Some speculators cashing in on the previous sharp gain may have sparked further falls. Bitcoin and cryptocurrency prices have fallen sharply, wiping around 300 billion worth of value from the combined crypto market in just two days. This will deepen the sell-off, possibly setting off a free-fall in prices. She added that it was also likely that "a pump and dump scenario is partly playing out after there were calls on social media forums for fans to buy tranches of bitcoin to celebrate the bitcoin law in El Salvador. However, Jonathan Heusser applied the technique to the 2013 bitcoin crash and. There is also concern that by becoming known as a Bitcoin haven, the country could attract the wrong kind of investment from criminal groups seeking anonymity." This resulted in a 5 decline from an all-time high of 64000 in mid-April. "This is after all a big gamble for the country’s payment system given that making transactions in the currency when the price is so volatile is highly risky. The recent crypto price crash saw stakes on Bitcoin dip as low as 29,548. Bitcoin crashes below 16K, crypto in freefall as Binance-FTX deal fails. "The euphoria surrounding El Salvador’s adoption of Bitcoin has well and truly fizzled out with the losses accelerating as the day wore on," said Susannah Streeter, senior investment and markets analyst, Hargreaves Lansdown. Still, long-term investors are shrugging off the extreme drops in the a value of digital coins and. This has wiped hundreds of billions from the overall market, which was worth more than $2.35tn at the start of the day. Cryptocurrency is having a terrible week. Some Reddit users even suggested that if all 3,316,862 community members were to buy $30 of bitcoin each on Thursday, $99,505,860 would be added to the cryptocurrency.īut bitcoin was down almost 10%, trading at $47,142.
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