,000 This does NOT make me a hater $BTC. Featured image from
Pixabay and the chart from Tradingview.com
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