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 Dr Spin on Wednesday June 09 2021, @06:58PM
money media hasn't caught onto the idea of volatility yet
You have little experience of the media reporting money matters:
drop < 0.5% = collapse
drop < 2% = total collapse
drop < 4% = complete meltdown
drop > 4% = freefall
Some media put the descriptions in a different order, which matters little, since, as you have seen in this case,
by the time they have typed it, the movement is typically in the opposite direction anyway.
Moral: financial reporting is for entertainment only. Financial reports may go up or down (or round and round).
It is very unwise to rely on publicly available financial data for making decisions - reling on insider trading is
the only reliable plan to get rich.
Warning: Opening your mouth may invalidate your brain!