Home Business Violent Bitcoin Crash, What Happened? Black Saturday for crypto

Violent Bitcoin Crash, What Happened? Black Saturday for crypto

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Sudden collapse of bitcoin which in the space of an hour today dropped nearly $ 10,000 hitting a low of around $ 42,000 before rebounding. Currently it marks – about 15% in the 46,000 area.

Ether, the second-largest cryptocurrency by market capitalization, also fell by around $ 1,100 to a drop of more than 15%.

Laurent Kssis, an expert on exchange-traded funds and director of CEC Capital, remarked that 1,500 BTC were sold in less than a minute at the time of the decline.

The violent decline in bitcoin comes in the aftermath of the close of a difficult week in the markets with the flight from risk triggered by fears caused by the Omicron variant of COVID-19 and by the possible moves by the Federal Reserve to counter inflation. Fed Chairman Jerome Powell withdrew the transitional word from the inflation discussion on Tuesday and said the central bank could consider accelerating tapering at its next meeting.

El Salvador’s president Nayib Bukele, whose country holds bitcoin on its balance sheet and bought coins during previous downturns, announced another purchase of 150 BTC for around $ 48,700 each.

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