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.
(Score: 2) by Runaway1956 on Wednesday June 09 2021, @06:27PM (2 children)
I was thinking the same thing. Long before computers happened to the world, fortunes were made, and fortunes were lost on the currency exchanges.
(Score: 2) by Tork on Wednesday June 09 2021, @06:55PM (1 child)
🏳️🌈 Proud Ally 🏳️🌈
(Score: 3, Interesting) by Runaway1956 on Wednesday June 09 2021, @08:26PM
Actually, there are regulations. The Central Banks (one of which is our own Fed) rule over the exchange. And, of course, the Fed has no (direct) control over any digital currency. Wikipedia gives a sort of half-assed overview - https://en.wikipedia.org/wiki/Foreign_exchange_market [wikipedia.org]