Bitcoin (BTC) crashes to $6,430; Market cap reduced by $8 billion
Bitcoin (BTC) has plummeted to under $6,430 today. It has suffered 3 major dips over the last 24 hours, reducing its market cap by $8 billion USD!
The news all over the crypto community is that Bitcoin is losing value, and much to their panic, pretty quickly. The crash happened right after the news was out about the South Korean crypto exchange, Coinrail, being hacked. The hackers allegedly took away $40 million in cryptocurrencies.
Sunday, the coin lost close to $900 over 3 major dips, which took away $310, $110 and $470 respectively. However, the coin had stabilised on Monday and Tuesday, thanks to the increased trading volumes on almost all crypto exchanges.
The bear has struck again today, reducing the coin to $6,433 (at the time of writing) over 3 major dips, again. The dips took place as follows
- 18:20 UTC, June 12: $108
- 00:35 UTC, June 13: $202
- 14:05 UTC, June 13: $151
Unlike the dip that happened on Sunday, the trading volumes haven’t spiked as soon as the coin started losing value. It looks like the crypto community is being cautious before blindly investing in Bitcoin just as it is available at a lower price.
Today’s crash has had a huge effect on the prices of all the other coins. Every other coin in the top 10 list by market cap has had a loss in excess of 10%, which is just massive. Over the span of 4 days, the overall market cap has reduced by a whopping $78 billion!
Despite the huge crash, Bitcoin dominates the crypto market. As of now, 40.4% of all crypto transactions include Bitcoin. However, the chances of it regaining its price of over $8,000 look very bleak.
Image via Shutterstock
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