Bitcoin has suffered two flash crashes over the last 24 hours and is currently trading below the $60,000 mark, having reached close to $64,000 at the start of the week.
Ethereum, Solana, and Cardano also slipped overnight by between 5-15 per cent amid a market-wide slide that was notably bucked by the meme coins Shiba Inu and Baby Floki Billionaire.
The dogecoin spin-offs are up by 42 per cent and 69 per cent respectively on Wednesday morning, according to CoinMarketCap’s price index, with the former spurred on by calls for it to be listed on the popular trading app Robinhood.
The gains were not enough to prevent the overall crypto market from dropping below $2.5 trillion.
Even though BTC has slipped over the last 24 hours, some analysts continue to predict new all-time highs before the end of 2021.
We’ll have all the latest news, analysis and expert price predictions in our live coverage of the crypto market below.
Shiba Inu coin overtakes dogecoin
Shiba Inu coin has overtaken dogecoin, surpassing the original meme coin’s $31 billion market cap.
Shiba Inu now ranks as the ninth most valuable cryptocurrency in the world, according to CoinMarketCap’s price index.
While other leading cryptocurrencies continue to flounder, SHIB is now up more than 60 per cent over the last 24 hours, and 180 per cent over the last week. When zooming out on the market even further, Shiba Inu’s price rise is even more astonishing, increasing by more than 700,000 per cent since January.
Shiba Inu coin bucks crypto crash with record-breaking price rally
The price of Shiba Inu has just hit a new all-time high, despite today’s crypto market crash.
The meme coin’s market cap is now $25 billion – just $6 billion away from dogecoin’s – making it the world’s 11th most valuable cryptocurrency.
Today’s gains build on a price rally that has seen it rise more than 700 per cent since the start of October, and 700,000 per cent since January.
You can read the full story about the latest crypto meme sensation right here.
Meme coin is up 700,000 per cent since January, and is closing in on dogecoin
Is Coinbase down?
Some Coinbase users are reporting issues with the trading app, though it still appears to be functioning, albeit sluggishly.
This is often the case when there are sudden market movements, with previous bitcoin crashes this year causing major crypto exchanges like Coinbase and Binance to temporarily become inaccessible to customers.
Website health monitor DownDetector is currently seeing a spike in reports of Coinbase being down, though it mostly just appears to be issues of speed rather than an actual outage. Some customers are complaining that they’re unable to buy Shiba Inu coin, which is bucking market trends right now with a record-breaking price surge.
Bitcoin in banks?
In what would be a major development for the crypto space, regulators in the US are reportedly developing guidelines for banks to hold bitcoin and other cryptocurrencies.
The chair of the Federal Deposit Insurance Corporation (FDIC) told Reuters that it was important to bring this activity inside the banks, otherwise “it is going to develop outside the banks” and “the federal regulators won’t be able to regulate it”.
The move could launch a new wave of BTC and crypto adoption and make holding cryptocurrencies much more secure for the average user.
You can read the full story here.
Though regulators have not issued guidelines, some banks are offering services related to digital assets
Bitcoin price crash sees ‘more buyers than sellers’
Following bitcoin’s flash crash, which took most of the crypto market down with it, we’ve heard from some crypto experts to get their thoughts on what caused it, and what comes next.
Freddie Evans, a sales trader at the UK based digital asset broker GlobalBlock, says that there are “more buyers than sellers in this morning’s session so far”, confirming the “buy the dip” mentality that has been prevalent across social media this morning.
Here’s what he told The Independent:
The markets have taken a tumble this morning after bitcoin broke the $60,000 support. Investors have been on edge expecting a correction as the markets have looked over leveraged.
The drop has been predicted by many analysts and provides an opportunity to those looking to buy the dip, meaning it could be that this retracement is short lived and we head back above $60,000 before too long. Almost all coins are down over the last 24 hours, but we’ve seen more buyers than sellers in this morning’s session so far.
Freddie Evans, GlobalBlock
Defiant bitcoin investors ‘buy the dip'
Bitcoin investors, traders and analysts are reacting to the latest crash on social media, with a large portion defiantly describing it as a “flash sale”.
One writes: “Buy the dip, thank me later”.
Meanwhile, pseudonymous Dutch analyst PlanB, whose widely-vaunted bitcoin price prediction model puts the cryptocurrency on track for six figures this year, remains firmly undeterred by the dip.
Small and stoploss traders selling their holdings will ultimately be the big losers, he claims, while “big market players” will scoop up the discounted bitcoin and hold it to new highs.
Bitcoin price crash in context
Bitcoin’s flash crash looks severe when viewing hourly charts, but it’s nothing new for a cryptocurrency accustomed to massive price swings.
Two similar dips in terms of scale and timeframe were also seen last month, which were followed just a few weeks later by a new all-time high. Some analysts point to such downturns as a signal that the market has turned bearish, while bullish analysts typically describe them simply as price corrections that allow BTC to consolidate gains in preparation for another leg up.
Here’s how the latest flash crash looks when zooming out on bitcoin’s price movements over the last 12 months.
BREAKING: Bitcoin price crash causes mini collapse for market
Bitcoin is still falling, crashing below $59,000 and taking its total losses to more than $5,000.
It’s had a massive impact on the overall market, with several leading cryptocurrencies now down by more than 15 per cent – you can read more here.
The price of bitcoin has crashed on Wednesday morning, dropping by thousands of dollars in the space of just a few minutes.
Bitcoin price tumbles below $60,000
The price of bitcoin has dropped below $60,000 following two minor flash crashes on Wednesday morning.
It is now down by roughly $4,000 since this time yesterday, with blockchain data suggesting that the price dip is a result of long-term BTC holders taking some profit’s after the recent all-time high.
Bitcoin briefly dipped below $60,000 last week but immediately rebounded, so the next few hours will prove key in determining whether or not it has found solid resistance at this level.
Bitcoin has slipped in value by over 3 per cent in the last 24 hours and is currently valued at close to $60,500.
Ethereum, cardano, and solana have also dropped in price by about 1 to 3 per cent compared to their values a day earlier.
Among meme coins, while dogecoin has slipped by about 3 per cent, shiba inu coin has surged by more than 16 per cent in the last 24 hours.
The global crypto market has dropped in value by about 2 per cent in the last day and is currently valued at about $2.57 trillion.
Prices of cryptocurrencies over last 24 hours
(Coin Market Cap)
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