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Crypto crash: Bitcoin, Ethereum, and Co. lose massively

The crypto market has been experiencing a real crash since 4:00 p.m. Bitcoin loses more than $ 6,000 in value in a single hour. Numerous other coins are also currently with significant losses.

This morning the crypto market got off to a relatively strong start. In the course of the afternoon, however, this picture turned. First, Solana, one of the most hyped currencies in the past few days, weakened. Between 3:30 p.m. and 4:00 p.m., most of the other coins also began to slide deep into the red area.

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Crypto Crash: Entire market collapses

Crypto Crash Coinmarketcap

After the prices of Bitcoin and Altcoins have risen enormously in the last few days and have thus been able to attract new investors, the current echo of the crypto crash has caused investors to worry. The big crypto crash did not occur until the end of May 2021 – and while some coins have already recovered, the market is still highly volatile. Only recently there was a strong upward trend in Bitcoin – even breaking the $ 50,000 mark.

Bitcoin Crash – Bitcoin collapses

Between 4 p.m. and 5 p.m., the Bitcoin price slumped from $ 50,760 to $ 43,000 – a decrease of 15.3 percent within a single hour. BTC has thus lost all price gains since the beginning of September.

Ethereum crashes

Ethereum was hit no less hard. Between 4 p.m. and 5 p.m., the ETH price plummeted from $ 3,740 to $ 3,170. Here the loss amounted to 15.2 percent. Both Ethereum and Bitcoin were the biggest losses in such a short time since the crypto crash in mid-May.

Cardano, XRP, Dogecoin, Polkadot and Co. all with double-digit losses

Things don’t look any better with most other coins. Cardano crashed 27 percent during the day. At XRP there is currently a minus of around 25 percent. The price developments for Dogecoin, Polkadot and most other crypto currencies are currently colored deep red.

Filecoin, Qtum, Ravencoin, Polygon and Chainlink were hit hardest. For all of these coins, the losses currently amount to over 30 percent. Filecoin had risen from $ 77 to around $ 119 since last weekend. All price gains have now vanished into thin air within an hour.

Fantom is currently still in the plus

A few coins are currently able to escape the downward pull on the crypto market. Fantom is currently still up around 3.64 percent compared to yesterday. However, this is more due to the enormous price increases that the FTM course had recently achieved.

The reasons for the enormous price loss are not yet known.

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Was the crypto crash predictable?

Even if the massive price losses of this kind were certainly unexpected, there have been fears of such a crash for a long time. The whale indicator, which had already predicted the last big Bitcoin crash, again showed warning signals.

In the current crypto crash, around $ 400 billion in market capitalization was wiped out within about an hour and a half. Particularly tragic: Only today did the Central American country El Salvador invest heavily in Bitcoin.

Florian Schulze

Florian Schulze has a degree in international politics and economic policy and is currently studying mathematics. ETFs, stocks and cryptocurrencies are his passion.

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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