A volatile week continues, with more red across the board today.
Yesterday’s recovery after the weekend’s flash crash was short lived and hopes of an immediate return to sustained upward momentum faded fast, but Bitcoin is still changing hands at around $55,000 and Ethereum is still holding at over $2,000.
These are both levels that many would have been very happy with less than a fortnight ago – the question now is whether we’re in for another period of consolidation between $50-60k before another big move, or if a breakout will come sooner?
The excitement of last week’s Coinbase listing has now faded and the dust settled. It felt like there was the barrage of good news last week that would never end, but this week has seen a lot more unsourced stories dribbling out of the mainstream media focusing on old and disproven FUD.
Flash crash on Bitcoin leads to weekend losses for leveraged traders as markets return to green today
Crypto at a glance
A rough weekend for leading cryptocurrencies saw the total market cap plunge below $2 trillion on Sunday for the first time in just over a week, though a recovery overnight has seen many come charging back. Can they now pick up where they left off last week?
The weekend’s antics were led by a huge fall for Bitcoin, which plunged 15 per cent in a single day yesterday to around $52,000. That represents a fall of more than $12,000 from last Wednesday’s all-time high of almost $65,000.
Dogecoin steals the limelight in a golden week for cryptocurrency
Crypto at a glance
A splash of red adorns the top of the charts this morning, a trickle of blood across this week’s otherwise-sunny landscape.
The past few weekends have been good to the crypto markets, but does a swathe of single digit drops across the major coins signal bad tidings ahead? Or will it see another huge push past recently-set all-time highs?
Bitcoin has seen a slight correction, down roughly two per cent over the last 24 hours and currently trading at just below $62,000. The leading cryptocurrency has been riding a wave this week amidst the mania surrounding the Coinbase listing, so it was arguably due some pull back. All eyes now or whether it can hold the $60,000 level or bounce back sharply, as it generally has been recently?
Basking in the Coinbase IPO glow, all-time highs litter the boards
Crypto at a glance
It’s a sea of green today as the Good Ship Cryptocurrency sails on the crest of a wave of all-time highs.
It’s Cheech and Chong time for the crypto markets. The fuse has been lit and we are at the show. Where will it go? Nobody knows.
With Coinbase’s direct listing on Nasdaq kicking off today, almost every coin under the sun is bathing in the warm glow of the notorious ‘Coinbase effect’ – the price bump a coin experiences when it first gets added to the leading US exchange.