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Almost All Cryptocurrencies Hammered in Bloodbath

posted by martyb on Wednesday June 09 2021, @04:08PM   Printer-friendly
from the Flip-a-coin-for-profit dept.

An Anonymous Coward writes:

Bitcoin Price: Cryptocurrency Investors See Red As Market Value Drops:

Crypto investors are waking to sea of red this morning as the entire market took an absolute hammering overnight for the second time in just a few weeks.

The price of bitcoin fell sharply on overnight, approaching a dreaded $US30,000 ($A38,800) threshold it has not crossed since January and dragging other cryptocurrencies in its wake.

At around 2am, bitcoin fell 8.6 per cent to a value of $US31,501 ($A40,715), a level not seen since mid-May, when the volatile cryptocurrency temporarily lost 30 per cent in one session.

The second-largest cryptocurrency, ethereum, lost 11.2 per cent of its value, falling to $US2361 ($A3051).

Bitcoin's value has recovered slightly since the drop, rising to $US33,738 ($A43,606) at around 7am today – but, across the board, almost all of the smaller cryptos have been battered overnight.

[...] No concrete reason appeared to explain the price drop on Tuesday, but some analysts pointed to the seizure of $2.3 million ($A3 million) worth of bitcoin belonging to the Darkside hackers by US authorities as a possible factor.

[...] The US managed to recover almost all the bitcoin ransom paid to the perpetrators of the cyber attack on the Colonial Pipeline last month.

[...] It is being seen as a sign that law enforcement is capable of pursuing online criminals even when they operate outside the nation's borders – and, crucially, that crypto isn't beyond government control.

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  • (Score: 2) by EvilSS on Wednesday June 09 2021, @05:31PM (4 children)

    by EvilSS (1456) Subscriber Badge on Wednesday June 09 2021, @05:31PM (#1143601)
    Too late, it bounced back already.
    Starting Score:    1  point
    Karma-Bonus Modifier   +1  
    Total Score:   2  

  • (Score: 0) by Anonymous Coward on Wednesday June 09 2021, @06:09PM (3 children)

    by Anonymous Coward on Wednesday June 09 2021, @06:09PM (#1143614)

    No, not yet. [coindesk.com] Hint: look at the 3 month and 1 year price histories.

    • (Score: 2) by EvilSS on Wednesday June 09 2021, @06:21PM (2 children)

      by EvilSS (1456) Subscriber Badge on Wednesday June 09 2021, @06:21PM (#1143620)

      Crypto investors are waking to sea of red this morning as the entire market took an absolute hammering overnight for the second time in just a few weeks.

      The price of bitcoin fell sharply on overnight, approaching a dreaded $US30,000 ($A38,800) threshold it has not crossed since January and dragging other cryptocurrencies in its wake.

      At around 2am, bitcoin fell 8.6 per cent to a value of $US31,501 ($A40,715), a level not seen since mid-May, when the volatile cryptocurrency temporarily lost 30 per cent in one session.

      Your own link shows it's now at over 36K, up over 12% in the past day. So yes, it has bounced back from the overnight "bloodbath" the summary is talking about.

      • (Score: 0) by Anonymous Coward on Wednesday June 09 2021, @07:17PM (1 child)

        by Anonymous Coward on Wednesday June 09 2021, @07:17PM (#1143646)

        And you haven't been paying attention. Cryptocurrencies have been regularly bouncing up and down by 10% or more per day over the last few months (at least). This is not news.

        • (Score: 2) by EvilSS on Wednesday June 09 2021, @08:17PM

          by EvilSS (1456) Subscriber Badge on Wednesday June 09 2021, @08:17PM (#1143692)
          And you haven't been paying attention to thread you decided to reply to apparently.