Bitcoin and other cryptocurrencies experienced a huge flash crash this weekend, about $300B in less than 24 hours. Let’s take a look at the details of what happened, why it happened, and what this all means for bitcoin and other cryptocurrency moving forward. Is it a good time to buy or dump crypto right now? Starting last Saturday, an overnight flash crash tanked the total market capitalization of cryptocurrencies around the world by about $310 billion in less than 24 hours, shrinking the market from more than $2.2 trillion to less than $1.9 trillion at around 8 a.m. Eastern. Just to give you some context, $310B is a big number. With 310 billion dollars, you could afford to give every man, woman, and child in Canada $8,611.11. That’s a lot to lose in 24 hours.
The price of bitcoin tumbled over the weekend and was down as much as 19.5% from record highs just in the same week. Bitcoin dropped as low as $52,148.98 on Sunday morning after reaching an all-time high above $64,800 on Wednesday. Joining Bitcoin in the flash crash were other cryptocurrencies, including ether and dogecoin. The price of ether, the second-biggest token by market value, dropped as much as 18% and fell below $2,000 on Sunday. Same with Bitcoin, ether recently hit record highs, topping $2,500 on Thursday. Meanwhile, dogecoin, which soared more than 400% at one point last week and hit an all-time high of 45 cents, dropped as low as 24 cents this weekend.
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