Bitcoin, Ether among major cryptocurrencies taking a dive after sudden selloff
Top line
The value of top cryptocurrencies, including bitcoin and ether, fell early Friday morning, derailing a week-long rally and losing tens of billions in value in a matter of minutes, as the market continues to reel from the devastating summer crash.
Bitcoin prices fell on Friday morning.
Keywords
The price of bitcoin, the most valuable cryptocurrency by market capitalization that makes up more than 38% of the total market, fell to around $21,804 on Friday morning, a three-week low and down more than 7% from the previous day.
A significant portion of this value fell in a matter of minutes in the midst of a heavy sell-off, for which there is no obvious reason.
Ether, the second most valuable cryptocurrency, also fell sharply, falling more than 6% in the past 24 hours to $1,730.
Other major tokens experienced similar steep declines, including Binance’s BNB (7%), Ripple’s XRP (9%), Cardano’s ada (13%), and Solana’s sol (12%).
Popular canine-inspired assets dogecoin and shiba inu fell by 14% and 13% respectively in the same time period.
Although some assets have recovered slightly, values have mostly remained around the fallen value after the sale.
Big number
1.09 trillion dollars. That’s how much the cryptocurrency market is worth, according to CoinGecko. The value of the market, which fell more than 6% in the last 24 hours, is a long way from the all-time high of more than $3 trillion by the end of 2021.
Key background
The majority of leading cryptocurrencies are still suffering from a market-wide crash that has wiped around $2 trillion in value from the market since their peaks in late 2021. Record inflation and recession fears have helped push the market into a crypto winter. Bitcoin is almost 70% of its record near $69,000 in November 2021, Terras Luna – a stable coin designed to be less volatile than other cryptocurrencies – went into freefall and collapsed, major crypto lender Celsius went under and colluded firms in the industry has laid off workers in the thousands.
Further reading
Crypto Winter Watch: All the Big Layoffs, Record Withdrawals, and Bankruptcies Triggered by the $2 Trillion Crash (Forbes)
Dow falls nearly 200 points after Fed minutes signal more rate hikes ahead (Forbes)
Ethereum’s ‘Merge’ Is a Big Deal for Crypto—and the Planet (Wired)
They lost crypto in the crash. They are trying to get it back. (NEW)
