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The cryptocurrency market loses more than 20 billion dollars in a day

The cryptocurrency market loses more than 20 billion dollars in a day

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Answer The cryptocurrency market loses more than 20 billion dollars in a day

The total value of the cryptocurrency market decreased by 22 billion during the past 24 hours, and today the price of bitcoin has fallen to reach the levels of $6,400.

It is worth noting that the total value of the cryptocurrency market has fallen sharply from $274 billion to $252 billion, a decrease of 7%.

This comes as a result of the decline of the bitcoin currency from the levels of $ 6,700 to the levels of $ 6,400, a decrease of more than 5%. While the Ethereum currency lost nearly 10% to reach the levels of 430 dollars, which was reflected on the prices of other currencies.

Read:Argentine banks are testing a new system based on the blockchain

In general, many cryptocurrency enthusiasts believe that this drop is expected for Bitcoin before it begins its journey to reach new levels and surpass the previous top of $20,000.

It is worth noting that the last week witnessed a boom in the cryptocurrency markets and the volume of the Bitcoin market increased by nearly 5 billion dollars, and the volume of Tether (the digital dollar) increased from 1.6 billion dollars to 3 billion dollars.

Some believe that the rise in the volume of Tether (the digital dollar) is due to the high and continuous volatility in the cryptocurrency market and the desire of many to hold their gains during the period.

Cryptocurrency market and negative news

The cryptocurrency market is affected by negative news, as yesterday we witnessed the spread of the news of the hacking of the decentralized platform Bancor, which caused losses of more than 12 million dollars. In addition to the spread of news of the Hola Chrome link hack, which caused hackers to access users’ wallets on the MyEtherWallet platform. “If you use Hola Chrome and use MyEtherWallet, please transfer your money directly to a new account,” the company said on its Twitter account.

Read:5 reasons to be optimistic about the future of Bitcoin and cryptocurrencies


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