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The reasons for the correction

Representation of cryptocurrencies

The largest cryptocurrencies by market capitalization, Bitcoin and Etherum, are making significant losses.

(Photo: Reuters)

Frankfurt, Düsseldorf The unsuccessful start as the national currency in El Salvador has sent the Bitcoin price down – and swept the entire crypto market with it. On Wednesday lunchtime, Bitcoin was quoted at just under $ 46,000, according to data from the analysis company Coinmarktetcap – almost 15 percent below Tuesday morning’s rate of $ 53,000.

Second-tier cryptocurrencies such as Ether, Cardano, Binance Coin and Ripple also fell in double digits. At its peak, the market capitalization of all crypto stocks fell by $ 400 billion (down 17 percent).

The shares of the Coinbase crypto exchange also gave way and continued their fall in pre-market trading on Wednesday. The planned start of a program with which users can receive interest by lending crypto assets has been postponed until at least October due to an impending lawsuit by the US Securities and Exchange Commission, Coinbase said.

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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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