The crypto market is crashing this morning. All the major cryptocurrencies like Bitcoin, Ethereum, Solana all are decreasing. The meme-frenzy digital currencies also declined massively, like Shiba Inu and Dogecoin.
Bitcoin ($BTC) was trading at $47,359.99 at 7:32 a.m. ET. It dropped by 16.89% and lost more than 9,000 in value. Moreover, the market capitalization dropped by 16.73% at $896 billion. However, the trading volume increased by 94.59% to $62.7 billion. Earlier, in less than the 30 minutes the price had fallen from $52,000 to $42,000. This is seen as the second biggest Bitcoin crash after March 11, 2020.
Ethereum ($ETH) also dropped by a huge 14.43%, trading at $3,981.80 at 7:49 a.m. ET. The market cap fell by 14.45% to $466.38 billion. However, its trading volume increased by 113.4% to $41.1 billion.
Even, Polygon ($MATIC) fell significantly after it had been surging lately. The coin fell by more than 20% and traded at $1.83. Cortex ($CTXC) which surged more than 250% yesterday, also saw a considerable dip. It was trading at $0.601, losing 16.9% in the last 24 hours.
Meme cryptos, Shiba Inu ($SHIB) and Dogecoin ($DOGE) fell by 17.32% and 23.18% respectively. The coins traded at $0.000035 and $0.16, respectively. Further, Solana ($SOL) dipped by 18.99% and traded at $192.4.
Reaction
Disturbed by the crash, investors took to social media and vented out their frustration. One of them said that cryptocurrencies are a “bottomless pit.” Also, he said that ‘buy the dip’ is as optimistic as waiting for the market to fully crash. Moreover, one of them sarcastically linked the Thailand Monkey Festival to the crypto crash.
On the other hand, some investors suggest that they see the crash as an opportunity to buy the dip and earn profits later.
Just yesterday, the Berkshire Hathaway vice chairman, Charlie Munger said that he wished cryptocurrencies didn’t exist and today the whole crypto market has been crashing. Moreover, last week, the whole market was dipping gradually. But today, it sinked at once.
It is yet to see if the crypto market rebounds or sinks further.
